While American Express doesn't have a "5/24" rule like Chase does, the issuer does limit welcome offer eligibility based on your card history — nominally, you're eligible for one welcome offer per credit card “per lifetime,” but it's not necessarily as simple as that.
Cards You Can Get If You're Over the 5/24 Rule
That means you can get these cards if you've opened five or more accounts in the last 24 months: Amazon Rewards Visa Signature. Marriott Rewards Premier Business. British Airways Visa Signature.
Generally, all personal credit cards, including charge cards and retail store cards, are factored into your 5/24 count. In addition, business cards with TD Bank, Capital One and Discover are included.
Amex 1-in-5 rule
If you are applying for multiple Amex cards, simply wait at least six days to ensure you don't get rejected for that second card. You can apply for two Amex cards in one day—as long as one is a charge card and the other a revolving credit card. Otherwise, you won't qualify under the 1-in-5 rule.
According to most recent data points, you will not technically be below 5/24 until the first day of the 25th month after your fifth account was opened. For example, if your fifth most recent account was opened on July 17, 2020, do not apply for a new card until at least Aug. 1, 2022.
The USAA® Secured American Express® Card used to be the easiest American Express card to obtain as it was available to people with bad credit.
Currently, you can have up to five American Express consumer credit cards at one time. It is important to note that American Express offers multiple types of cards — business cards and consumer cards — and that the rule only applies to consumer cards where you are the primary cardholder.
According to Doctor of Credit, once you have one card with American Express, the bank will do a soft pull on your credit report monthly, to check that it's in good standing. This is the internal information they draw from to judge whether or not you are conditionally approved for your second, third, etc. Amex card.
How Many Inquiries Is Too Many For Amex? In general, when you have 6 hard inquiries, it's too many for Amex.
If you're an existing cardholder and you apply for a new card, Amex will not perform a hard pull on your credit if you get denied. They use the information they have on file for you to conditionally approve you, then perform a hard pull to double-check that there have been no major changes to your credit report.
Generally, American Express does not do a hard pull on your credit report when you request a credit limit increase. Keep in mind, though, that this is not a rule and can always change.
Amex primarily pulls Experian, though sometimes Equifax or TransUnion reports. Chase favors Experian, but may also buy Equifax or TransUnion reports. Capital One doesn't have a favorite — but often pulls more than one.
American Express may automatically increase your credit limit as often as every six to 12 months. However, just because you haven't received an automatic increase doesn't mean you're not eligible. You should reach out to American Express to see if you qualify.
How many credit accounts is too many or too few? Credit scoring formulas don't punish you for having too many credit accounts, but you can have too few. Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time.
Having a lot of credit cards can hurt your credit score under any of the following conditions: You are unable to service your current debt. Your outstanding debt is more than 30% of your total available credit1 You have added too many cards in too short a time.
A credit card can be canceled without harming your credit score; just remember that paying down credit card balances first (not just the one you're canceling) is key. Closing a charge card won't affect your credit history (history is a factor in your overall credit score).
Which Credit Bureau Does American Express Use? American Express appears to primarily pull credit reports from Experian, but this doesn't mean it doesn't occasionally pull from one or both of the other major consumer credit bureaus as well.
You can get an American Express card upgrade through a targeted online or mail offer. Amex cardholders may also contact customer service at 1 (800) 528-4800 to request an upgrade, which is commonly known as a product change.
To get an inquiry removed within 24 hours, you need to physically call the companies that placed the inquiries on the telephone and demand their removal. This is all done over the phone, swiftly and without ever creating a letter or buying a stamp.
With either preapproved or prequalified Amex offers, the issuer uses information like your income to determine if you're in the target audience for a particular card. Both are good indicators that you will be approved when you apply, though preapproved is a slightly better chance.
American Express pre-approvals do not affect your credit score, as they're done using a soft "pull," or inquiry.
It's generally harder to get an American Express card than it is to get a credit card from many other major issuers simply because all of Amex's credit card offers require good or excellent credit for approval.
American Express Platinum has no preset credit limit. That means the amount you can spend may change from month to month based on your usage of the card, credit history, income and more.
What Is the Spending Limit on the American Express Black Card? There is no spending limit with the Amex Black Card. However, balances must be paid off in full every month.
According to the score ranges from FICO, that means American Express applicants typically have at least a 670 score: Exceptional. 800 and above.