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Amex has been generous lately but an unpaid CO might be wasting an inq.
@Anonymous wrote:
You have a chance of approval if you apply. How big is the chance it you don't?
That saying works when you're going after a girl or something, but in this case, it's not gonna work. The OP is apprehensive and rightly so, with unpaid charge-off, a decline from AMEX is very likely.
OP - have you tried the pre-approval app ?
AAoA is 7yrs...CO is over 5yrs old...it's worth a shot imo.
If yor EX inquiries are 0-2 within the L6 months, you got a better chance.
You are going to have different point of view on this topic.
The safest route is to use the Zync for 6 months than app and it will be smooth.
@boomhower wrote:
I had two unpaid collections around five years old when approved for a BCP. They weren't credit cards but one is north of $2k. A CO may be different than a CA in there eyes though.
That's amazing! And, you got the "Preferred" not just the "Everyday." Wow!!!
@Anonymous wrote:
@boomhower wrote:
I had two unpaid collections around five years old when approved for a BCP. They weren't credit cards but one is north of $2k. A CO may be different than a CA in there eyes though.That's amazing! And, you got the "Preferred" not just the "Everyday." Wow!!!
Yep, got it in the mail yesterday. FICO according to AMEX was ~715. Both of the CA were from apartment complex's. Also had one 30 day late from around 6 years ago. I was in a similar place as the OP and figured I had nothing to lose. I have plenty of credit cards but only one reward card in the Chase Freedom. I wanted to add one more before I go for a mortgage next year and this was the only thing that interested me at all. So I went for it. According to the Amex pre-approval I was only good for the Zync and Gold. The BCP was essentially an instant approval, I just had to call in and verify my address since I had recently moved. Once that was veried, instantly approved. I am in the highest interest rate bracket but I PIF so I could care less. They also matched my highest reporting card at $2k.
If memory serves the big collection is right at $2.5k.
To the original poster (and anyone else I spose lol). EVERYONE is rather correct that answered. It's unusual, but they're all correct. AMEX is a bit fickle, you could get either approved or denied. That's the answer you're wondering, the only place that can factually answer your question for certain is AMEX itself (along with it's in-house scoring system), I lean toward a decline but that doesn't really matter.
More than one person mentioned the issue of the CO remaining on your CR until 2013. If your inquires are low, the ding won't really matter. I had an erroneous CA on my reports that prevented me from getting AMEX at ALL. Once removed (by the state AG's intervention) no problem. YOU have 7 years of decent history behind you, not perfect but not non-existent or bad either.
IF I were in your shoes, I would apply, if they said no (they don't send someone to slap you, they only place an inq on your EX, maybe EQ also but rarely), then I'd try later (I did it with Zync, denied, waited 5 months, instant approval but at least I had my answer and why they said no the first time). DO NOT contact those that hold the CO however or you will no doubt re-age the account and it will stay on your report that much longer.
EDIT: I should add, if declined, you always have the option of pleading your case over the phone, sometimes you get a reasonable credit analyst.
Have you been an AMEX member before? If so, you may have a better chance if you had a clear history with them. If not (well, either yes or no really) you could apply for both and maybe take one INQ hit and possibly only get one or both (Zync and BCE) if not totally declined.
For some reason I almost hear "Arnie's" voice in the back of my head saying "DO IT! DO IT NOW".......... just my 2 cents (and if I were in your shoes)
OP - let us know what you decide and what the outcome of your app is if you decide to go that route.