Are you looking at getting your own American Express Card? The American Express Company, also known as Amex, is a multinational financial services corporation. They offer world-class credit cards that are available to individuals, small businesses and corporate consumers around the world. So you might be wondering: ‘How can I meet the Amex card eligibility?’ and, ‘Can I get an Amex card with bad credit?’
Who Can Apply for an Amex Card?
Are you wanting to take out an American Express credit card? The first question you will have to ask yourself is, am I eligible? Just like any other credit card, there are certain criteria you must meet when it comes to Amex card eligibility.
Amex Card Eligibility
Here are the Amex card eligibility requirements:
- You must be over 18 years of age.
- You must have a good credit history.
- Be an Australian citizen or permanent resident or hold a long term visa. Long term means 12 months or more and does not include a student visa.
- Meet the minimum income criteria for your chosen Card.
- If self-employed, have been trading for at least 12 months.
Most of these points are fairly self-explanatory, but we are going to delve further into your credit history and whether you are eligible to get an Amex card with bad credit history.
What is your Credit History?
If you have taken out a loan or a credit card in the past, then you have a credit history. This essentially is all the information about how you pay off your loans and what loans you currently have taken out. This information is all placed in your credit report, which potential lenders can access when you approach them to take out a loan.
Here are some of the different things that can affect your credit score:
- How many credit cards or loans you have. The more you have the lower your credit score, as it suggests you are already spread thin on loans.
- Whether you have made past repayments on time. This shows you are capable of paying off your loans and not missing payments.
- How much of your current credit cards you are actually using. This is referred to as your credit utilisation ratio. The more you use, the more it affects your credit score.
- Credit inquiries. Each time you inquire about a new loan, it affects your credit score. Of course, you should still shop around for the best deal, just do it in the space of a few weeks, as then it will only count as the one inquiry.
- Credit age. The older your accounts, the better your credit score.
When it comes to Amex card eligibility, can you apply for a card with a bad credit history?
The short answer: no.
You won’t be able to get an Amex card if you have a bad credit score. This leaves you with one option: to fix your credit score before applying.
How do I Fix My Credit Score?
The first thing to do is download a copy of your credit report and go through everything. Check for any errors that might be on there by mistake, as you can fight these to improve your score. The next step is to see what changes you can make. Here are some to consider:
- Start paying off your debt: work with the one with the highest interest rate first and then onto the next.
- Make sure you don’t miss a repayment: while you may have missed some in the past, now is your chance to redeem your score and start paying them off on time.
- Stop using so much of your credit limit. If you lower your credit utilisation ratio you can also lower your credit score.
- Ask for help: if you are struggling to pay off your debts, then taking out an Amex card may not be the right solution for you. Instead, talk to a professional and see if you can get some help with your debts. Once you find yourself in a better position, you can once again consider taking out an American Express Credit Card.
Are you are looking to fix your credit history because it is getting in the way of your Amex card eligibility? You can get your credit repaired with Clean Credit. This company are trusted credit repair experts with a 97% success rate. They can help get your credit score back on track so you can apply for that credit card in no time.
Applying for an Amex Credit Card
Once you meet the Amex card eligibility, you can head straight to their site and apply for it immediately. It is a very simple process that will see you holding your new card in no time. If you have any questions or concerns, then our team at Bad Credit Loans are always here to help. Perhaps you would like to take out a bad credit loan. If so, you have come to the right place. Our team can offer solutions tailored to suit your needs and you could receive funds within 24 hours.