Rejected for Amex :(.. Is now the time to apply ?

Jaywilz

Hi All,

Just to give you a but of background I have been in my job over a year and I am earning above what amex need. I applied in January this year and was rejected.

This prompted me to have a look at my credit file and I was poor according to Experian. After sorting it out (mainly due to applying for loads of things as i'm not great at waiting) I now have a credit rating of over 900 (good) even with the recent first direct searches and I have just been accepted for First Direct account just need to send in my tax code notice once it arrives and the account will be open.

I have the following hard searches on my credit file and I have said when they will disappear:

Over 6 months

Oct 2013 - Car Finance
Oct 2013 - Car Finance
Oct 2013 - CC
Nov 2013 - Current Acc
Nov 2013 - Current Acc
Jan 2014 - Amex

Less than 6 months

Aug 2014 - First Direct (Will be removed duplicate score error)
Aug 2014 - First Direct


Question is apply now for my Amex or wait till my credit score is in the excellent and first direct account has settled down?

FYI I want the Amex plat cash back and Gold rewards. So will be another 2 hard pulls

Thanks in advance guys

MoneySaverLog

Searches will make little difference to Amex score just as much as the experian credit score will.

They will have scored you on what you put on their application along with the data of how you manage existing credit from the credit reference agencies.

Do you really need a card with a £450 annual fee?

Fruit_and_Nut_Case

MoneySaverLog wrote: »

Do you really need a card with a £450 annual fee?

That's a lot. Which card charges that?

Maestro.

Credit "score" won't be indicative of your actual credit worthyness as the companies that issue the "score" don't offer credit.

Do you really need an AmEx card? I myself have seriously looked into applying for one of their charge cards (probably the green) as I like the idea of how a charge card works, but several things have put me off:

-several google searches informed me that the charge card doesn't actually have an infinite limit so you could find yourself being caught short.
-for me, I would be lucky to break even on even the basic green card once the yearly fee is factored in. I could earn money with just about any other fee free rewards MasterCard, but to earn decent cash on an AmEx card, you have to spend a LOT.

Unless you're pushing some serious dolla on a London wage, or you're obsessed with the perceived prestige of owning an AmEx card... I wouldn't bother. Even my boss, owner of the company, doesn't use AmEx anymore.

MoneySaverLog

Fruit_and_Nut_Case wrote: »

That's a lot. Which card charges that?

Their platinum card https://www.americanexpress.com/uk/content/platinum-card/

jay87

The Platinum Cashback credit card has a £25 annual fee, free for 1st year, which the OP is referring too. The Plat Everyday cashback amex I have has no annual fee.

The Platinum rewards charge card has a £450 fee.

Jaywilz

Sorry guys I meant the £25 credit card and the £125 gold rewards.. I could not justify the platinum £450 for me personally that just makes no sense

MoneySaverLog

Ah my mistake

simeyb

Now that you are with First Direct, presumably either now or in 3 or so months when your pay has been going in for a while, you'll be eligible for a credit card from them to cover off whatever you need ccard-wise. Don't get obsessed about Amex - my company card is Amex and soooo many places don't take it. I just can't see the benefit to be honest - and as for the rewards scheme, you'd be better off with a Nectar card! lol

Swerve Amex, settle with your account at First Direct, one of the credit cards - if you are living within your means the most you need is two credit cards in case one dies for whatever reason.

InsideInsurance

The salary statement on their website is not a proxy to what you require to have a reasonable prospects of being accepted it is just the absolute floor of what they will even look at.

For charge cards at least they seem to have a particular issue with outstanding balances. A few years ago I was rejected, paid off my two 0% cards and reapplied 3 months later and was accepted. Within 2 months they were happy to allow a £12k spend in one month. Nothing else had changed on my credit report.

AmEx is accepted in many places but there are a couple of big retailers and a larger number of small retailers who dont accept it so it cannot be your only card.

I have yet to find a good use for Nectar points but my MR points nicely pay for almost all our family holiday flights and a few weekend trips to europe

Cycrow

simeyb wrote: »

Now that you are with First Direct, presumably either now or in 3 or so months when your pay has been going in for a while, you'll be eligible for a credit card from them to cover off whatever you need ccard-wise.

im not sure first direct even do a cashback card. So if its cashback your after, then it wont really cover your needs.

simeyb wrote: »

Don't get obsessed about Amex - my company card is Amex and soooo many places don't take it. I just can't see the benefit to be honest - and as for the rewards scheme, you'd be better off with a Nectar card! lol

The Amex cashback card actually has a better rate than alot of other cards, so its well worth it. The points cards can also be worth it if you travel a lot, but if not, then the cashback ones are better

simeyb wrote: »

Swerve Amex, settle with your account at First Direct, one of the credit cards - if you are living within your means the most you need is two credit cards in case one dies for whatever reason.

So you would rather have a card that gives you nothing, than one that gives you free money ?
doesn't make much sense. I think i would take the free money.


OP, if you have just opened the first direct account, then i would wait abit, applying for new credit so close to obtaining others would reduce your chances. If the searches were done over 6 months ago, i doubt they will have much impact now