Aspects That Affect Your American Express Application

By Author: Claude McInnis
Total Articles: 3
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Getting an American Express application opens doors to numerous opportunities. Amex is well-known for providing no-limit credit cards with lots of rewards and American Express discounts. A lot of people try to apply for their own Amex card every year, but applying for one can be challenging. American Express has a tough application process due to their higher credit limits.

Amex will think about a few things prior to approving your credit card request. Understanding these factors when getting an American Express application may lift up your prospects of getting an approval. Remember that these criteria vary on a case to case basis because no two applications are alike.

Credit Score. All loan companies utilize a scoring system to gauge their potential debtors. They need to know the risk they are going to take by lending you money. Having a good credit score influences the application positively.

Amex uses the Fair Isaac Corporation (FICO) score to find out if you're worth being given a credit card, in addition to how much they are going to charge you for it. The next factors compose 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

It is possible to get 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 may cause them to deny the application altogether.

Credit History. This is important as separate criterion though it may be part of your entire payment history. Amex will focus especially on your timeliness when paying outstanding debts. Paying your debts on time demonstrates you are honest. A bad credit history affects the application badly and might lead to rejection.

Employment Status. All credit card companies take a look at your income source to determine your financial capability. Students can apply and get 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. Those with jobs are more likely to get approval. Your credit limit depends on how much you earn per year. Examine the minimum annual income requirement of the card you are applying for.

Current Loans. Ensure you don't 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 your current loans prior to getting a new credit card.

Other Card Requirements. Amex gives a wide range of credit cards for every type of individual. Be sure to check the individual requirements for each one. In case you are only starting to establish your credit history, getting one of their Blue cards is ideal. Those with stable income, good credit limit and high-paying jobs can readily qualify for the Gold and Platinum cards. These cards are hard to acquire. Opt for a card that matches your financial capability and provides American Express discounts and rewards suited for your way of life.

Claude McInnis is a frequent flyer with an {approved|accepted} American Express application and now {receives|gets|obtains|is provided with} American Express discounts on flights.