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hello... new user here and my first post. searched around and didn't find this thread, so if one exists, feel free to point me in the right direction
so i use credit karma (as most of you all do i imagine) and i currently have the American Express Everyday card. i obtained it March 13, 2015. i have been looking at the BCP and i really want one of those. credit karma says my approval odds of getting the Everyday card (which i currently have) are "fair" but my odds for the BCP are "good". is it really easier to get the BCP?
btw i am aware of the 61 day rule, and i intend on doing 3x my balance and waif the 6 months before applying to the BCP so i can transfer most of the balance to the BCP
thanks!!
by balance i meant credit line lol. i don't have a balance sorry for the confusion
Average for BCP is 720, low 640 & high 800. I think they're requirements are the same for both.
Welcome!
I'd expect the underwriting requirements for the two cards to be about the same. Do you intend to keep the ED card open? If not, you could always ask to have the ED converted to a BCP.
Also, the 61-day rule no longer exists. You can ask for a CLI of any amount you wish, whenever you wish.
@Anonymous wrote:hello... new user here and my first post. searched around and didn't find this thread, so if one exists, feel free to point me in the right direction
so i use credit karma (as most of you all do i imagine) and i currently have the American Express Everyday card. i obtained it March 13, 2015. i have been looking at the BCP and i really want one of those. credit karma says my approval odds of getting the Everyday card (which i currently have) are "fair" but my odds for the BCP are "good". is it really easier to get the BCP?
btw i am aware of the 61 day rule, and i intend on doing 3x my balance and waif the 6 months before applying to the BCP so i can transfer most of the balance to the BCP
thanks!!
Considering that they are alternatives for one another, I suspect the underwriting guidelines for both are exactly the same.
@Anonymous wrote:so i use credit karma (as most of you all do i imagine) and i currently have the American Express Everyday card. i obtained it March 13, 2015. i have been looking at the BCP and i really want one of those. credit karma says my approval odds of getting the Everyday card (which i currently have) are "fair" but my odds for the BCP are "good". is it really easier to get the BCP?
I do use CK but not to assess approvals odds. I only use CK to review my TU and EQ reports. CK doesn't know approval odds for certain so take it with a grain of salt.
@takeshi74 wrote:
@Anonymous wrote:so i use credit karma (as most of you all do i imagine) and i currently have the American Express Everyday card. i obtained it March 13, 2015. i have been looking at the BCP and i really want one of those. credit karma says my approval odds of getting the Everyday card (which i currently have) are "fair" but my odds for the BCP are "good". is it really easier to get the BCP?
I do use CK but not to assess approvals odds. I only use CK to review my TU and EQ reports. CK doesn't know approval odds for certain so take it with a grain of salt.
I agree with takeshi74 here. CK approval odds are for marketing purposes and enticing you to make an attempt to apply as they get paid should you be approved. I'd be wary of it..
Don't trust CK's approval odds. It told me that I had low approval odds for a Capital One QS1, or a Chase Freedom card, yet I have them.
As others have said, don't worry so much about CK's approval odds. You can get an idea but it's mostly marketing. You can get a similar idea by looking through approval and card pull databases - user reported, of course, but an idea.
I'm under the understanding that the revolvers have one underwriting standard and the charge cards have another. I would guess ED and BCP have similar underwriting requirements. The quote-unquote easiest AMEX revolver to get is the Skymiles card but it still has fairly similar underwriting requirements. Also, from what I understand the charge cards all have very similar underwriting requirements so if you're interested in one, go for the one you want rather than trying to get the green card to get an 'in' and work your way up.
If you're only interested in one AMEX and want to PC into BCP, you need to have the card open for at least 13 months before they'll let you. You can, however, apply for a second card whenever you choose so long as you're willing to take the inquiry upon approval.