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Advice on 2nd card App's

New Contributor

Re: Advice on 2nd card App's

Possibly but it’s also the weekend and I’m pretty sure underwriters are not there to review applications that aren’t automatically approved until tomorrow morning. Fret not just yet.

Member

Re: Advice on 2nd card App's


shwn97 wrote:

Thank you for sharing and the advice. 

 

So, this happened...the prequalifier said I prequalified for the Amex Everyday card so I decided to apply online this afternoon. No instant approval, and no denial. My application needs further review. I received an email with my application # saying the same thing. I am assuming it it is a denial, or will lead to one. 

 

Looks like I made the wrong choice so feeling kind of bummed. I'm afraid I will get more denials if I apply with anyone else so may be stuck with just one account for a while. Not sure about reconning since I dont even have a decision yet. 

 

 

 

 


UPDATE: Approved for Amex Everyday card for $6,000. Smiley Happy Happy pre-birthday to me! Smiley Happy Smiley Happy Smiley Happy  

 

  • 11/12/17 - Prequalified for (3) Amex cards through website.
  • 11/12-17 - App'd online for Amex Everyday card (at top of the list; Blue sky card not listed).
  • 11/13/17 - Received "Welcome to card membership" email, w/link to set up online account when I woke up at 8 am. 
  • Set up my account, set up notifications, etc.
  • SL $6,000...I did not get an 'approval' email, just the 'welcome' email.
Credit Newbie.
FICO 8: EX 750. EQ 750. TU 736.
Prev. [11/1/17] EX 769. EQ 750. TU 736.
Member

Re: Advice on 2nd card App's


4theLoveofPoints wrote:
Possibly but it’s also the weekend and I’m pretty sure underwriters are not there to review applications that aren’t automatically approved until tomorrow morning. Fret not just yet.

Seems you were right. Smiley Happy

Credit Newbie.
FICO 8: EX 750. EQ 750. TU 736.
Prev. [11/1/17] EX 769. EQ 750. TU 736.
New Contributor

Re: Advice on 2nd card App's

What a way to start your day! Congrats! 🎉🍾🎊. Very nice starting line and the growth potential down the line is huge.

Is there a spend bonus attached?

Member

Re: Advice on 2nd card App's


4theLoveofPoints wrote:
What a way to start your day! Congrats! 🎉🍾🎊. Very nice starting line and the growth potential down the line is huge.

Is there a spend bonus attached?

Thank you! Smiley Happy

 

I am very excited I was approved. I definitely wasn't expecting a $6,000 SL. Does anyone know if Amex still giving 3x CLI after 3 mos.? 

Credit Newbie.
FICO 8: EX 750. EQ 750. TU 736.
Prev. [11/1/17] EX 769. EQ 750. TU 736.
Member

Re: Advice on 2nd card App's

Ouch! Received the inquiry alert from MF this morning. My EX score dropped from 769 to 750...-19 pts...for a single inquiry? No other changes.    Is this normal? If so I won't be applying for new credit...ever. 

 

Approximately how long will it take me to get those 19 pts back? 

 

 

Credit Newbie.
FICO 8: EX 750. EQ 750. TU 736.
Prev. [11/1/17] EX 769. EQ 750. TU 736.
New Contributor

Re: Advice on 2nd card App's

It’ll rebound when it starts reporting. Amex takes an comparatively long time to report. It’s somewhere in the 2-3 month range.

Is that your true FICO or your FAKO score? FAKOs take fairly hard hits from new inquires and new accounts compared to FICO.

Member

Re: Advice on 2nd card App's


4theLoveofPoints wrote:
It’ll rebound when it starts reporting. Amex takes an comparatively long time to report. It’s somewhere in the 2-3 month range.

Is that your true FICO or your FAKO score? FAKOs take fairly hard hits from new inquires and new accounts compared to FICO.

My FICO score from MF.com 3B monitoring. 

 

-19 pts for inquiry-19 pts for inquiry

Credit Newbie.
FICO 8: EX 750. EQ 750. TU 736.
Prev. [11/1/17] EX 769. EQ 750. TU 736.
New Contributor

Re: Advice on 2nd card App's

Someone else may need to lend their opinion but I do think it has something to do with the age of your credit history. It will definitely fade fairly quickly. For example, a new inquiry for me may only cost me 4-9 points initially and then it fades.

It also may have something to do with your relative few number of inquiries. Someone correct me if I’m wrong but at a certain point (8+ inquiries) inquiries lose a bit of their sting.