App now...or wait?

[nitrov]

So, around new year I got a brand new shiny PRG as my first rebound into real Amex land. I bought a house in December and also did an app spree after closing and I'm supposed to be gardening until June...HOWEVER

...I really want/need an Amex revolver. I'm debating between Delta Gold or the new Everyday card

My mortgage is going to hit my credit report on or around May 8th. I just paid off a bunch of CC balances which are going to bring my UTL down from about 37% to about 10% in a couple weeks. So, what should I do?

1. App now before the mortgage hits

2. Wait until June and hope my score rebounds from the new mortgage account

Any advice is always appreciated!

[tcbofade]

If it were me, I would app now, BEFORE the mortgage hits.

Why do you think it will take six months for the mortgage to show up?

[nitrov]

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@tcbofade wrote:

If it were me, I would app now, BEFORE the mortgage hits.

Why do you think it will take six months for the mortgage to show up?

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My loan was originated by one lender then sold to be serviced by another. Apparently when that happens, it doesn't report to credit until 2 months after your first payment (my first was Feb. 1st), and they told me it takes another month from that to show up on the bureau, so he said to expect it around May 8th.

I wonder how long it would take for some of my recent pay downs to reflect my UTL though?

[milkshakes]

it really depends on what your current credit score is. if your score is good, then you don't really need to wait. if your score is borderline on what the UW usually accepts, i'd wait.

speaking of UW, why do you say you need/want a revolver? what will the new card be used for?

[Creditaddict]

NOW, you already have the PRG so if declined hopefully no hp and you will already be at 61 day CLI if you get it now vs. june.

[tcbofade]

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@nitrov wrote:

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@tcbofade wrote:

If it were me, I would app now, BEFORE the mortgage hits.

Why do you think it will take six months for the mortgage to show up?

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My loan was originated by one lender then sold to be serviced by another. Apparently when that happens, it doesn't report to credit until 2 months after your first payment (my first was Feb. 1st), and they told me it takes another month from that to show up on the bureau, so he said to expect it around May 8th.

I wonder how long it would take for some of my recent pay downs to reflect my UTL though?

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First, thank you.  DW and I closed on 29 November under similar circumstances...it got sold before the end of the year, we've made FOUR mortgage payments, and it doesn't show up on either of our credit reports yet.

Your recent pay downs on your credit cards will show up when your next statement cuts, plus a few days...

[nitrov]

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@milkshakes wrote:

it really depends on what your current credit score is. if your score is good, then you don't really need to wait. if your score is borderline on what the UW usually accepts, i'd wait.

speaking of UW, why do you say you need/want a revolver? what will the new card be used for?

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My AAoA needs a bump which Amex would definitely provide since I've been a cardmember since 2007; the backdate would increase me a good bit. I also need a higher CL, as my highest one currently is only $7000 and I know Amex has a good shot of getting me there with the 3x CLI trick. 

Anyway, it doesn't matter, because I just apped and got DECLINED...gives me a system error when I ask for the decline reasons. I guess the score from USAA monitoring (showed a 708 on EX) was wrong or something or they didn't like my UTL or all the inquiries. Guess I'll go kick rocks back to the garden where I can water it with my tears from rejection 

...damn Amex. Always so elusive!

[newUser0]

Call tomorrow and ask for the resons. Sorry!

[nitrov]

I called and they said a CBR pulled from 3/15 shows my EX FICO coming back at 645...I assume that was from a SP they did for my PRG. I don't understand how USAA can show 708 and the SP can show something almost 60 points lower...

I don't know if it's worth trying to go the route of sending in my credit report and all that jazz. I had to call to get the decline reasons, but they said credit score, too many inquiries, and UTL were basically the decline reasons. UGHHHHH!

[gdale6]

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@nitrov wrote:

I called and they said a CBR pulled from 3/15 shows my EX FICO coming back at 645...I assume that was from a SP they did for my PRG. I don't understand how USAA can show 708 and the SP can show something almost 60 points lower...

I don't know if it's worth trying to go the route of sending in my credit report and all that jazz. I had to call to get the decline reasons, but they said credit score, too many inquiries, and UTL were basically the decline reasons. UGHHHHH!

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USAA is not a FICO it is a FAKO score. Its good for entertainment purposes only.