07-07-2009 07:47 AM
If somebody wants to apply for an AMEX, how old should newest account(s) and inq's be for best approval chances (with high FICO)?
I had an AMEX back in the late 80's and got to thinking if they age based upon "member since" from old accounts this might be a good new account.
But I know they are sensitive to new accounts and inquiries. Do I wait 1 year, 2 years?
07-07-2009 11:06 AM
Scores at time of Approval = EQ 728, TU 730, EX 690
Apped for BoA and approved on Jan. 11, 2009
Apped for Amex and approved for Gold Rewards on Jan. 28, 2009
Both pulled EX
Next closest pull was 10/08 and EQ
07-07-2009 12:19 PM
07-07-2009 12:48 PM
Personally I think Amex is hurting with all the recent bad publicity and would definately approve you for
their card. I can tell you that after going to their preapproval site they gave me 30,000 points after spending $500
in 3 months which I redeemed for $300 of assorted gift cards. My Ficos are in the 720's with alot of open unused credit and 8 inquires as I have beefed up my available credit since last september.
07-07-2009 01:04 PM
if you have more than 4 or 5 EX inq (or new accts.) in the past 6 mos. i'd wait six months. if you get one with a high number of new accts or inqs (which is certainly a possibility with your substantive file, great scores, etc.) it may be a bit of an eggshell walk to start imo.
07-07-2009 01:26 PM - edited 07-07-2009 01:32 PM
With your scores you should not have any issue getting Amex Card. Go for charge card which is easier to get approved than their credit cards.
I went to the Amex site and did the "see what cards you are preselected for" and got the "congratulations where I am supposedly "preselected" for the Gold, Green & HHilton Honors (sp?). On the Business side they say "preselected" for Gold, Platinum and Green.
However, while my scores are good, I have a lot of doubt on the approval because I have 6 new accounts in the past 90 days.
And EX is my worst CR. I have only a 12 year file on EX, where I have a 21 year file on TU and EQ. I also have 4 inqs on EX where I only have 2 each on TU or EQ.
The last time I was able to pull EX FICO I had a 781, but that was before new accounts and inqs. And since my AAoA is lower and my oldest account is lower, I am sure my FICO score is adversely affected much more than on TU and EQ by my new accounts and inqs.
I joined PSECU since the claim is you get an EX FICO from them, but my account is not active yet.
07-07-2009 01:45 PM
I suggest that you pull the trigger. After all, the inq's are close enough that they will all age about the same and the worst they can say is "NO".
07-07-2009 07:19 PM
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