HOW TO GET APPROVED FOR 5 AMERICAN EXPRESS CARDS

HOW TO GET APPROVED FOR 5 AMERICAN EXPRESS CARDS

 

Everyone wants the coveted American Express Card

 

Not only does an American Express card give you bragging rights it has an amazing list of benefits and rewards.  The travel perks are some of the best around.  AMEX offers their members exclusive airport lounge access, concierge services and other additional benefits such as extended warranties and outstanding customer service.  American Express cards are the most prestigious charge cards and credit cards on the market.

 

 

American Express CHARGE CARD vs CREDIT CARD

What is the difference between an AMEX charge card and an AMEX credit card?

A charge card has no pre-spending limit but you cannot finance charges meaning you must pay your balance in full each month

A credit card has a credit limit and you are able to finance charges over a period of time meaning you can make minimum payments and carry over you balance to the next month

 

 

How do you get approved for an American Express Credit Card?

You need a few things prior to getting approved for an American Express card:

MUST HAVE PRIMARY ACCOUNTS

Make sure you have existing primary credit card accounts.  You can have authorized user accounts but AMEX will not approve you if you do not have at least 3 open primary credit card accounts with revolving credit.

AMEX cannot be used as a starter card and you cannot be brand new to credit and start with one of their cards.  Great starter credit cards to start building credit are the Capital One Platinum Card, the Discover IT card and the Chase Freedom credit card.  If you do not have any primary accounts it would be best to start with one of those credit cards before applying for an American Express card.

MUST BE IN THE PUBLIC RECORD SYSTEM

If you are not in the public records system you must find a way to do so.  The most common public records system is Lexis Nexis.  It is basically a database of all of your public records information.  Once you are on Lexis Nexis that is when you start getting pre-approval offers in the mail.  The pre-approval offers are the best way to apply for credit cards.  If you are not in the public records system one way to do so is apply for a fishing license in your state.  Its an easy process you can do it online.  Another way to get into public record is to sign up for rewards cards for at least 3 stores in your area.  These can include your local supermarket, Walgreens, CVS, Rite-Aide basically any store that has a rewards style card you can use to shop.  To be approved for an American Express card it is important you are listed in public record.

MUST HAVE A CREDIT SCORE OVER 700

There is a reason AMEX is the most prestigious credit card around.  They require a credit score of at least 700 for approval.  The average American has a credit score of 715.  Do not even try to apply for an American Express card if your credit score is any lower than that.  It’s worth taking the time and repairing your credit to increase your credit score prior to applying for an American Express card. 

 

 

YOU CAN APPLY FOR MORE THAN ONE American Express CARD IN ONE DAY

Do you want to know an American Express credit card secret?

You can apply for up to 5 cards and only have

one hard inquiry show on your credit report.

The way to do this is you apply online for 5 separate American Express credit cards within a 30 minute window.  After each time you submit your online application you will receive an email with a reference number and phone number to call.  Once you call into the American Express number provided you will then have to give additional information such as your address and annual income for approval.  Be sure to sound confident, give the representative your AMEX reference number and let them know you want to know your credit line so you can start using your card as soon as possible.  Do not let them know you just applied for 5 different American Express cards. 

Once you are approved and get all your information you move onto American Express card number 2.  Again go to the second email that was sent with your reference number for card number 2.  Call the American Express number speak to the representative for approval.  It will always be a different representative because you are calling a different American Express card department.  After you finish with card number 2 you move onto card number 3…. Then card number 4 and finally you will finish with American Express credit card number 5.  Once complete you will have 5 brand new AMEX cards with 1 hard inquiry on your credit report.

Follow all of the above steps and you will be on your way towards getting approved for an American Express card.  While some AMEX cards do have annual fees the bonuses, perks and rewards will add enough value to make it worthwhile. (Best American Express cards of 2020)

 

TIPS FOR SUCCESSFUL                RECONSIDERATION CALLS

TIPS FOR SUCCESSFUL RECONSIDERATION CALLS

SUCCESSFUL RECONSIDERATION CALLS 

Have you recently applied for a credit card and were denied?  Did you know there was a way to call lenders to be reconsidered for a credit card approval?  There is no straight forward rule when making successful reconsideration calls.  If your application status is still pending you may want to wait until a decision has been made before making the call & besides there may be a chance you will still be approved.  When you are denied you now can call for reconsideration.  Sometimes it is also beneficial to wait to call until you receive the rejection letter in the mail with the detailed reason you were denied.  There is no set time when to make a reconsideration call but keep in mind you only have 30 days from when you applied to try to make successful reconsideration calls.

SUCCESFUL RECONSIDERATION CALLSPREPERATION IS THE KEY TO SUCCESSFUL RECONSIDERATION CALLS

Before making the call to Chase, American Express or any Creditor that you were denied for review a copy of credit report that way you already know if there is an issue they may bring up during the call.  If possibly take time to you build your credit score and repair any existing issues you may have prior to calling.  Find out which bureau the company is pulling from to know which credit report to review.  Be prepared to explain why your credit report has any of the negative items it may have or if there are too many recent inquiries the company will want to know why. Have confident and well thought out answers!

LEAD THE CALL & IF YOU HAVE GOOD CREDIT TALK ABOUT IT.

When making successful reconsideration calls compliments go a long way! During the call Be sure to tell Chase how much you LOVE your existing relationship or tell American Express of all the amazing things you have heard they offer their customers. People that make successful reconsideration calls have strategies on hand they will use during the call if you already know why you were denied.  Since you have taken the time to review your credit report you will be able to lead with solutions. Just be sure to take control of the conversation have an answer before they even ask a question.

American Express, Chase, Successful reconsideration calls

Get Chase American Express to approve you after being denied

TO MAKE SUCCESSFUL RECONSIDERATION CALLS YOU MUST KNOW WHY YOU ARE APPLYING

Make sure you know the card benefits and rewards for the specific card your applying for whether its for Chase, or American Express know the difference so you can make your case.  Emphasize the reasons for wanting this type of card.  Highlighting all the things you LOVE about the card and how you plan to use it can be helpful.  Some examples include cards without and annual fee, cards with 0% introductory APR, cards with no foreign transaction fees, cards with travel rewards and miles… (Best credit cards for 2020)

SUCCESSFUL RECONSIDERATION CALLS ARE ALL ABOUT LEVERAGE.Chase

If you have an existing relationship you are more likely to get approved for a credit card with them. Make sure you express how loyal and profitable you are to their institution.  And if you have excellent credit history with them and a good credit score don’t forget to remind them of that! If you have a card already with the lender and are making the call for reconsideration of a different card be sure you have used the card in the recent months sometimes they deny based on the fact you may not have used the existing card you already have. 

SUCCESSFUL RECONSIDERATION CALLS ARE ABOUT BEING POLITE DURING CALL!!!

Want that Chase, or American Express card Kill them with kindness. When making successful reconsideration calls it is so important you call calm and polite with the representative.  As you should be polite in all aspects of life lay on the sweetness little thicker for a successful reconsideration.  If you follow all the above tips you will have no problem turning a credit card denial from Chase, American Express or any other credit card that denied you into an approval with these tips!

For your reference below are some of the most popular credit card issuers and their credit card reconsideration line:

  • American Express          1-800-567-1083
  • Bank of America             1-866-422-8089
  • Barclays                            1-866-408-4064
  • Capital One                      1-800-625-7866
  • Chase                                 1-800-945-2006
  • Citibank.                           1-800-695-5171
  • Discover                            1-800-347-2683
  • U.S. Bank                          1- 800-947-1444
  • Wells Fargo.                      1-800-869-3557

 

 

7 Credit Hacks You Need to Know.

7 Credit Hacks You Need to Know.

7 credit hacks you need to know

HOW TO BUILD CREDIT

Establishing credit history can take time.  Without any credit history it may be difficult to get a loan or even a credit card.  The following credit building tools can effectively help you achieve your financial goals of establishing good credit history:

  1. Secured credit card  

A secured credit card is a credit cards that has prepaid funds in which you deposit upfront.  The deposited amount essentially becomes your credit limit.  A secured credit card can be used just the same as any credit card.  Use it to make purchases and make the monthly payment on or before the due date.  You can avoid paying interest if you pay your balance in full.  Should you close the account you will receive your deposit back.  The purpose of a secured credit card is to show enough positive credit history to qualify for an unsecured credit card with the same creditor.  It is important that the secured credit card has a low annual fee and reports to all three credit bureaus, Experian, Equifax and TransUnion.

2. Credit builder loan or secured loan

A credit builder loan is a loan where the funds borrowed is held by the lender and not released until the loan is repaid.  Payments are reported to the credit bureaus.  Typically these type of loans are offered by credit unions or community banks.  With a secured loan the funds are deposited in the bank and used as collateral. 

3. Co-signer

A co-signer is someone in your life that already has established good credit history.  It is possible to get a loan with the help of a co-signer.  However there are risks the co-signer should clearly know about up front the most important one being they will be responsible if you are not able to repay the loan back.

4. Authorized user

Being added as an authorized user to someone’s account can help build credit history.  Once added as an authorized user the card’s payment history becomes part of your credit file.  It is crucial the person adding you to their credit card as an authorized user has positive long time credit history with one time payments.  You can benefit from the positive credit history without even possessing or using the credit card.  The credit card should be reporting to all three credit bureaus to guarantee the positive credit history is added to your credit file.

5. Get credit for your bills

There are third party services that will help report the bills you are already paying to the three credit bureaus.  Rent reporting services such as LevelCredit and Rental Kharma will report you positive monthly rental payment to your credit reports.  Experian Boost offers reporting for your cell phone and utility bills.

6. Check your credit reports and credit scores

As a consumer you are entitled to a free copy of your annual credit report from all three credit bureaus, Experian, Equifax and TransUnion.  It is imperative you obtain these reports and read them over to keep track of your progress.  There are several free credit websites and apps that can help you track your credit score such as Credit Karma or Credit Sesame.  You should be disputing all errors and inaccuracies on your credit reports to make sure your credit history is correct and positive.

7. Practice good credit habits

Building credit history takes time so it is important you protect it at all costs and not ruin it in any way.  You want to appear creditworthy to all potential creditors going forward.  Practicing healthy credit habits will make you sure while you build your credit history you also keep it positive.

Make ALL of your payments on time including credit cards, secured loans, utilities and any other bills you should have.

Keep your credit utilization low which is the percentage of your credit limit in use.  This amount should be below 30%.

Avoid applying for multiple credit accounts too frequently.  Credit applications should be spaced out six months.

Credit history should go as far back as possible.  Keep you credit card accounts open they will only help your overall credit utilization and increase your account average age.

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5 Credit Myths You Need to Know Aren’t True

5 Credit Myths You Need to Know Aren’t True

5 Credit Myths You Need to Know Aren’t True

MYTH 1: You only have one credit score.
This is without a doubt the most common credit myth. There is no one true credit score. Credit industries use an array of models and factors to generate consumer credit scores, but there are 3 credit scores each are modeled from one of the 3 credit bureaus Experian, Transunion, & Equifax.

MYTH 2: Checking your credit report will hurt your credit score.
Checking your own credit score will never negatively affect your credit score. As a consumer you are entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting agencies.

MYTH 3: Bankruptcy will wipe your credit history clean.
While bankruptcy may help erase certain past debts those accounts will not disappear from your credit report and can remain on your credit report for 10 years. Federal student loans cannot be discharged in bankruptcy therefore they will remain on your credit report.

MYTH 4: Employers do not check credit when hiring & having bad credit wont cost you a job.
This couldn’t be further from the truth. In today’s competitive job market employers want to know who they are hiring and are checking potential candidates’ credit reports more than ever.
So yes having bad credit can cost you that new job.

Myth 5: You do not need good credit when looking for a new place to live if you’re just looking to rent not own.
Again this is completely wrong in today’s world landlords want to know who they are renting to and your ability to pay rent on time & the best way to determine that is by checking your credit.

So these are the top 5 credit myths & knowing them along with your credit score is the first step to getting your credit on track.

Sign up to become a member today & fix your own credit and start living life on your terms.

Do-It-Yourself Credit Repair for Beginners

Do-It-Yourself Credit Repair for Beginners

Do – It – Yourself Credit Repair for Beginners

Know your CREDIT SCORE
Get a copy of your most recent credit report from all 3 credit bureaus

Carefully determine the accuracy of your credit report
Verify name, address, social security number and ALL listed items

Look for errors on all your credit accounts Determine which dispute letters are necessary

Be responsible going forward
Pay bills on time from this moment on
If you can not pay balances in full ALWAYS PAY THE MINIMUM
Set up AUTO PAY for recurring payments (including loans and credit card payments)

Pay down credit card balances
As you can try doubling up on minimum monthly payments or even taking a percentage of your weekly/biweekly paycheck to allocate for your credit card balance

Do not apply for new credit
Using a credit monitoring website or app you can regularly check your credit score
Wait at least 3-6 months and when you see a difference in your score to apply for new credit

Credit Score 101

Credit Score 101

The Anatomy of a Credit Score

FICO Credit Scores are determined by the following:

Payment history (35%)

This is the most important piece of your credit score. Any negative payment history will have a significant reflection on your score. Paying your bills on time is crucial to your credit score.

Current loans and amount owed on credit cards (30%)

Your balance to limit ratio is the second most important factor that determines your credit score. It is important to keep your balance no more than 30% of your credit limit.

Length of credit history (15%)

The longer you have accounts in good standing the more positive that will be for your credit score. Creditors want to see a history of credit responsibility.

New credit and inquiries (10%)

Opening several new credit accounts within a relatively short amount of time will negatively impact your credit score. Having a large amount of hard inquiries could lower your score.

Type of credit account types (10%)

It is imperative to have a mixed amount of credit accounts. This includes revolving credit such as credit cards; installment credit such as student or auto loans; and open credit such as charge cards that require the balance to be paid in full each month.