An applicant’s Amex Cash Magnet approval odds are best with a credit score of 700 or higher, a steady income, little debt, and few recent credit inquiries. There’s no need to guess what your Amex Cash Magnet approval odds might be, however, as you can get them directly from Amex by using the company’s pre-qualification tool. Enter your name, your address, the last 4 digits of your Social Security number and your annual income, then press “View My Card Offers.” Amex will show you all the cards you are likely to be approved for. If you see Cash Magnet among them, that means your Amex Cash Magnet approval odds are high – around 90%. But even if you are pre-qualified for a card, it’s still possible to be rejected.
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.
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
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