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Approval odds for Amex PRG
I'm trying to figure out my approval chances for an Amex PRG card. I'm a 19 year old employed student. I have been an AU on my Mom's CC for 1.5 years. In my own name I have a Citi Advantage card with a 3k limit and a Nordstrom retail card with a 2.5k limit. Income is roughly 20k a year. I have 9% utilization on the Citi card 0% on the Nordstrom card. Overall 5% utilization. The card I'm an AU on has about 50% utilization. Have had Citi card for 7 months and Nordstrom for 3 months. EX puts score at 688. 3 Inquires this year. What are my odds for being approved on the Amex PRG card?

Thanks for any feedback!

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Sobering Thought

Hi, so I figured I'd drop a line. I would say that your approval odds for getting this card might be slim, although if you want to call the recon line you might get it. I offered my reasons with a few suggestions. I have an AmEx SPG and here are a few observations I've noted and A few things that might detract.

1) Short credit history. AmEx likes people with long established credit histories for their more richer rewards program. I'd wait until 3 years until credit is established or apply for the AmEx Green product. Its been noted that AmEx is fairly liberal with that approval process if you wanted a charge card (not a credit card). You can then later call them up after two years of use or so and ask them to convert you to PRG

2) Income.  This card carries a couple hundred in annual fees so with a 20K salary I don't think they would approve you for this. Demoraphically, AmEx traditionally has cardmembers who charge more volume than other issuers. This is often a major selling point to merchants to get them to accept AmEx terms with higher merchant swipe fees.

3) Store Card. Believe it or not, store cards are viewed as poorer quality than credit cards. This also goes for "consumer financing" firms. AmEx is kinda sensitve to this in my opinion.

4) Authorized User Card. Although not all issuers report AU to credit bureaus - some do. That 50% UR will be harmful to your credit score (optimal is less than 30%) AmEx is sensitive to a couple things with inquiries and ultization near the top.

5) Inquiry-Sensitive. As I said in my previous line, AmEx is inqury sensitive, meaning that they generally don't like a lot of hard pulls. I'd wait until one of those drops off. Also, AmEx usually pulls Experian which is not tracked on CK so you might want to check that report.

Again, doesn't mean you can't go for it later just wait a bit. From an ecomically perspective, I would hold off period - usually cards with this high annual fee don't usually payoff unless you are charging thousands of dollars per year. Some credit review website estimate that you need to spend about 20K per year to make it worthwhile to overcome the annual fee. My advice: visit - put in your charging pattern and they'll run an analysis for you.

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