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Customers can choose from a variety of credit cards offered by American Express, each with unique benefits such as access to Amex Offers, travel and cash-back rewards on certain cards, and other worthwhile insurances and protections when needed.
With card types that range from deluxe travel cards to those with a 200 percent introductory annual percentage rate, there’s probably an Amex card that will meet your needs. However, not everyone is eligible for every credit card, and American Express is no different. While each card does not have a specific credit score requirement, there are some general things you should be aware of before applying about how an issuer uses your credit history to determine approval.
Is There a Minimum Score Needed for an American Express Card?
Depending on the credit card and its issuer, different credit scores may be required. American Express is not only a card issuer but also a credit card payment network, much like Discover, Visa, and Mastercard, allowing other businesses to also issue Amex cards. As a result, regardless of how good or bad your credit is, you may be able to qualify for American Express credit cards.
Although credit scores are classified differently by each card issuer, the following general ranges are provided by FICO:
- Exceptional: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Very poor: 300 to 579
To be eligible for an American Express credit card, you usually need to have good credit. However, you might be able to obtain an Amex card from a different credit card issuer if your credit is only fair.
American Express Prequalification and Preapproval
If you’re unsure if you have good enough credit to be approved for an American Express credit card, you can apply online for prequalification.
Prequalification begins when you contact a credit card issuer and submit certain data to determine if you could be eligible for a specific offer. Although prequalification and preapproval are distinct procedures when it comes to credit cards, they may be used interchangeably. Preapproval entails a credit card issuer requesting a list of applicants who satisfy certain requirements from a credit bureau. The card issuer will then usually get in touch with preapproved customers and extend an invitation to apply.
Through a limited-edition American Express prequalification process, candidates can ascertain with confidence whether they will be granted the card without having an impact on their credit score. However, if you are accepted and decide to accept the card, your credit score might be affected by the ensuing hard credit inquiry.
Those wishing to apply for a U.S. visa can currently use the updated application process. S. personal card via Experian, at AmericanExpress. It is not available if you apply for a Card after logging into an existing Card Member Account at com/us/credit-cards or by calling American Express.
Things to Keep in Mind When Applying for an American Express Card
There are a few things to know before you apply for an American Express credit card if you’re considering doing so.
Depending on which credit card issuer you are applying with, the application procedure may differ slightly. But typically, you’ll have to submit more data than you did for prequalification.
Your application may need to include your:
- Full name
- Date of birth
- Social Security number
- Employer identification number (if its a small business credit card)
- Contact information
- Financial information, such as income
- Details about your employment, such as how long you’ve been employed there
- Housing status and costs
In the online application, you will normally also be able to add an authorized user. One of three responses will normally be sent to you in a matter of seconds after submitting the application: an approval, a denial, or a pending decision. Remember that while identity theft prevention methods like a locked or frozen credit file can delay a decision, they cannot stop you from being approved.
With the new American Express application process, which has limited availability, you can find out with 100% certainty if you will be approved for the card without it affecting your credit score. After you’re accepted, all you have to do is accept the card, which will cause a hard inquiry and possibly temporarily lower your credit score by a few points.
You will normally hear back from the card issuer within seven to ten business days if you are informed that the decision is pending.
Understand How Welcome Offers Work
Similar to numerous other credit card companies, American Express offers new cardholders up-front incentives known as welcome offers. With these programs, you can receive a bonus if you reach a minimum spending threshold within the first few months.
But according to American Express, you can only receive a card welcome offer once. This implies that you will never again be eligible for the welcome offer from an American Express card if you have previously had one and cancelled it.
Make sure you research any restrictions before applying because there might be similar ones from other card issuers.
Use Your Credit Card Responsibly
It’s imperative that you form sound credit card habits regardless of where you obtained your credit card. To begin with, it’s critical to pay your bills on time each month to prevent missing payments, which can lower your credit score and incur penalties.
Additionally, aim to pay off your balance in full each month to avoid ever incurring interest. Try using cash or a debit card if you can’t pay back the amount you charge on your card to prevent overspending.
Lastly, it’s imperative that you maintain the lowest possible credit card balance. Your credit utilization, a crucial component of your credit scores, is impacted by the balances on your credit cards. Even if you pay your bills in full each month, lenders and credit scoring models may view your behavior as risky if you are consistently exceeding your credit limit. When your balance exceeds the maximum amount allowed by your credit limit, you run the risk of having your credit score negatively impacted. Theres no hard-and-fast rule, but the lower, the better.
How to Improve Your Credit Score Before Applying
For a better chance of approval or better terms like a lower interest rate, it’s usually a good idea to work on your credit score even if you meet the minimum requirements to get an American Express credit card, or any other card for that matter.
You can take the following actions to raise your credit score:
- Pay your bills on time every month.
- Get caught up on past-due payments and accounts in collections.
- Obtain permission to access a family member’s credit card account if they have a good credit history.
- To receive credit for timely utility, phone, and streaming payments, use Experian Boost®ø.
- Pay down credit card balances and keep them low.
- Avoid closing unused credit card accounts.
- Take on new credit only when necessary.
- Dispute inaccurate information on your credit reports.
Although it can take some time to build credit, you might see results in as little as a few months if you start making positive changes. Experian Boost can help you improve your scores instantly. Verify your current situation with your credit score prior to applying for a credit card. Then, based on your credit profile, use an online tool such as Experian CreditMatchTM to get an idea of which cards are available. If you’re not sure where to begin, CreditMatch is a great resource as it can match you with cards that are appropriate for your particular credit profile.
Continue to Monitor Your Credit After Approval
After youve gotten approved for a new credit card, avoid the urge to ignore your credit until the next time you want to apply for a credit card or loan. You can get a free credit report annually from all three credit bureaus through AnnualCreditReport.com. Through December 2022, reports are available once weekly, which can help you keep a close eye on any changes.
To keep an eye on your credit, you can also use Experians credit monitoring tool. Experian offers free access to your Experian credit report and your FICO® ScoreTM, which is based on Experian data. Additionally, real-time alerts about inquiries, accounts, personal information, and suspicious activity will be sent to you whenever new information is added to your report.
Lastly, you can file and follow up on disputes directly through the Experian platform if you find something is wrong with your Experian credit report.
Thankfully, keeping an eye on your credit doesn’t require as much work as actively trying to raise your score, so it’s a good idea to know where you stand. This way, you can take care of any issues as they come up and make sure your credit is ready for the next time you want to apply.
Apply for credit cards with assurance and receive tailored offers according to your credit history. Get started with your FICO® Score for free.
FAQ
What is the minimum credit score for American Express?
According to Michael Battle, WalletHub Credit Card Analyst, obtaining an American Express card requires having a credit score of at least 700.
Can I get an Amex card with a 650 credit score?
While American Express does not set a minimum credit score requirement, you must have good credit—that is, a FICO score of at least 670—in order to be eligible. A “very good” FICO score, preferably in the range of 740 and above, is probably necessary to qualify for a premium Amex card, such as the American Express Gold Card.
Can I get an American Express card with a 600 credit score?
No, a credit score of 600, which is regarded as poor credit, prevents you from being eligible for an American Express credit card. For the majority of Amex credit cards, approval chances are highest when your credit score is 700 or higher. To obtain an American Express credit card, you must, therefore, have at least good credit.
What is the easiest Amex card to get approved for?
The easiest Amex cards to apply for are those with no annual fee or a low annual spending requirement combined with a lower minimum spending requirement for rewards. Two such cards are the American Express Cash Magnet Card and the Blue Cash Everyday Card.
Read More :
https://money.usnews.com/credit-cards/articles/what-credit-score-do-you-need-for-an-american-express-card
https://www.experian.com/blogs/ask-experian/what-credit-score-do-you-need-for-american-express/