American Express Application - What You Need to Have a Credit Card

American Express Application - What You Need to Have a Credit Card

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Getting an American Express application opens doors to many opportunities. Amex is popular for providing no-limit credit cards with many rewards and American Express discounts. A lot of people try to get their own Amex card every year, but obtaining one can be difficult. American Express has a rigid application process thanks to their higher credit limits.

Amex will look at a few things before accepting your credit card request. Learning these factors when getting an American Express application may raise your likelihood of getting an approval. Remember that these requirements differ on a case to case basis since no two applications are alike.

Credit Score. All loan providers utilize a scoring system to assess their prospective debtors. They need to know the risk they will take by lending you money. Having a good credit score effects the application positively.

Amex uses the Fair Isaac Corporation (FICO) score to figure out if you're worth receiving a credit card, as well as how much they will charge you for it.

The next factors comprise your FICO score:

- Payment history

- Credit utilization, or the ratio of your revolving debt to your revolving fund

- Length of credit history

- Different kinds of credit used

- Recent credit inquiries

You could receive a grade between 300 and 850. Higher scores mean a lot more financial stability and responsibility. People generally get 600-700 on average. Getting a score above 700 tells Amex you're in good shape financially, while getting below 600 could cause them to reject the application altogether.

Credit History. This counts as separate criterion even though it is part of your general payment history. Amex will focus specifically on your timeliness when having to pay outstanding debts. Paying your debts on time establishes you're reliable. A bad credit history affects the application badly and could bring about rejection.

Employment Status. All credit card companies take a look at your source of income to determine your financial capability. Students can apply and get a credit card, but Amex may ask for extra documents to figure out where you will get funds. You may even have lower credit limit. Those with jobs are more likely to get approval. Your credit limit will depend on the amount you earn annually. Examine the minimum annual income requirement of the card you're applying for.

Current Loans. Ensure you don't have other loans when trying to get an Amex card. Having an outstanding loan looks bad on your credit report as it indicates poor financial capacity and health. Pay off all of your existing loans prior to getting a new credit card.

Other Card Requirements. Amex comes with a wide range of credit cards for every kind of individual. Be sure you check the individual requirements for each one. If you are only beginning to construct your credit history, getting one of their Blue cards is ideal. Individuals 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. Opt for a card that fits your financial capability and offers American Express discounts and rewards suited for your way of life. Recommend American Express Application - What You Need to Have a Credit Card Articles

Question by Aung Chan Aye: I am going to apply for American Express Credit card. My credit score is 706. what if they deny? I would like to know what would happen to my credit score if my application for American Express Credit is denied? My credit score drops if i get denied? Best answer for I am going to apply for American Express Credit card. My credit score is 706. what if they deny?:

Answer by bdancer222
The hard inquiry will ding your score a couple points. That's all.

Answer by A1CreditGuide
It would drop just a couple of points, but the inquiry would remain on your credit report for 2 years.

Answer by My Take on It
Even if you are approved, your score will dip by only a few points. Any hard inquiry is going to cost you some points on your score. Don't worry, you will recover quick enough.

Answer by Wander women
You should not apply for more than two credit cards a year. When you apply, two points are taken away, but you will keep making points back. If you don't get approved, you will loos two points and no credit card. Every inquiry takes two points whether approved or denied. If you apply and get denied, don't apply for any credit card at list a year because your last nine months of credit history is checked before a dissuasion is made. Let time pass so you make new payment history. 706 credit is very good credit score good job. Max is 850

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