American Express is considered to be one of the most difficult companies to apply a credit card account. However, getting an approved account is very beneficial, considering all the perks that come with each card. There are several factors that you should take note of when applying for an AMEX account. Here are some of them:
- Your current credit score
- Your credit history
- Your employment status (working / student)
- Any current loans
These factors interplay differently. Nevertheless, they all contribute to your application's chance of getting approved.
Your Credit Score
When applying for an American Express credit card, it is important that you have a good credit score. The company highly values this factor just like other credit companies. The FICO score, which was developed by the Fair Isaac Corporation, is the most frequently used scoring system.
The scores have a range of 300-850. Average people get a rating within 600 to 700. Getting a higher score than this would be better. Most lenders, including American Express, consider FICO scores above 750 as good and are a sign of the applicant being in good financial health. However, having a score lower than 600 signifies high risk for AMEX and can lead them to charging the applicant higher rates, or denying the application outright.
Your Credit History
American Express would also likely check on your credit history. This is equally related with your present score since this shows that you are to be trusted and responsible with paying your debts on time. Having a bad credit history, especially with cases of evasion, would definitely slim down your chances of getting your AMEX card approved.
Your Employment Status
Your status whether you are working or not also matters. It is possible for you to be approved for a card even if you are a student. However, the card that you may get would probably have a lower credit limit. Nevertheless, having work would be a huge factor, especially if you have a high paying job.
Presence of Current Loans
Having a loan at the moment, such as mortgages, would negatively affect your application. This is especially true if you just had a property repossessed. This indicates poor financial health and can lead to disapproval of your AMEX application.
American Express has different kinds of cards. Your approval would highly depend on the type of card that you are applying. Generally, the Blue Cash account is the easiest to apply for, while their Gold Accounts would be the hardest to get.