topic Re: AMEX BCP Approval? in Credit Cards

AMEX BCP Approval?

napplegate — Sat, 29 Dec 2012 16:45:51 GMT

I'm debating app'ing for a BCP towards the end of January to maximize backdating, I have a fully paid C/O account originally opened in 2007 and closed in 2009. I'm curious if I stand good odds at approval with my current credit scores (I have no clue what EX is but know Amex pulls them almost always), 4 inquiries by the time i apply (2 cc, 2 auto loan). I PIF every month and it's been over 3.5 years since my PIF C/O with Amex with perfect payment history since. My income is currently $125,000 AAoA is 5 years.

I'd really like to add this card to my wallet, 3x CLI and cancel my awful Capital One Platinum but don't want to get stung with another HP for nothing though. Thoughts?

Re: AMEX BCP Approval?

napplegate — Sat, 29 Dec 2012 21:28:00 GMT

bump!

Re: AMEX BCP Approval?

pizzadude — Sat, 29 Dec 2012 21:43:12 GMT

I think it might be tough to get approved for an AMEX revolver with that CO account ~ but you could probably get in with a charge card though.

Re: AMEX BCP Approval?

chnceit — Sat, 29 Dec 2012 21:44:32 GMT

napplegate wrote:
I'm debating app'ing for a BCP towards the end of January to maximize backdating, I have a fully paid C/O account originally opened in 2007 and closed in 2009. I'm curious if I stand good odds at approval with my current credit scores (I have no clue what EX is but know Amex pulls them almost always), 4 inquiries by the time i apply (2 cc, 2 auto loan). I PIF every month and it's been over 3.5 years since my PIF C/O with Amex with perfect payment history since. My income is currently $125,000 AAoA is 5 years.

I'd really like to add this card to my wallet, 3x CLI and cancel my awful Capital One Platinum but don't want to get stung with another HP for nothing though. Thoughts?

Do you already have a charge card with AMEX or do you mean you had a charge card that defaulted?

Re: AMEX BCP Approval?

napplegate — Sat, 29 Dec 2012 21:54:12 GMT

Charge-off. I was laid off in December of 2008 and had to go on a payment plan for my Platinum card. My next employer bounced a very large payroll check due to a banking error and I was defaulted out of the payment plan after bouncing a check to Amex. I was foolish enough to accept their promise that I PIF for the remaineder of the balance it wouldn't negatively affect my credit score. Lesson learned, get everything in writing. I've been trying to build back up from a 120+day late since the C/O in June of 2009.

On a side note, I've been receiving offers for Gold Rewards cards constantly. Would it perhaps be wiser to get a Gold card to re-establish a relationship and then app for a revolver?

Re: AMEX BCP Approval?

chnceit — Sat, 29 Dec 2012 21:57:19 GMT

napplegate wrote:
Charge-off. I was laid off in December of 2008 and had to go on a payment plan for my Platinum card. My next employer bounced a very large payroll check due to a banking error and I was defaulted out of the payment plan after bouncing a check to Amex. I was foolish enough to accept their promise that I PIF for the remaineder of the balance it wouldn't negatively affect my credit score. Lesson learned, get everything in writing. I've been trying to build back up from a 120+day late since the C/O in June of 2009.

On a side note, I've been receiving offers for Gold Rewards cards constantly. Would it perhaps be wiser to get a Gold card to re-establish a relationship and then app for a revolver?

Yes it would be wise to get another charge card before a revolver because of your past history with AMEX. But I maybe wrong, but some members on here did get a revolver after a paid C/O.

Re: AMEX BCP Approval?

napplegate — Sat, 29 Dec 2012 22:05:20 GMT

Hmm, I truly don't share some of the card crazy apping that some people on this site embrace so I'd very much prefer not to get another card just for the sake of doing so. Would I be able to apply for the BCP and also apply on the same day for the Premeir rewards Gold card? Would my odds be good enough for the BCP that I don't need to double down? The BCP would literally end my search for CC's for quite sometime. My mother is also adding me as an AU on a 20 plus year old Cap1 account with 0% util and a very generous tradeline. I don't know if this would help my situation at all?

Re: AMEX BCP Approval?

pizzadude — Sat, 29 Dec 2012 22:30:25 GMT

You can app for more than one card but if you are declined for the first card your second app will be cancelled and won't be processed.

Re: AMEX BCP Approval?

napplegate — Sun, 30 Dec 2012 04:16:52 GMT

Would it be remotely prudent to call Amex, talk to an analyst and ask what my approval odds would be. I'm sure it would be a YMMV situation but I don't want to get skunked nor do I really want an Amex charge card at the current time.

Re: AMEX BCP Approval?

bs6054 — Sun, 30 Dec 2012 04:25:10 GMT

napplegate wrote:
Would it be remotely prudent to call Amex, talk to an analyst and ask what my approval odds would be. I'm sure it would be a YMMV situation but I don't want to get skunked nor do I really want an Amex charge card at the current time.

I cannot imagine you would get a meaningful reply "Each situation is different, we evaluate each application on its own merits, taking the whole picture into account" even if in reality the decision is purely algorithmic: (Score + AAoA*8.6 - #ofNegs*20) > 676 say

I would also guess that they don't want to discuss details as a) this could lead to issues if you get rejected but can say "But you told me with score of XXX and.... of Y I should be OK" and b) answering questions gives you too much information as to what makes up their decision.

But I could be wrong (happened once in 1925, a Friday I recall).

Re: AMEX BCP Approval?

pizzadude — Sun, 30 Dec 2012 04:26:00 GMT

You can always call and ask but you are correct that it will be a YMMV situation.....CSRs may not be able to predict.

Re: AMEX BCP Approval?

hateAshbury — Sun, 30 Dec 2012 04:59:17 GMT

I say go for it. I'd peg the odds as 3:2 that you'll get the BCP with $2,000 initial CL. WCS is you get an inquiry, but if so then NBD.

Let us know what you do and good luck!

Re: AMEX BCP Approval?

jake619 — Sun, 30 Dec 2012 07:39:16 GMT

I got BCE with w/ multiple settled accounts after they were CO'd. I have history with AMEX back to 1995 so maybe that helps and I never burned them, just WF and BoFA. BCP might be tougher. FWIW I was triple pulled and TU sealed the approval at 680 so yea it's certainly possible with some scars.

Re: AMEX BCP Approval?

napplegate — Sun, 30 Dec 2012 20:04:31 GMT

Thanks for the feedback and advice. I think I'm going to bite the bullet and apply for a Gold card first, wait out the 6 months and app for the BCP, atleast it will be SP after the Gold card. Here's hoping they take me back into the fold haha!