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?
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
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.
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.
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.
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".