Come a long way since I started in credit since I was 19... And the life goal has always been to have an Amex card - but always been rejected. Over 6 figures here and still can't get one!
Now, my TU is is 648, EQ is 653... Not sure about my experian score, but I know what's on the report. They're all about the same...
First Premier - 300 limit - never late and open since 4/2011
Orchard (now Cap 1) - 300 limit - never late - open since 10/2011
Capital one - 500 limit - never late - open since 2/2013
Average 10% utilization
Had a 200 limit Credit one... Opened in 2007... Then stopped paying in jan 2008. Went 30 60 90 180+ and charged off in July 2008. Paid the collections agency (not on CR) in full plus fees in interest in April 2011... Unfortunately it made Credit One show back up as a collection on that date.
I've asked credit one for goodwill - but we shall see/if when it falls off. The question though - I'm afraid of Amex declining because of FP. I've heard horror stories... And I've received an Amex declination letter saying I own a card that's used by folks they don't trust. So - I know FP is bad, but should I leave it open - or close it? If I close it - would it actually help with Amex? Or the fact that there's a trade line at all for FP keep me from getting Amex for a decade?
Would love your thoughts!
Hey joshuapd1987! Welcome back to the forums. See this is your first post since 2011!
Well, you've got a couple of things going on here. First off, I wouldn't close the FP until you've gotten a few other better tradelines under your belt. I think FP is awful but I used them too when rebuilding and I got my Amex with them still reporting so YMMV here.
I'd take Amex off the table till you get a few ducks in a row. Quit apping Amex for the time being. First off, what else is causing your FICO to be low? That CO should be reporting as a 2008 CO. If it's not, then you should dispute it. You paid the CA not Credit One right?
2nd: How many inqs on which reports and who have you apped recently?
3rd: Are all your CCs reporting a balance or just one?
4th: What is your AAoA?
Thanks for your answers in advance. From what you've said so far, your FICO should be a little bit higher if that's the whole story. Maybe we all can recommend a few new TLs to help build a better profile and get you on the right track for an Amex app. I'd definitely work on that Credit One reporting issue if it's reporting a wrong DFMD. I'll tell you now that the Amex app is likely 6 months to 1 year in the works with your current profile but it's definitely do-able.
Hi, improvingmycredit! Thanks so much for your helpful response! I've been a lurker here for sometime - it's nice to make my first few posts!
1. I did pay the CA not Credit One - totally in full. The CA removed their trade line... Credit one showed CO in July 2008 - then no data through April 2011. When I paid the CA in April 2011, it showed back up as a CO in July 2011. . :-/ Does the CO report from Credit One bank or from the CA on your reports? What is listed as the Date of First Major Deliquency on the reporting of the CO? Do you know the scheduled drop off date on your reports for this tradeline? That would help me on determining the reporting date of the CO.
2. 6 on EX - amex, chase, city, boa, a temporary apartment co, and citi! Only 3 on TU and EQ - amex, chase, citi
3. All reporting a balance. I pay off all my cards every month, but I must have missed paying before the end of the cycle because my utilization went up to 25% this month. So, I've let them all sit at zero... And they usually update balances on my CRs after the 10th, so ill update my scores then. Let only 1 report a balance every month and keep the utility on that CC at around 9% or so if possible. Let's see how that effects your actual FICO
4. AAoA is 2.5 years... Not great. Oldest is the credit one at 5 years. 2.5 is better then I was hoping for...
What do you suggest?
Before any new apps, let's get your reports looking as good as possible. I'd really like to see what your "date of first major delinquency" is on that CO. There are options if it is reporting incorrectly. As it stands... I'm thinking we need to focus on the TU report and EQ for your next apps with rebuilders that have no AF so that you can keep that utility low and get rid of those crappy AF rebuilder cards. You are welcome to PM me regarding a plan to help get that CR where you want it to be. Are you willing to go the secured card route also?
Just to add a bit to the great info\advice Improving already posted (being very correct on waiting on any more apps until some things are cleared up). AMEX doesn't often approve applications when a file is rather thin, has a derog ("baddie") and not just 1, but 2 subprime cards showing, esp with low limits on accounts in good standing along with 5+ INQs showing.
I had a Credit One account showing as closed after having it a year before AMEX would let me back in but that was with spotless reports (after getting an erroneous collection removed), decent CLs and prior history with AMEX and I think only 3 INQs on EX (only CB they checked). I never had FP. I actually mistook the offer from Credit One as being Capitol One (who I really have no prob with) and took it, only to find out it was something totally different, then kept it the year (to watch the EX score they offer) and dumped it before I got hit for their annual fee.
Others might chime in, but I think you might want to look (research) at other possible cards that might be more willing to approve after things are cleared up a bit. AMEX, and Chase frankly, don't like to be the first 1000+ CL "Prime" cards on anyone's report really, IMHO anyway. If you meant your income is in the 100k+ area, depending on your profession, Discover might be one you'd want to very seriously consider.
Just don't "jump the gun" and apply for anything before you can clear up what you can on your reports. You'd only be adding INQs with nothing or a very low CL to show for it.