Applying for an AMEX card

[Yoltvstar]

Hello:

I am considering applying for an AMEX card, but I'm not sure if I should and what repercussions it may have on my credit score.  My FICO score is 719; all bills paid on time.  I have one car loan, 2 credit card (a VISA with a $300 credit limit that I opened when I started college and a Office Depot card with a $2,000 credit limit) and a personal loan ($2,000).  I previously had an AMEX Gold as an Authorized User and I've heard it helps if you had previously an AMEX card and no previous delinquency.  However, the FICO website says that my credit history is relatively new, that I have too many accounts and that I opened a new account recently.

Should I apply or not?  I was thinking of applying for a Blue Cash card or a Gold card.  I'm planning to take a trip on July and I would like to be able to buy the plane tickets with one of them.

Thanks in advance for any help!

[PokemonMaster]

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@Yoltvstar wrote:

Hello:

I am considering applying for an AMEX card, but I'm not sure if I should and what repercussions it may have on my credit score.  My FICO score is 719; all bills paid on time.  I have one car loan, 2 credit card (a VISA with a $300 credit limit that I opened when I started college and a Office Depot card with a $2,000 credit limit) and a personal loan ($2,000).  I previously had an AMEX Gold as an Authorized User and I've heard it helps if you had previously an AMEX card and no previous delinquency.  However, the FICO website says that my credit history is relatively new, that I have too many accounts and that I opened a new account recently.

Should I apply or not?  I was thinking of applying for a Blue Cash card or a Gold card.  I'm planning to take a trip on July and I would like to be able to buy the plane tickets with one of them.

Thanks in advance for any help!

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How old is your oldest account? How many Inquiries do you have? Do you know what your AAoA is?

[jsucool76]

Chances of the gold or prg are way higher than getting a bce/p.

While your score seems fine, more things come into play than that. What is your aaoa? Utilization?

[Yoltvstar]

Oldest active account is 7 years old, my closed AMEX is 8 years old.  

2 recent inquiries

I don't know my AAoA.

[webhopper]

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@Yoltvstar wrote:

Oldest active account is 7 years old, my closed AMEX is 8 years old.  

2 recent inquiries

I don't know my AAoA.

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Hi Yoltvstar and welcome to MyFICO Community Forums!

I think you should go for Gold AND if approved,  go for BCE.

You will likely experience the backdating effect which will help increase your AAoA

[webhopper]

If approved, I might even go for something like Starwood Preferred Guest, if you can find a good sign up bonus.

Additional Amex accounts will help you.. With backdating helping you out, you can build both a thick file, with a long history relatively quickly.

[jsucool76]

You would probably be fine for an amex charge card, i would go prg the first year (AF is waived) and if you get approved you can try for the bce right after. 99.9% of the time, it is only a soft pull if denied when you're a current member. It also MIGHT be possible to get approved for both with a single hp. Can't guarantee that though.

[scenery_guy]

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@Yoltvstar wrote:

Hello:

I am considering applying for an AMEX card, but I'm not sure if I should and what repercussions it may have on my credit score.  My FICO score is 719; all bills paid on time.  I have one car loan, 2 credit card (a VISA with a $300 credit limit that I opened when I started college and a Office Depot card with a $2,000 credit limit) and a personal loan ($2,000).  I previously had an AMEX Gold as an Authorized User and I've heard it helps if you had previously an AMEX card and no previous delinquency.  However, the FICO website says that my credit history is relatively new, that I have too many accounts and that I opened a new account recently.

Should I apply or not?  I was thinking of applying for a Blue Cash card or a Gold card.  I'm planning to take a trip on July and I would like to be able to buy the plane tickets with one of them.

Thanks in advance for any help!

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You have to decide if you would rather have cash back or start collecting MR points for future redemption. I think you should be able to get the Gold charge card no issues. Another path to consider is the Gold Delta card. Good signup bonus for $500 spend right now. That one would only make sense if you could fly Delta for your trip. The Delta Gold seems to be a pretty common starter card.  

[Yoltvstar]

Thank you all for the advice!

One question, can I apply for the Blue Cash, and if denied, apply for the Gold card?  How much would I have to wait to apply again?

[webhopper]

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@Yoltvstar wrote:

Thank you all for the advice!

One question, can I apply for the Blue Cash, and if denied, apply for the Gold card?  How much would I have to wait to apply again?

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Actually no,  If you apply for the Blue Cash first, and are denied, all later applications will be cancelled by their system for the next 30 days and you won't be able to reapply until the 30 days have passed.

That's why you should do it in this order:

Amex charge card ( Green, Gold, Premier Rewards Gold)

Amex Blue Cash Everyday

Another Amex card (Delta, Starwood Preferred Guest, Hilton HHonors come to mind)

You'll end up with three backdated accounts by doing it this way...  so that is 24 years of history added to your credit report