Is it worth applying AMEX

future_jake62

Hi there, currently i have a score of 812 on experian and 512 on equifax/clearscore. I have 3 credit cards already totalling to £2200 limit. The amex checker is saying i am ineligible for the AMEX cashback card but MSE says i have a 80% chance of getting accepted.

Is it worth me applying? I have only had my 3 cards for the last 5-6 months so they are new but i am really looking to get a amex. 

DullGreyGuy

future_jake62 said:

Hi there, currently i have a score of 812 on experian and 512 on equifax/clearscore. I have 3 credit cards already totalling to £2200 limit. The amex checker is saying i am ineligible for the AMEX cashback card but MSE says i have a 80% chance of getting accepted.

Is it worth me applying? I have only had my 3 cards for the last 5-6 months so they are new but i am really looking to get an amex. 

Scores on the credit reference agency are made up by their marketing departments and are not used by any lender on deciding if to lend to you or not. 

Most "checkers" not on the lenders own website have had absolutely no advice from the companies on what their acceptance criteria are. So either they are trying to reverse engineer or they've hired people willing to break confidentiality agreements but have outdated information or they ar just making it up. Certainly with some such sites I've seen a correlation between commissions being offered to the site and the % chance they give. 

It's really up to you if you think a randomly created tool or one created by the lender themselves is likely to be more accurate, I know which one my money would be on. If you aren't going to need to apply for other credit in the next 6 months then there is little damage in applying and getting turned down if you really want to take a punt. 

Traditionally AmEx disliked anyone with a standing balance however traditionally they used to issue chargecards which had to be cleared in full each year whereas now they are fully credit cards for consumers so maybe their thinking has changed? 

Mark_d

Your Equifax score - 512 out of 1000 - doesn't sound particularly good.  Neither do the small credit limits you have on your three credit cards.  I think  you would be rejected and therefore you shouldn't apply - because declined applications look bad on your credit record.

Emmia

And aside from anything else, you have 3 credit cards already, why do you want an AMEX as well?

DullGreyGuy

Mark_d said:
 because declined applications look bad on your credit record.

Credit record doesn't contain if an application was accepted or declined by the lender

future_jake62

Emmia said:

And aside from anything else, you have 3 credit cards already, why do you want an AMEX as well?

I am a supplementary cardholder on a amex at the minute and really like the reward to spending.

MattMattMattUK

future_jake62 said:

Emmia said:

And aside from anything else, you have 3 credit cards already, why do you want an AMEX as well?

I am a supplementary cardholder on a amex at the minute and really like the reward to spending.

The Amex rewards are not great unless you are a reasonably high spender. 

As a rough guide and they obviously do not publish the full criteria, Amex generally want people with very good, very established credit histories, homeowners and with incomes over £30k, usually higher. Your other cards and limits indicate you have not had them long and that your income might be lower as otherwise you would have higher limits so you are probably not in their target demographic. 

The Chase 1% debit card cashback is likely to be better than anything Amex would offer at the moment based on the info you have supplied. 

lr1277

This webpage from last years shows the minimum incomes required for each card:

https://www.headforpoints.com/2023/07/20/american-express-brings-back-minimum-income-requirement/ 

But given the rest of your situation I cannot say whether you will get an Amex. You could try the elegibility checker on the webpage for each card for which you think you are eligibile.

And I believe Amex UK still have 3 charge cards for personal use.

Basic card - No fees and no rewards

Harrods Amex - Need to spend £5k in Harrods in a given year before you can think of applying. All the rewards are Harrods based. Can't remember the fee off the top of my head.

Centurion - Invite only

Remember with a charge card there is no S75 protection only chargeback protection. As well as paying each monthly statement in full.

Should you get the basic card then decide you want a credit card I am under the impression the basic card is still counted as a personal card (even though it has no rewards) when applying for other cards. This means you may not get any sign up bonuses unless your application is after the lockout period.

cymruchris

If the Amex website direct is saying 'No' - then that's the most likely and accurate result.

Amex will be using their own (Secret) internal scoring mechanism against the data they can see on your credit history - and from that give a likelihood of acceptance.

The comparison sites do it differently - they look at your own details - mash them up with thousands of others in an algorithm to try and best guess the percentage success rate. They're more often wrong as there are outliers that fall outside of the 'Yes' category that get given a percentage of success rate - I think from what you've described at the moment - that's where you are.

You need a longer credit history and a likely some higher limits. Evidence of paying off in full every month for a year might sway it in your direction - but nobody actually knows the exact parameters Amex is using - and they likely change them frequently anyway based on their risk models and appetite for adding new credit limits to their overall balance sheet.

steven141

The other option is the Santander Edge Credit Card 2% cashback for the first year then 1% after that. Maximum £15 a month. 

lr1277

On the HeadforPoints website today is an article of your best Amex strategy if you earn between 20k and 35k.
Hopefully this link will work, but I am writing this on my tablet so not sure.
https://www.headforpoints.com/2024/10/14/what-is-the-best-american-express-strategy-if-you-earn-under-35000/