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New Credit Card user
iordancho
Posts: 3 Newbie
in Credit cards
Hello everyone,
I am looking to get my first credit card. I used the MSE eligibility calculator and I was surprised to see that I have 9/10 approval rates for all AMEX cards. Afterwards, I checked using AMEX's eligibility and it say 7.5/10 for all cards they offer. I've never had any credit opened before, not even an overdraft. How accurate are those calculations?
Additionally, if I end up applying for an AMEX card and I get rejected, how long should I wait after I get rejected before I apply for a credit building card?
I am looking to get my first credit card. I used the MSE eligibility calculator and I was surprised to see that I have 9/10 approval rates for all AMEX cards. Afterwards, I checked using AMEX's eligibility and it say 7.5/10 for all cards they offer. I've never had any credit opened before, not even an overdraft. How accurate are those calculations?
Additionally, if I end up applying for an AMEX card and I get rejected, how long should I wait after I get rejected before I apply for a credit building card?
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Comments
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The Amex will will be more accurate. I would go for something a little less premium to begin with.
If declined, apply for another card but then leave it a couple of months.0 -
So I can apply straight away for a credit building card, the rejection on my record won't matter to them?Deleted_User said:The Amex will will be more accurate. I would go for something a little less premium to begin with.
If declined, apply for another card but then leave it a couple of months.0 -
There won't be a rejection on your credit files. Just a search.0
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I meant if I decide to trust the AMEX score I get and submit a proper application, not just a search.Deleted_User said:There won't be a rejection on your credit files. Just a search.0 -
As above. There won't be a rejection, just a search when you make your application.1
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Check some less premium card - their own websites, not comparison sites.. Amex lowest limit is in most cases £ 1000 , but as those cards come normally with some sort of perks you really need limit of more than £ 1000 to make most of it ( as you have no card at all, your limit won't be high ). Also Visa or MasterCard have wider acceptance so as good as Amex card is, I wouldn't have it as my only card. Try any high street bank own eligibility checker and pick the one with the highest chance of approval, I'd get Amex as my second card say some 6 month later if I were you. Rejections are not marked only searches.1
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Try who you bank with now. Often they are the best start as they know you history.Life in the slow lane0
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Everyones circumstances are different but I got accepted with a lower eligibility score.
Additionally I know, a couple people that applied to amex for the first credit card and got decent limits.
Obviously, your millage may vary.
https://forums.moneysavingexpert.com/discussion/6106933/amex-gold-card-eligibility-check-only-3-10#latest
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