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American Express Application - What You Need to Have a Credit Card
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Posted On :
Dec-19-2011
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Article Word Count :
551
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Keep the following criteria in mind when giving your American Express application. Improving on these factors make being approved for one less difficult. You'll get to enjoy rewards and discounts, and also higher credit limit.
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Getting an American Express application opens doors to many possibilities. Amex is popular for providing no-limit credit cards with a lot of rewards and American Express discounts. More and more people try to apply for their own Amex card every year, but trying to get one can be tough. American Express has a tough application process due to their higher credit limits.
Amex will think about few things prior to granting your credit card request. Being conscious of these factors when getting an American Express application may boost your chances of getting an approval. Remember that these criteria differ on a case to case basis because no two applications are alike.
Credit Score. All lenders have a scoring system to evaluate their prospective debtors. They want to know the risk they will take by lending you money. Having a good credit score effects the application positively.
Amex uses the Fair Isaac Corporation (FICO) score to find out if you are worthy of being given a credit card, in addition to how much they will charge you for it. The subsequent factors make up your FICO score:
- Payment history
- Credit utilization, or the ratio of your revolving debt to your revolving fund
- Length of credit history
- Different types of credit used
- Recent credit inquiries
It is possible to get a grade between 300 and 850. Higher scores mean much more financial stability and responsibility. People normally get 600-700 on average. Having a score above 700 tells Amex you are in good shape financially, while getting below 600 could cause them to deny the application altogether.
Credit History. This matters as separate criterion even though it is part of your entire payment history. Amex will focus specifically on your timeliness when paying outstanding debts. Paying your debts on time establishes you are reliable. A bad credit history affects the application negatively and may bring about rejection.
Employment Status. All credit card companies take a look at your income source to find out your financial capability. Students can apply and get a credit card, but Amex may ask for extra documents to know where you will get funds. You may also have lower credit limit. People with jobs are more likely to get approval. Your credit limit would depend on the amount you make annually. Check the minimum annual income requirement of the card you are applying for.
Current Loans. Be sure you don't have other loans when getting an Amex card. Having an outstanding loan looks unfavorable on your credit report because it implies poor financial capacity and health. Pay off all your existing loans before getting a new credit card.
Other Card Requirements. Amex offers a wide range of credit cards for every type of individual. Make sure you check the individual requirements for each one. If you're only beginning to construct your credit history, getting one of the Blue cards is ideal. People who have stable income, good credit limit and high-paying jobs can easily qualify for the Gold and Platinum cards. These cards are difficult to get. Opt for a card that matches your financial capacity and offers American Express discounts and rewards suited for your way of life.
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Article Source :
http://www.articleseen.com/Article_American Express Application - What You Need to Have a Credit Card_121105.aspx
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Author Resource :
Claude McInnis is a frequent flyer with an accepted American Express application and now is provided with American Express discounts on flights.
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Keywords :
American Express application, American Express discounts,
Category :
Travel and Leisure
:
Travel and Leisure
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