I applied for an american express credit card for students about 3-4 weeks ago and have not heard back from them yet. I just wrote them an e-mail today asking about the status. I have an $800 collection from them on a credit card I used to have in 1998 and have so far paid the balance down to $200. They've actually sent me letters in the past, more often than not, congratulating me for paying the balance off and encouraging me to keep going and so on. I wrote about this in the e-mail, that I am slowly but surely paying down the balance, etc, etc. Also, I stated that I am sick of having several credit cards with low limits from less than reputable banks and companies (Providian, Capital One, etc.) and that I would love to have just one with a substanial limit from AMEX (about $2000-3000) so I could cancel the others and enjoy world-class customer service and care. Do you think I helped my chances or hurt them even more? I know there's an AMEX rep who navigates this board sometimes. Any thoughts? Anyone else's thoughts? Thanks so much.
Personally I don't think they will give you anything until you pay off that collection. It really wouldn't amke sense for them to.
RE: AMEX Paying the Amex collection account was a good start. But that's all it was: A start. You've just proven it takes you more than 2 years to pay off $800 of outstanding balance. Why would anyone, let alone the same creditor, want to give you a $3,000 limit anytime soon? Don't apply with them in the near future. All you'll get is a "30-second inquiry", as Barry has so vividly put it. Saar
RE: AMEX Sorry, but I cannot tell you exactly what will happen, but more than likely you will not get approved for the student card; at least not until your previous balance is paid in full. And considering that it is so recent, it will take a while to rebuild your credit, in and outside the house. So, you might have to deal with the low limits on your other cards for a while. Amex will give you another card, but do not set your expectations high otherwise you will always be let down. Take what you get, and then work with that. When I got my first student card, my limit was $1,000 (perfect credit--no lates, charge-offs, etc.) and it took me a whole year to get it up to $2,500. If you want an immediate answer about your app, call 1-800-327-2177, option 5 and speak with a rep in new accounts (they will pull up your app via social). Good luck
