[Approved] Applying for Blue Cash Preferred: my odds and backup plan

[f1_StudentInUS]

I want to apply for the Blue Cash Preferred and wanted your opinions on:

1. My odds on getting approved
2. A "backup plan" if AmEx declines me for the Blue Cash Preferred: what other revolver can I ask them for and other tips (I don't want a charge card as AmEx does not seem to give any special consideration to charge card holders for their revolvers?)

My latest HP are:

1. 05/02/2013: Check by rental apartment agency. The CR comment notes this.
2. 07/17/2013: Application for PenFed membership + their gas rewards card. gas rewards card was approved but I asked them to reduce the CL to $4k (to keep DTI low for apps down the road)

The last one does not show up on my CR (which is from July) and I don't want to pay money to pull another one yet (plus I believe it takes around a month of these changes to show up anyways?)

I might also have a negative: I was given an AUTOMATIC CLI from $4k to $10k for my FCU credit card. I never asked for it.

My credit scores as of today:
creditkarma: 746
creditsesame: 738
DCU: 730

Average Account Age 1Yr 10Mos
Oldest Open Account 1Yr 11Mos
Newest Open Account 1Yr 9Mos

Once the PenFed card starts reporting (maybe next month because I have not activated it yet) the AAoA will take a hit for sure.

My credit history:

Came here as a student in 2011 and hence my credit history is just 2 years old. It's thin! (and that makes me afraid because of: http://www.fatwallet.com/forums/finance/1129130/)

The history is spotless (no lates etc) and out of the four cards only one (wells fargo) is secured (but it's unsecuring early September)

i. 1 week old Penfed Visa Platinum Rewards $4k (Not reporting yet. Unsecured. Will use it for 5% cash back at gas + foreign travels and tickets)
ii. 1.5 years DCU (Credit Union) $2k (Unsecured. No cash back or rewards. They preapproved me for a CLI to $10k but I am "saving it" for the new cards instead)
iii. 1.2 years FCU (Credit Union) $10k (Unsecured. No cash back or rewards. They awarded me with an AUTOMATIC CLI from $4k to $10k without me asking for anything!)
iv. 2 years Wells Fargo $1.2k (Secured. 1% cash back. $18 annual fee)

So again,

1. What are my odds on getting approved? Is now not a good time given the recent two HPs and the new PenFed card?

2. Could you suggest a "backup plan" if AmEx declines me for the Blue Cash Preferred?
what other revolver can I ask them for and other tips (I don't want a charge card as AmEx does not seem to give any special consideration to charge card holders for their revolvers? Plus Amex had sent me preapproval for American Express Gold Card a year ago but I never thought about a charge card)

3. Is there a way I could find out my chances of getting the Blue Cash Preferred from AmEx without a HP? (some kind of AUTHENTIC pre-approval site etc)

[parakleet]

You could try creditcards.com and see what you're matched up with. It's not a guarantee though. What is your income? That may have a strong impact on approval based on your thin file. Otherwise, your stats look okay. If the blue cash doesn't work, some have reported that the Delta Amex is the "easier" revolver to get but ymmv. But many peoe have also said that their charge cards ARE easier to get and that it would help you establish history with Amex.

I don't understand why you seem to think an automatic CLI is a negative thing - if you've read any of the posts on this forum, auto CLIs are very sought after.

Also, as far as your CL affecting your DTI, your CL doesn't have anything to do with that. It's only if you have a large "debt" to income ratio - not credit limit to income.

[beech2292]

I just applied for and was approved for AMEX's BCP card the other day, and they gave me a 5.7k Limit. I'm only 21 so my credit history is still pretty short. My Fico score for EX was 736 before they pulled. I also had a somewhat high Util % and my student loans just went into repayment and are reporting as such, along with my car loan. I have no baddies on any of my reports either.

Also, I applied for PenFed after that and was denied. Given what I've read on here they are pretty strict on who they give cards too. If they approved you I'd be inclined to believe you'd get approved for AMEX. I'm not expert by any means though, just my opinion lol.

[longtimelurker]

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@parakleet wrote:
You could try creditcards.com and see what you're matched up with. It's not a guarantee though. What is your income? That may have a strong impact on approval based on your thin file. Otherwise, your stats look okay. If the blue cash doesn't work, some have reported that the Delta Amex is the "easier" revolver to get but ymmv. But many peoe have also said that their charge cards ARE easier to get and that it would help you establish history with Amex.

I don't understand why you seem to think an automatic CLI is a negative thing - if you've read any of the posts on this forum, auto CLIs are very sought after.

Also, as far as your CL affecting your DTI, your CL doesn't have anything to do with that. It's only if you have a large "debt" to income ratio - not credit limit to income.

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Yes, many posts here are all about "How can I get an auto-CLI", they are positive.  And high credit limits on other cards usually helps, especially in the early stage.  It's only when issuers start saying you have too much available credit that you might want to decrease.  

Off-topic: did you get a Platinum Rewards that recently?  I thought that card was no longer availble and had been replaced by the Signature version.

[f1_StudentInUS]

Income is $70k+ anually although this is my first year on the job but I have 5 payslips already confirming income.

My DTI idea is based off the conversation I had with a CSR at PenFed who help my hands when apping for the gas card: he said while speaking to the underwriter, he noticed my CLI decreasing and asked me why. When I mentioned that was me, the underwriter instantly approved me and told me that they look at available credit to income, and becuase I had "kept room" for it, I was eligible for a $15k CL.

I refused and asked for less (what I saw myself needing) with the assumption that after I am done apping for these cards I could always do a CLI later.

[f1_StudentInUS]

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@beech2292 wrote:

Also, I applied for PenFed after that and was denied. Given what I've read on here they are pretty strict on who they give cards too. If they approved you I'd be inclined to believe you'd get approved for AMEX. I'm not expert by any means though, just my opinion lol.

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Try a CLD to have your credit:income ratio to around 10% and call Penfed back after that reports. Make sure to speak to an underwriter through a CSR and ask for a low CL. You will be surprised.

I am no expert though: but it worked for me.

Also, where do you get these scores? From this site by paying for it?

[f1_StudentInUS]

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@longtimelurker wrote:

Off-topic: did you get a Platinum Rewards that recently?  I thought that card was no longer availble and had been replaced by the Signature version.

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I got this: https://www.penfed.org/Platinum-Cash-Rewards/ Although, it's a strange Platinum VISA: I thought 90 day return protection came with all Platinum VISAs and I can't even find the "Guide to Benefits" for this Platinum VISA. Odd.

[Creditaddict]

I could cry right now... you actually asked to lower a credit line because you are concerned about other lenders and DTI!!! you realize lenders are mostly concerned about DEBT not credit line.... it's rare to me at least until you get REALLY HIGH that you have a bank say we will give you $1k, if you didn't have that $20k over with Penfed, we would have given you $10k.... no no no... if anything big huge credit lines with low balances get you approved easier and higher in my opinion.  it gives you more room to charge on it and not raise your overall util. with just average monthly spending.  CALL THEM AND ASK THEM TO PUT IT BACK!!!

and the real purpose of thread... apply now for the BCP, you shoudl have NO issues.

[f1_StudentInUS]

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@Creditaddict wrote:

I could cry right now... you actually asked to lower a credit line because you are concerned about other lenders and DTI!!! you realize lenders are mostly concerned about DEBT not credit line.... it's rare to me at least until you get REALLY HIGH that you have a bank say we will give you $1k, if you didn't have that $20k over with Penfed, we would have given you $10k.... no no no... if anything big huge credit lines with low balances get you approved easier and higher in my opinion.  it gives you more room to charge on it and not raise your overall util. with just average monthly spending.  CALL THEM AND ASK THEM TO PUT IT BACK!!!

and the real purpose of thread... apply now for the BCP, you shoudl have NO issues.

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Ha ha, I will ask for the CLI once I get approved for the BCP (I hope approval happens!).

I was recommended the Delta Amex as  "backup" if AmEx declined me the BCP, but are there other cards similar to BCP that Amex does not required "high" standard for?

[longtimelurker]

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@f1_StudentInUS wrote:

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@longtimelurker wrote:

Off-topic: did you get a Platinum Rewards that recently?  I thought that card was no longer availble and had been replaced by the Signature version.

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I got this: https://www.penfed.org/Platinum-Cash-Rewards/ Although, it's a strange Platinum VISA: I thought 90 day return protection came with all Platinum VISAs and I can't even find the "Guide to Benefits" for this Platinum VISA. Odd.

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Thanks.  They had two similarly named cards, Platinum Cash Rewards and Platinum Rewards, the latter isn't available any longer, and I thought you meant that one.