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@FinStar wrote:
@bichonmom wrote:
@Silverspy wrote:I've been wanting to get into the AMEX family for a while now but don't know if I should wait or go for it?
Discover It - $5000 opened May
BOA - $5000 opened May
Chase Freedom - $1500 Opened May
CAP1 - $1500 opened May
WF Secured - $400 - opened December 2012
Student Loans - $5000 (deffered till 2016)
EX - 20 Inquires
TU/EQ - 11 Inquires
Last inquiry was a month ago for a CLI
UTL - 1-5%
No baddies, just a short record with a lot of inquirys
That's a lot of inq and Amex is very inq-sensitive. Plus, you've opened 4 new accts 6 mos ago and your oldest acct is 11 mos old and secured. If you had less inq, I'd probably suggest trying for a green card. But with all those inq, I'm not sure you'd be approved.
If you wait until Dec, you'd at least be past the 6-month mark on the new CCs. On the plus side, if you got approved, you'd have future backdating to 2013. But you may end up with one more inq and no CC. It's a gamble. If you think it's worth the risk, than go for it. The truth is that there is really no way of knowing. Your util is low, which is good. If it weren't for the 20 inq, I'd say you stand a good chance at Green.
Do you happen to know your FICO (not FAKO)? Even if you know your EQ FICO, that will give you some idea of your EX FICO.
+1
To add to this, the difference between 20 and 21 inquiries on a report is absolutely trivial. I would absolutely take a swing; and I likewise think that a charge card stacks the odds in your favor for the biggest benefit which is backdating (and the AF is waived anyway for the first year typically). Normally I'd say apply right now and take a second swing if needed in late December but we're too close to the month end and not sure where it the date would start counting with the holiday. Unlike some others I think you actually have a non-zero shot... if you do pay for a score, pull the EX FICO from here rather than the EQ in my opinion, but personally I'd just take the shot.
I think the risk/reward between one extra inquiry which is nearly absurdly unlikely to impact your score measurably, is vastly outweighed by setting a backdating target of 2013 vs. 2014 when we're talking the 1-4 year time frame and building a solid credit report and card portfolio.
Edit and PS: you have a BOA listed in your tradelines, unless that's the travel rewards version and you're using it, from a rewards perspective why not just PC it to the Cash Rewards which is nearly identical to the BCE? I'd still take the Amex backdate chance though.
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Okay so I just got about 11 inquries removed from my EX report! So I'm down to about 9 inquries left. (2 within a month, 3 within a year, 4 over 1 year old (from that 3 fall off in January) ). So what are my chances to get an approval now? My UTL is about 12% with balance on only one card (Discover 30% UTL). Oldest account is 2 years old (CC), newest is 2 months (Student Loans). Last credit card opened May 2013!
We really can't give you your exact chances. We can only guess. With less inquiries your odss are a bit better. If you want to app now then app now.
@Silverspy wrote:Okay so I just got about 11 inquries removed from my EX report! So I'm down to about 9 inquries left. (2 within a month, 3 within a year, 4 over 1 year old (from that 3 fall off in January) ). So what are my chances to get an approval now? My UTL is about 12% with balance on only one card (Discover 30% UTL). Oldest account is 2 years old (CC), newest is 2 months (Student Loans). Last credit card opened May 2013!
I would wait a little and let the new accounts age. I've been itching lately to go on a spree and get some cards that offer benefits but have been holding off until my current accounts age a little more. I'd wait until the cards you app'd for in May get to the one year mark...4 accounts so new with little income I assume since you are a student may not be ideal to AMEX.
How did you get 11 inquiries removed...requested this or they aged and fell off?
Cheers!
I contacted AMEX and CITI where those 11 inquires came from to ask them to remove them! I should have about 2 more comming 4 coming off by Febuary (3 fall due to age, and one that Discover agreed to remove.
I have a short history as well and I've opened 12 CCs in the past 8 months including 3 Amex (Blue Sky 15k, BCE 5k, PRG NPSL)
My Amex CLI for Blue Sky has recently been approved to 15k (instant approval just a few of days ago in fact while my BCE was not even 60 days old followed my PRG approval yesterday).
Other cards I opened include 20k CL (Citi Dividend).
I'd say go for it as much as you can while you're at it and let all your Inqs fall off at the same time in the future.
IMPORTANT EDIT: unless you're going to be looking for important credit any time soon llike mortgage or car loan that is.