According to the score ranges from FICO, that means American Express applicants typically have at least a 670 score: Exceptional. 800 and above.
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.
Among its numerous benefits, American Express is providing free FICO credit scores to all card customers.
Data points indicate that American Express uses the FICO 8 scoring model from the Experian credit bureau. The bank is also likely to pull the same score from either Equifax or TransUnion but the applicant won't know until after they try. Related Articles: 9 Best Credit Cards for Excellent Credit.
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.
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.
Yes, American Express does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
American Express uses Experian most of the time. Though Amex will use the other 2 major credit bureaus, TransUnion and Equifax, for some applications, they pull Experian for the majority.
Amex primarily pulls Experian, though sometimes Equifax or TransUnion reports. Chase favors Experian, but may also buy Equifax or TransUnion reports.
The American Express® Gold Card reports to the credit bureaus monthly, within days after the end of a cardholder's monthly billing period. The Amex Gold card reports the card's credit limit, account balance, payment history, and more to all three of the major credit bureaus: TransUnion, Equifax, and Experian.
The Amex Blue Cash Everyday card is hard to get because applicants need to have a score of 670 or higher to be approved for the card. However, you'll have a better chance of being approved for the card if you have at least a very good FICO score (740 to 799).
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.
This will not affect your credit score. However, your request for a Card will show up on your credit bureau reports as a request for credit, also known as an "inquiry."
Does American Express automatically increase credit limits? 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.
There is anecdotal evidence of applicants with scores as low as the mid-600s being approved, but that's rare. Even for the American Express® Green Card, a more beginner-focused travel card, a score of 670 or higher is probably necessary.
The Centurion® Card from American Express, sometimes referred to as the Black Card, may be the hardest credit card to get because you need a special invitation from Amex to apply and there's a high financial bar to getting the card. It's been reported the card requires a $7,500 "initiation fee" and a $2,500 annual fee.
Does American Express give instant approval? Yes, many times you'll be instantly approved for an American Express credit card. You may even be eligible to get an instant credit card number so you can use your card right away.
With any good, there is always the bad. Drawbacks of American Express include the notorious annual fees. Although an annual fee is almost expected, the actual fee itself varies.
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.
The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better. Issuers will usually also consider your current debts, income, and other pertinent information.
American Express sends a letter to affected applicants citing why the application was denied. Common reasons an application could be denied include a low credit score, an insufficient annual income, number of open credit accounts, and more.
The Length of a Lifetime
Well, it depends on when Amex purges its lists of which cardmembers have previously held a card. Some cardmembers have found that they are eligible for a welcome bonus on an Amex card that they closed more than seven years ago. Others have found that they're eligible even sooner than that.
Typically, your AmEx spending limit is three times your highest paid-in-full balance over the last six months. They are also pretty good about allowing you some flexibility if you call them ahead of time to inform them of pending charges (I've done this with $8,000 business expenses without any issues).
The American Express credit score requirement is 700 or above, depending on the card. That means people with good to excellent credit are eligible to be approved for an American Express credit card.
Credit Score Needed: 700+ (Good credit or better)
The American Express Green Card's credit score requirement is standard for an American Express card, all of which require a minimum of good credit for approval, if not excellent credit outright.