Amex Blue Cash Preferred Credit Score Requirements – Forbes Advisor – Technologist

If you’re a savvy credit card user, you’ve probably heard of the Blue Cash Preferred® Card from American Express (Terms apply, see rates & fees). Before you rush to snag this card, your credit score must be in good shape. Amex requires a good to excellent credit score to qualify.

During the application process, Amex will run a hard inquiry on your credit report, which may negatively impact your credit score. However, Amex offers a separate preapproval process, which only requires a soft inquiry.

In either case, knowing this card’s credit score requirement can help determine if you’ll likely be approved for the card before completing the full application process.

Amex Blue Cash Preferred Credit Score Needed

Credit scores are essential for lenders to determine how likely you are to repay your debt. The higher your credit score is, the more likely you are to get approved. If you’re applying for the Blue Cash Preferred® Card from American Express, Amex requires a good to excellent credit score for approval.

Here is a breakdown of the credit score ranges based on the FICO scoring model.

• Good: 670-739
• Very good: 740-799
• Exceptional: 800+

Keep in mind that Amex doesn’t solely look at your credit score when determining your eligibility for this card. There are a few other factors that could influence your approval decision in addition to credit history.

Other Factors Affecting Credit Card Approval

Your credit score isn’t the only component considered when being approved for the Amex Blue Cash Preferred. American Express evaluates several factors, including:

• Income: A higher income makes you an attractive candidate to credit card companies, indicating that you have the financial means to make your payments on time.
• Employment status: Lenders want to ensure that you have a steady source of income to pay your bills. Unemployment or unstable employment history may decrease your approval chances.
• Debt-to-income (DTI) ratio: A high DTI shows lenders that you owe more than you earn. Credit card companies may hesitate to give you more credit if this is the case.
• Credit history with Amex: Amex also looks for a solid payment history on other Amex products, as well as the amount of credit accounts you have open.
• Overall credit history: Credit card companies don’t just look at your credit score in isolation when assessing your creditworthiness. They also consider your track record with payment history, credit utilization, credit age, recent credit account openings and account types.

Read more. Best Credit Cards of 2024

How To Get the Amex Blue Cash Preferred

Amex makes applying for their Blue Cash Preferred card easy. Just follow these steps to get a decision in minutes:

1. Visit the American Express website and visit the Blue Cash Preferred card page.
2. Click on the “Apply Now” button to start the prequalification application process.
3. Enter your personal information, including your name, address, date of birth, Social Security number and anyone you want to add to your account.
4. Provide your employment information and annual income.
5. Review the terms and conditions of the card and agree to them.
6. Submit your application and wait for a decision.

If you don’t receive an instant decision, call the New Accounts department at 1-888-826-3471 (Monday-Friday, 6 a.m.-9 p.m. MT) to check the status of your application. You can also apply over the phone or get more information by calling 1-800-243-3888.

What Should You Do if Amex Denies Your Application?

If Amex denies your Blue Cash Preferred card application, it may be due to a low credit score, a high DTI, recent delinquencies, bankruptcies or insufficient income. You can call Amex at 1-800-567-1083 to review the decision. However, a reversal isn’t guaranteed.

You can reapply no earlier than 30 days from the date of the decline letter before submitting a new application. Until then, you can take steps to improve your credit score and increase your odds of approval.

How To Improve Your Credit Score for Amex Blue Cash Preferred

If Amex rejects your application, you may want to reapply later. By following these steps, you can improve your credit score and increase your chances of being approved for the Amex Blue Cash Preferred card.

• Pay your bills on time. Even a single missed payment can cause your credit score to drop, making it harder to get approved. Ensure you make at least the minimum payment on your statement before the due date to avoid late fees and keep your score intact.
• Keep your credit utilization ratio low. Experts recommend keeping your credit utilization at 30% or less of your total credit limit. High credit usage can negatively impact your credit score.
• Check your credit report for inaccuracies. Errors in your credit report can result in significant damage to your score. So, it’s important to stay vigilant and dispute any errors. You can get a free credit report weekly from the three major credit bureaus by visiting annualcreditreport.com.
• Avoid applying for too many new credit accounts at once. Sending multiple credit card or loan applications in a short period can result in multiple hard inquiries on your account, which could lower your credit score.
• Consider alternative ways to build your credit. If you have little to no credit history, you can build your credit profile through a secured credit card or by becoming an authorized user on someone else’s account.

Bottom Line

The Blue Cash Preferred® Card from American Express is a highly sought-after credit card with lucrative perks, but it requires a good credit score and proof of creditworthiness to qualify. Fortunately, Amex offers a preapproval tool to see if you qualify for the card before you apply and submit to a hard credit check.

To view rates and fees for Blue Cash Preferred® Card from American Express please visit this page.