Aspects that Affect Your American Express Application
Keep the following criteria in mind when presenting your American Express application. Improving these factors make qualifying for one less difficult. You’ll get to enjoy rewards and discounts, as well as higher credit limit.
Getting an American Express application opens doors to many opportunities. Amex is well-known for providing no-limit credit cards with numerous rewards and American Express discounts. Lots of people try to apply for their own Amex card every year, but getting one can be hard. American Express has a stringent application process because of the higher credit limits.
Amex will think about few things prior to granting your credit card request. Understanding these factors when getting an American Express application may increase your prospects of getting an approval. Remember that these requirements differ on a case to case basis since no two applications are alike.
Credit Score. All lenders utilize a scoring system to gauge their potential debtors. They want to know the risk they’re going to take by lending you money. Having a good credit score influences your application positively.
Amex uses the Fair Isaac Corporation (FICO) score to find out if you’re deserving of receiving a credit card, together with how much they’re going to charge you for it. The subsequent factors make up your FICO score:
– Payment history
– Credit utilization, or the ratio of your revolving debt to your revolving fund
– Length of credit history
– Different types of credit used
– Recent credit inquiries
You can get a grade between 300 and 850. Higher scores mean a lot more financial stability and responsibility. People usually get 600-700 on average. Receiving a score above 700 tells Amex you’re in good shape financially, while getting below 600 may cause them to deny your application altogether.
Credit History. This matters as separate criterion though it may be part of your overall payment history. Amex will focus especially on your timeliness when paying outstanding debts. Paying your debts on time proves you are reliable. A bad credit history affects your application badly and might cause rejection.
Employment Status. All credit card companies look at your income source to determine your financial capability. Students could apply and obtain a credit card, but Amex may ask for some other documents to find out where you will get funds. You may even have lower credit limit. People that have jobs are more likely to get approval. Your credit limit is determined by how much you earn annually. Examine the minimum annual income requirement of the card you are applying for.
Current Loans. Ensure you do not have other loans when getting an Amex card. Having an outstanding loan looks negative on your credit report because it implies poor financial capacity and health. Pay back all of your current loans before getting a new credit card.
Other Card Requirements. Amex provides a wide range of credit cards for every kind of individual. Ensure you check the individual requirements for each one. If you are only beginning to establish your credit history, getting one of the Blue cards is ideal. People with stable income, good credit limit and high-paying jobs can readily qualify for the Gold and Platinum cards. These cards are difficult to obtain. Select a card that matches your financial capacity and provides American Express discounts and rewards suited for your way of life.
Claude McInnis is a frequent flyer with an approved American Express application and now obtains American Express discounts on flights.
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