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Established Member
saggy1
Posts: 50
Registered: ‎07-26-2012
0

AMEX BCP - Best Time To Apply

About a month ago I applied for the BCE and was declined. I would rather have the bcp anyway. Currently have zync (early late 06/12) and gold (middle 08/12).

 

I was declined for:

 

-average of your payments in relation to outstanding debt on amex account(s)

-monthly payments in relation to outstanding debt on credit account

-length of being a amex custermer too short

 

In relation to their first reason. Why? I like to keep the balance low for when they report to the agencys. Therefore I make multiple payments a month instaed of one big one when my statement cuts. Do they see multiple payments of ($150-$300) on a $800 bill a bad thing? They are all done wayyy beofore I need to. It sounds like they just want you to rack your bill up then make one payment???

 

My TU score is 720 and my eq score is 690.

 

I would LOVE the bcp as I shop at supermarkets all the freakin time. It just makes sense to me. I know I can apply evey 31 days? and it will just result in a sp as I am already an amex customer, but given their reasons should I just wait 6 months? I don't want to raise any flags......

 

THX

Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012
0

Re: AMEX BCP - Best Time To Apply

you could apply every 30 days since its soft if denied or Jan. for max backdating. its up to you how soon you want it after working on your discrepencies

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: AMEX BCP - Best Time To Apply

You don't want to apply every 30 days even though you can without any obvious harm.  Personally, I think a rejection brings down your internal AMEX score even though it has no effect on FICO.  Looks at the reasons given.  One of them is that you haven't been an Amex customer long enough.  You have barely started your relationship with them so no real time to build payment history so probably not enough to overcome what would be a sub approval FICO score.  If you can wait, wait till Jan to get the max backdating.  If you can't wait, I would wait 90 days and try making the big payment vs lots of small ones.

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Valued Member
Wahoo
Posts: 28
Registered: ‎06-24-2012
0

Re: AMEX BCP - Best Time To Apply

One of the many theories regarding Amex is that they don't like multiple payments during a billing cycle as it might show someone can't manage credit well (i.e. they don't trust themselve's to wait till the end of the billing period and making one "large" payment).  I agree that it may be dumb (especially for those with low limits) but Amex has lots of "different" policies.

EX08: 832 (myFICO 10/07/14)
TU08: 821 (Walmart/MC 10/06/14)
TU08: 834 (myFICO 10/07/14)
EQ08: 830 (myFICO 10/07/14)
EQ04: 802 (Digital Credit Union 09/26/14)
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: AMEX BCP - Best Time To Apply

The version I heard is that the Amex Internal score likes large payments.  Not sure much that it is one big payment, but obviously if you wait till cycle is done, you can make a big payment.

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Valued Contributor
trumpet-205
Posts: 2,494
Registered: ‎11-11-2010
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Re: AMEX BCP - Best Time To Apply

The first reason has to do with the fact that you are making frequent small payments. AMEX internal risk score does not like it. AMEX would much prefer you to make a single large payment.

 

The third reason is what it is. You need to wait. I highly recommend at least a year. When I had Zync back then I tried to app for BCE at 6, 8, and 12 months. All came out to be denied for one reason: length of being an AMEX custermer too short.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Member
saggy1
Posts: 50
Registered: ‎07-26-2012
0

Re: AMEX BCP - Best Time To Apply

[ Edited ]

Thank you for the replies.

 

Well crap, here I am trying to get a relationship going with them and it sounds like I am off to a so so start. I can always pay what I put on there. However the $ is not always in the checking account I have linked with them. Therefore, I put a few hundred in from each paycheck and put a payment in. I could put more, but did not think it was necessary as the statement does not close for 20 days in some cases!! Oh well, sounds like I just need to pay 95% of the balance a few days before the statement closes; the balance when they close the statement and give me the bill due date message that way the balance reported to the agencies is low.

 

It sounds unwise to apply until early next year, so that is when I will do so....

 

Any other suggestions?

 

 

THX

Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: AMEX BCP - Best Time To Apply

You have Amex charge cards.  The amount of balance reporting does not matter.  One of the beauties of Amex charge card.  $1 or $1 million dollar balance hurts fico the same.  Only exception is old fico 98 model which hardly anyone uses so just pay by due date.

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Frequent Contributor
CreditMuppet
Posts: 307
Registered: ‎08-05-2011
0

Re: AMEX BCP - Best Time To Apply


saggy1 wrote:

Thank you for the replies.

 

Well crap, here I am trying to get a relationship going with them and it sounds like I am off to a so so start. I can always pay what I put on there. However the $ is not always in the checking account I have linked with them. Therefore, I put a few hundred in from each paycheck and put a payment in. I could put more, but did not think it was necessary as the statement does not close for 20 days in some cases!! Oh well, sounds like I just need to pay 95% of the balance a few days before the statement closes; the balance when they close the statement and give me the bill due date message that way the balance reported to the agencies is low.

 

It sounds unwise to apply until early next year, so that is when I will do so....

 

Any other suggestions?

 

 

THX


Its AMEX. PIF once a month. Making multiple small payments like that I think demonstrates that you have no confidence you can make your payments. Remember that your payment's are anaylsed by computer systems which likely weigh single large payments higher than lots of multiple smaller payments, you are not impressing anyone by doing it that way.


Starting Score: 770
Current Score: 765 (EX) 763 (EQ) 756 (TU)

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Established Member
saggy1
Posts: 50
Registered: ‎07-26-2012
0

Re: AMEX BCP - Best Time To Apply

Good to know.

 

I will just pif once the staement cuts from now on when it comes to my charge cards.

 

Does chase, bofa, discover, etc look at this the same way when it comes to their revolvers? Or is making payments on what you owe ok with them?

 

THX


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