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Established Contributor
Posts: 837
Registered: ‎04-21-2013
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Re: Amex Costco TrueEarning


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.


+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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Established Member
Posts: 34
Registered: ‎01-09-2014
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Re: Amex Costco TrueEarning


Pat94108 wrote:

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.


+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. 


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

Amex Blue Sky - $8,700
Discover IT - $4,500
Amex TrueEarnings - 3,500
Elan Financial - $2,000
CapitalOne - $1,250
Chase Slate - $1,200
Established Member
Posts: 34
Registered: ‎01-09-2014
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Re: Amex Costco TrueEarning


hot4u wrote:

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.


+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...


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

Amex Blue Sky - $8,700
Discover IT - $4,500
Amex TrueEarnings - 3,500
Elan Financial - $2,000
CapitalOne - $1,250
Chase Slate - $1,200
Valued Contributor
Posts: 8,420
Registered: ‎10-21-2012
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Re: Amex Costco TrueEarning


AC0308 wrote:

Pat94108 wrote:

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.


+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. 


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


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.

Valued Contributor
Posts: 4,757
Registered: ‎06-05-2013
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Re: Amex Costco TrueEarning

[ Edited ]

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?

 


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

 


AC0308 wrote:

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

 


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.

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