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Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: 01/01/13 Who is apping for Amex? What is your profile?

I am apping for PRG... I'm thinking that the points structure fits my spending needs... after using zync for almost a year its time to upgrade. Today I had a wildly successful amex business lowes app and was approved for a 22k line. Looking for PRG now come on Yah!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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kekrre
Posts: 91
Registered: ‎10-31-2012
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Re: 01/01/13 Who is apping for Amex? What is your profile?


bs6054 wrote:

I don't think lionsfan was disputing the Member Since stuff, he/she was suggesting that it didn't fully carry over to the AAoA calculation.

 

My guess is that is not the case, as the CR shows the Member Since date, so the algorithm would have to be tweaked just for Amex cards, and i doubt that happens.

 

However, it IS strange in the case being discussed, where the new card is "backdated" to 1/12, before the user had ANY Amex.   Why don't they just backdate to the date of the older card, which seems more logical and as easy

 

Although of course, the whole thing is illogical!  As I've remarked before, this must make more work for other lenders, who have to determine if the AAoA is really accurate.  Similarly for Amex SP for denials for existing card holders.   Other lenders depend on HPs from all potential lenders to determine if the customer is desperate for credit.  Amex hides this from them, while getting the benefit of full info from other lenders....


Do any lenders actually do this? After you populate the payment history (2 years, I think?), a backdated card is indistinguishable from a card that's been open the full length of time (at least on the free annual credit reports). On the other hand, it would be trivial for other lenders to "rebel" against Amex and treat all tradelines from Centurion Bank as one "account", as Amex seems to view their cardmembership.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: 01/01/13 Who is apping for Amex? What is your profile?


kekrre wrote:

bs6054 wrote:

I don't think lionsfan was disputing the Member Since stuff, he/she was suggesting that it didn't fully carry over to the AAoA calculation.

 

My guess is that is not the case, as the CR shows the Member Since date, so the algorithm would have to be tweaked just for Amex cards, and i doubt that happens.

 

However, it IS strange in the case being discussed, where the new card is "backdated" to 1/12, before the user had ANY Amex.   Why don't they just backdate to the date of the older card, which seems more logical and as easy

 

Although of course, the whole thing is illogical!  As I've remarked before, this must make more work for other lenders, who have to determine if the AAoA is really accurate.  Similarly for Amex SP for denials for existing card holders.   Other lenders depend on HPs from all potential lenders to determine if the customer is desperate for credit.  Amex hides this from them, while getting the benefit of full info from other lenders....


Do any lenders actually do this? After you populate the payment history (2 years, I think?), a backdated card is indistinguishable from a card that's been open the full length of time (at least on the free annual credit reports). On the other hand, it would be trivial for other lenders to "rebel" against Amex and treat all tradelines from Centurion Bank as one "account", as Amex seems to view their cardmembership.


Sorry, I should have put an "if" there, as in "if they wanted to determine..."  I was thinking more of manual review for a mortgage, which may be more discounting the whole credit age, rather than doing a recalculation.

 

But, I did see on my credit report "Months Reviewed" on each card, which for the backdated Amex showed the actual age rather than the backdated age (so the card I got in Feb 12 had at that stage 9 Months Reviewed, other cards had 99 months reviewed for example (that seemed to be the max so probably a 2 digit field!)

 

But I like the idea about treating all accounts as one! 

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SnackTrader
Posts: 1,567
Registered: ‎09-15-2012
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Re: 01/01/13 Who is apping for Amex? What is your profile?


SwampSystems wrote:

bs6054 wrote:

Why BCE?   Don't understand the love for this particular card!


For me, it was just to finally have an Amex card (and thus have one card on each major network). If you don't travel (and don't care for MR points), the BCE makes the best sense as a no-AF, cash-earning Amex product. The glamor has definitely worn off though -- with the exception of Small Business Saturday, I haven't used mine since cashing out the sign-up bonus.


BCP has nothing to do with being a travel card. It's rewards come from grocery stores, department stores, and gas. 3 things you would spend money in even if you never left your own town (assuming you owned a car). 

 

BCP makes fiscal sense for 80% of the population as far as I can tell. The other 20% eats out all the time or doesn't own a car or have other cards that fit those categories. 


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: 01/01/13 Who is apping for Amex? What is your profile?

BCE and BCP are nice if you shop for groceries at a grocery store. our local grocery does not accept amex and so we use other cards...

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
SnackTrader
Posts: 1,567
Registered: ‎09-15-2012
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Re: 01/01/13 Who is apping for Amex? What is your profile?


webhopper wrote:
BCE and BCP are nice if you shop for groceries at a grocery store. our local grocery does not accept amex and so we use other cards...

Perhaps I will expand my assumptions by another 5%. Thanks, Web!


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: 01/01/13 Who is apping for Amex? What is your profile?

Hehe no problem! Our big expense is gas; travel; home improvement; restaurant.... Thus the PRG and lowes combo :smileyhappy:

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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ricefed
Posts: 116
Registered: ‎02-17-2011
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Re: 01/01/13 Who is apping for Amex? What is your profile?

I will be apping bce in about 12 hours. I also have massive inquires from feb '12 from purchasing my vette lol. Good luck
NFCU cash rewards 10,000 -Chase Sapphire Preferred 6,900-Chase Slate 6,000- Amazon 10,000 - Walmart 10,000- lowes 12,000 - Kay jewelers 7,500 - Amex Zync NPSL - CarCare One 500
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SwampSystems
Posts: 358
Registered: ‎06-25-2012
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Re: 01/01/13 Who is apping for Amex? What is your profile?


SnackTrader wrote:

SwampSystems wrote:

bs6054 wrote:

Why BCE?   Don't understand the love for this particular card!


For me, it was just to finally have an Amex card (and thus have one card on each major network). If you don't travel (and don't care for MR points), the BCE makes the best sense as a no-AF, cash-earning Amex product. The glamor has definitely worn off though -- with the exception of Small Business Saturday, I haven't used mine since cashing out the sign-up bonus.


BCP has nothing to do with being a travel card. It's rewards come from grocery stores, department stores, and gas. 3 things you would spend money in even if you never left your own town (assuming you owned a car). 

 

BCP makes fiscal sense for 80% of the population as far as I can tell. The other 20% eats out all the time or doesn't own a car or have other cards that fit those categories. 


Right, which is why I said the Blue Cash series makes more sense than any of the Amex travel cards.

Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
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Re: 01/01/13 Who is apping for Amex? What is your profile?

I was on the fence, but the clock has barely struck midnight, and my trigger finger is VERY itchy! :smileysurprised: The backdating is SO tempting. Would increase my AAoA by around a year, based on the spreadsheet I use to calculate AAoA. And I like the 3% for groceries.

 

That said, I would really like a good sign-up bonus like some got earlier in 2012. So, maybe I'll wait... if I can! :smileyembarrassed:

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!


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