The minimum credit score needed for Amex Cash Magnet is around 700. That's the case for most other Amex cards, too. There are also several other variables that can affect American Express’s decision to approve your application: income, debt-to-income ratio, and your previous credit card history.
The American Express Cash Magnet credit score requirement is 700 or higher, which means applicants need at least good credit for approval. While that’s slightly above the average person’s credit score, it’s in line with what other comparable rewards credit cards require.
If you meet the Amex Cash Magnet credit score requirement but want a better idea of whether you’re likely to qualify for the card, you should use American Express’s pre-qualification tool. Just input a few personal details and you’ll be able to see all Amex cards that are likely to approve you. Though it’s not a guarantee, it’s also not a hard inquiry.
Keep in mind that you won’t just have to meet the Cash Magnet credit score threshold in order to qualify for the card. Amex will take a look at multiple other factors, too, such as your income, number of accounts open, recent credit inquiries, employment status and more. That’s why it might actually be possible to get approved with a slightly lower score under some circumstances, such as if you have a very high income. But it’s best not to risk applying without meeting the score requirement.
American Express uses Experian most of the time. Though Amex will use the other 2 major credit bureaus, TransUnion and Equifax, for some applications, they pull Experian for the majority.
Amex usually only does hard credit pulls for new applications. Some people who already have Amex credit cards will not get another hard inquiry if they apply for another Amex card in the future.… read full answer
It's harder to get an American Express card than it is to get a credit card from many other major issuers simply because all of Amex's credit card offers require good or excellent credit for approval. But American Express isn't the only credit card company to target people in the highest tiers of the credit score scale. Barclaycard and Chase do too, for example. And if you're fortunate enough to have good credit or better, an American Express credit card will be no harder to get than any other credit card.… read full answer
The easiest American Express cards to get are those that require a minimum of good credit for approval, as opposed to excellent credit only. You may also want to target cards that are co-branded with companies such as Delta and Hilton as well as offers with lower annual fees. Co-branded cards often have relatively high approval rates to accommodate more fans of the brand (e.g. Hilton) in question. And some of Amex's premium cards for big-spenders, which can be relatively difficult to get, have high fees.
Of course, American Express also evaluates each applicant's income and debt obligations to make sure they can afford monthly bill payments on a new line of credit. But there isn't much information available about Amex's standards in those regards, and you shouldn't expect them to differ too much from other credit card companies' policies.
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