04-22-2013 12:52 PM
04-22-2013 05:05 PM
Lexie- LOL thanks! I'd like my plot in good hands while I'm gone!
JaeJae- Congrats, you have the 2 cards that I really want and it awesome that you got approved! My oldest card will be a year old on this Thursday/Friday. So I think Chase likes to see that and I think I have a better chance of being approved this time around since I was not the first time around. And yes account age and payment history plays a very big role in getting approved. Congrats again!
04-22-2013 05:35 PM
04-22-2013 06:17 PM
Hello staifokuzed and welcome to the forums.
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04-23-2013 04:49 AM
04-23-2013 04:59 AM - edited 04-23-2013 05:01 AM
I just wanted to post an update. I decided to take a risk (and ruin my plan...I was being dumb..lol. Sorry movingforward!) and went for the BCE on April 9th. Unfortunately I was denied and these were the reasons that were listed: Length nof time accounts have been established, Length of revolving account history, Too many inquires in the last 12 months, Lack or recent information on installment accounts, and lastly, The length of time you have been a customer with American Express is to short. They said on March 16, 2013 they said my score was 715 (higher then I thought.) Thankfully it was a soft pull, but does this mean I am still in the garden or am I out? I also plan to go for the Chase Freedom on May 1st, and then May 10th for the Delta and maybe PC (I've seen it done..lol.) to the BCE, I plan to leave a 20$ balance on one of my cards and have that report, so that could help. Anyways that's an update for now and I will let you guys if I get approved or not for any other cards, once I'm approved though for both cards or PC, I'm set until I get a better job or graduate.
Most of the time PC to BCE requires u to have the account for >1 year. Some people (such as young) have sneaked past the cracks, but it's kinda a YMMV thing. If unlucky, you will be stuck with the card for a year.
Since Amex's main reasons for declining you is the length of your account history and number of inquiries, I would recommend you wait until end of the year before you apply for the BCE and Freedom. It's really not that long of a wait. The more app crazy you get, the higher the chances you going to land yourself in trouble with Amex.
There's a chance Chase will deny you with the very same reasons Amex quoted, since they both pull EX. There's also a good chance they'll give you a low limit to start if approved. So it's up to you whether you want to take the risk. Of course, you might get lucky and Chase decides to match the limit other banks gave you. In all honesty though, you will want your Chase CL increased eventually, and that is going to cost another HP. Therefore I would recommend you apply at the end of the year instead, and be done with it in just 1 HP.
Also, Amex, Chase, Discover and Citi does regular SPs. Not sure about BofA. Because of your length of history, they might be even more paranoid for your case as compared to other customers. You don't want to risk getting AA just because you were impatient.
best of luck and keep us updated!
04-23-2013 05:46 AM
Yes. Patience is the key to everything here although it is so hard to be patient. I think you have good enough scores for these cards it is just when you look at your actually reports, there isn't a long history as you are aware of. I am the same way you are. I have applied for stuff when others said wait because I knew I wouldn't know if I could be approved unless I applied and after weighing everything I concluded it was worth burning the inquiry in many cases. I have however been able to restrain myself from aquiring a bunch of tradelines from store cards I didn't need or "rebuilder" cards that i might only need til my scores improved. I think you have some great cards as is and good scores so a little patience and persistence should serve you well. Good luck!
04-23-2013 08:05 AM
Movingforward- It's all good. I talked to Amex after being declined and they told me it was only a SP, so there was no HP recorded (and I verified this by looking at my EQ and TU scores a week ago and there was no effect.) I felt so bad after applying because your words came to mind to be more patient and I made an immature decision, but I learned my lesson. I'm not going to recon because I hear they are pretty tough to recon, and they probably won't change their mind. And yes I will be back in the garden again very soon!
Enharu- Is it really a YMMV thing? I have seen people on other forums PC anywhere from 1-6 months. Or even people here. I figure that I'm going to apply for Chase on May 1st (I also happened to set up a student checking and savings account with Chase with chase with 500$ in each, yes it's not much but it's a small start.) If I don't get approved I'll try to see if my personal banker can help me. If he can't, then I'll wait till December. As for Amex, I am going to wait until October (I really dont want to pay the AF for PRG because I don't use it enough to make it worth it tbh.) and then cancel it. Tbh, I'd rather take the risk and start with a small limit, and when my credit gets better, I'll take the HP's for a bigger CL then. I'm perfectly fine with a low limit since I don't make so much as it is. Or I might just apply for the Delta on May 10th and see what happens. I only have 3 INQ's on EX and 2 on EQ and TU (Amex triple pulled me) as well as my last app was 11/24/12 (last hard inquiry at least). And yeah I understand, but I've spent quite a bit on all of my cards considering how long I have had them opened (I've been spend about 1,300 on Citi, around 3k on Discover, 500 on Amex (I dont use it much) And probably in the last year with BOFA around 4k. So I thought that would help a little bit.) And I always PIF every month, except when I was going for new credit (leave a small balance and then pay it off). And of course I will keep you guys updated.!
ddd- I realize that, and at this point I'm just letting time doing it's thing and aging my accounts. My goal was to get the an Amex revolver and the Freedom and then garden until I graduate, and pretty much not apply for anything until then. And I am, I just want to be able to accomplish what I really set out to do when I was starting my credit. Once I do happen to reach out, I really have no use for any cards for the next couple of years. And it is kind of hard to be patient when you see people with the same profile on the boards getting approved, and your still in the garden. Only a little bit longer..lol.
05-01-2013 07:20 AM
Update, so I got up this morning, remembered that it is May 1st..lol, and went to the Chase website. Filled out the application and 30 seconds later I was given instant approval. At this point, idk what my limit is or which bureau they pulled (I'm sure it's EX, but I hope it would have been TU.) But I'm so happy right now! All that's left is to apply for the Delta card, and then PC it down the road in the coming months, and then I will be in the garden for at least a year or two. But I'm very happy with how things have turned out today, I wasn't expecting approval and instead having to recon, but nonetheless glad to have gotten instant approval.
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