Amex Costco TrueEarning

[hot4u]

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@titanofold wrote:

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

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+1 Agree

Then in future if denied by Amex since you are a member it should only be a Soft Pull. Hp if Approved.

I would wait as long as possible your next card will be backdated to your first card date.. Win Win AAOA will love it...

[AC0308]

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@Pat94108 wrote:

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@titanofold wrote:

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

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+1. If you apply now with all the balances and the near maxed out credit card, Amex will think you're desperate for credit and that's not a good thing. 

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Good point. I'm not desperate, just very impatient.

[AC0308]

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@hot4u wrote:

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@titanofold wrote:

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

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+1 Agree

Then in future if denied by Amex since you are a member it should only be a Soft Pull. Hp if Approved.

I would wait as long as possible your next card will be backdated to your first card date.. Win Win AAOA will love it...

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That's great! I didn't know that.

[FinStar]

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@AC0308 wrote:

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@Pat94108 wrote:

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@titanofold wrote:

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

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+1. If you apply now with all the balances and the near maxed out credit card, Amex will think you're desperate for credit and that's not a good thing. 

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Good point. I'm not desperate, just very impatient.

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You're just going to have to exercise patience OP.  I agree with everyone's feedback which is pretty good guidance to leverage a better chance for approval.  Otherwise, you'll be back to square one.

[takeshi74]

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@AC0308 wrote:

Anyway, I'm now interested in applying for the Costco card, but I'm guessing I should wait until all my balances are way lower, especially on the amex?

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Generally speaking the lower your utilization the better your odds for a higher CL and lower APR.

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@AC0308 wrote:

Out of curiousity, would it hurt to try now anyway? My understanding is that it would be a soft pull?

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It's not just the pull.  As I indicated you could end up stuck with a low CL and a high APR.  Be patient, get your credit optimized and ensure that the changes are reporting before you apply.