What credit score do I need for Amex Blue Cash Preferred?

Cashback is a great way to get money back on everyday purchases. Let’s say your family has a large grocery bill, or you spend a lot of time in your car commuting to work or taking your kids to classes and other activities.

The American Express Blue Cash Preferred® Card can help you get back some of the money you spend on food and fuel: it offers high cashback rates at US supermarkets (6% on purchases up to $6,000 a year, then 1%). , gas stations and public transportation (3%) and some US streaming services (6%).

Your credit score is one of the main factors that card issuers use to determine if you are eligible for their cards. Keep reading to find out what kind of credit score you need to get this Amex card, other factors that come into play in qualifying, and what you can do to improve your chances of getting approved.

What credit score is required for Amex Blue Cash Preferred?

Most credit card issuers adhere to tight credit requirements, and Amex offers no guidance on the specific credit scores you must have to qualify for any of its credit cards. However, it is likely that you will need at least a good to excellent credit score to qualify for Blue Cash Preferred.

FICO credit scores are broken down into score ranges. If you are considering applying for Blue Cash Preferred, your credit score must fall within one of the following FICO score ranges:

• Good: 670 to 739
• Very good: 740 to 799
• Exceptional: 800 to 850

The traditional FICO scoring model is most widely used by credit card companies. Thus, when an issuer reviews your credit score and credit reports, the elements that are usually scrutinized include:

Credit card issuers use these and other factors, such as your debt-to-income ratio, to determine your creditworthiness or the likelihood that you will pay off your debt.

What if my application is rejected?

If American Express rejects your application, you can try to appeal the decision, but there is no guarantee that you will win your case. To file an appeal, call the Amex Review Line at 1-800-567-1083 and ask them to manually review your application and decision.

If that doesn’t work, wait at least 30 days after receiving the rejection letter before applying for another Amex card.

How can I improve my score to get this card?

If your credit score doesn’t qualify for the Blue Cash Preferred program, don’t worry. There are steps you can take now to improve your credit score, which will help you qualify in the future.

• Make timely paymentsA: Payment history makes up 35% of your FICO credit score, more than any other factor. You can build your payment history by paying all your monthly bills on time or earlier. Use the calendar to keep track of due dates, or set up automatic payments so your payments are never late.
• Pay the debt offA: Credit utilization, which is 30% in the FICO formula, is the next most important factor in your credit score. It is a percentage of the total available credit that you use. Paying off revolving balances of debt will reduce your credit usage and improve your credit score. Try to keep your credit utilization ratio as low as possible.
• Avoid unnecessary loan requestsA: Every time you apply for a loan or loan, there is a tough loan request that can cause your credit score to drop temporarily. One query won’t make much of a difference to your rating, but a few tough checks can give the issuer the impression that you’re accumulating debt that you can’t afford to pay off.
• Hold on to your other credit cards: Closing old credit cards reduces the overall credit limit, which also affects the credit utilization rate. Keep in mind that reputable accounts stay on your credit report for up to 10 years. If you don’t plan to use the card after the balance is paid off, keep it in a safe place, unless it has an annual fee that you want to avoid.
• Choose another Amex cardA: If you are still unable to meet your Blue Cash Preferred credit requirements, you may choose a lower tier Amex card. Each Amex card has its own credit requirements, so your current credit score and history may qualify for one of the other cashback cards. The Amex cards with the highest cashback rates and privileges usually have the highest credit requirements, so be aware that you may not qualify for another option that offers the same value as Blue Cash Preferred.

You can also use a tool called CardMatch to see if you can get pre-approved for Blue Cash Preferred or other Amex credit cards. To use CardMatch, you simply enter some basic personal information such as your name, address, income, and the last four digits of your social security number.

CardMatch only runs a soft credit request that does not affect your credit score. Once you have entered your information, CardMatch will inform you of any special offers available to you or whether you have been pre-qualified for any Amex credit card or other credit cards.

bottom line

The Amex Blue Cash Preferred Card is chock full of cash back due to its bonus rates in spending categories that most people use regularly. it also comes with lucrative travel and shopping protection and other nice benefits. If you are not eligible for this card now, work on improving your credit score and apply in the future or choose another Amex card for now.

Kevin Payne is a freelance writer specializing in personal finance and travel. He writes frequently about credit cards, banking, student loans, insurance, travel rewards, and more. He is also a personal finance expert at Family Money Adventure, where he regularly shares practical advice on managing family finances and traveling with the family.