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App Spree Time..?

Moderator

Re: App Spree Time..?


android01 wrote:

stefjay wrote:

<snip>

 

My monthly spending limit is somewhere in the $1000 a month range, depending on if I travel and what not. My ultimate goal is to acquire an Amex Gold and be done with credit however I don't think my credit will get me there yet. I'd just really like to get away from using my debit card altogether.


Why don't you let your history age and apply when your score is over 700?  You'd have a lot more options fior better cards and higher CLs and lower APRs.  What's the rush?  You've been rebuilding for all of seven months now.  


Because he's pretty much qualified for the Gold now, and that's one of his goal cards.  It's in the OP's best interest to just establish it and be done with it.

 

I agree, in time he'll probably want additional options, but an Amex charge card compared to what he has now is a huge step forward on a number of fronts, and additional tradelines can be established later if he so desires.  When it comes down to it, it's mathematically in one's best interest (as far as FICO goes) to establish tradelines that you want to keep ASAP, and on the assumption you have a reasonable chance of approval, it should be taken unless there's a mitigating factor.

 

OP has a good shot based on what he described is his profile (current revolving tradelines > 1 year age), Amex's sending him letters, and the pre-approval link on the Amex site.  "Rebuilding" for seven months is something of a misnomer in his case, as he actually started his positive history earlier than that.  Also his positive history is a bit on the thinnish side anyway, so for all those reasons in my opinion OP should apply for the Gold now and then re-evaluate in six months or a year or so what he might want longer term.  

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 11 of 17
Member

Re: App Spree Time..?

App'd over the weekend for green and got
Approved!

Starting Score: MyFico: EQ 622 (3/2012)
Current Score: MyFico : EQ 734 - TU 741 - EX 747 (11/2014)
Goal Score: 750+


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Message 12 of 17
Epic Contributor

Re: App Spree Time..?


stefjay wrote:
App'd over the weekend for green and got
Approved!

Green AND Gold?

Why, they are the same card - Gold will have better rewards but otherwise...

Message 13 of 17
Member

Re: App Spree Time..?

just green, wasn't sure how my chances were with gold..


Starting Score: MyFico: EQ 622 (3/2012)
Current Score: MyFico : EQ 734 - TU 741 - EX 747 (11/2014)
Goal Score: 750+


Take the FICO Fitness Challenge
Message 14 of 17
Epic Contributor

Re: App Spree Time..?


stefjay wrote:

just green, wasn't sure how my chances were with gold..


Green, Gold, Plat. = SAME

Zync - Originally thought pretty much same but then they started rolling out the Fixed Credit Lines and Pre-Pay, etc.

Message 15 of 17
Moderator

Re: App Spree Time..?


Creditaddict wrote:

stefjay wrote:

just green, wasn't sure how my chances were with gold..


Green, Gold, Plat. = SAME

Zync - Originally thought pretty much same but then they started rolling out the Fixed Credit Lines and Pre-Pay, etc.


Even without the counter-offers Zync has more lax underwriting criteria.  it's never been the same since they introduced it AFAIK, was designed for near-thin files (students) and others with limited history.  Folks with 620's have been approved for a Zync, having a really tough time remembering may approvals sub 650 for one of their higher charge cards.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 16 of 17
Valued Member

Re: App Spree Time..?

I got approved for an AMEX Gold PR with the scores in my signature about two weeks ago.  I got a pre-approval letter in the mail, hadn't apped in over 3 years and figured why not?  The link they sent me didn't seem to work so I called and spoke to a CSR and was approved over the phone and the card was rushed to me via UPS.  I travel about 4-5 times a year and I figure the 30,000 miles after 1000 dollars spent on the card is a pretty good deal for someone with my scores.


Starting Score: EX: 658 TU: 646 EQ: 651
Current Score: EX: 733 TU: 749 EQ: 743
Goal Score: 780+

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Message 17 of 17