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Congrats. Amex BCP is a wonderful card.
Yeah, I'm excited. It's also great that I can get a 3x cli after 61 days, then another 6 months from then. I can potentially have an 18k credit line in 8 months...awesome. I start at 2k. I wanted to get this first before the Freedom to show a high limit card so that I don't get that $500 opening limit from Chase, I have seen a lot of that on these boards.
Just got the letter from Amex with my EX Fico since I didn't get the best rate. I thought it would be a little lower than I expected, but it is a whopping 774! So nice.
@FicoTron wrote:Just got the letter from Amex with my EX Fico since I didn't get the best rate. I thought it would be a little lower than I expected, but it is a whopping 774! So nice.
Your low CL doesn't correspond with the score at all! BCP has been a complete mystery when it comes to initial CLs/APRs. Would you mind sharing the following, although it will continue to remain a bit confusing I'm sure as we get more data points down the road.
1) #INQs prior to BCP showing up in the report. Any within the last 6 months/ 1 year.
2) Overal Utilization% on all cards (approx) and highest individual utilization of any one card.
I have never seen anyone get the best APR on BCP. Highest CL of $9500 I think. (and their scores were less than yours).
Yes that's a great score. I got the BCE last month with a 710 and $8000 starting limit, but I had a charge card for about a year first. Made all the difference. IMO
BCE is also a very hard card to get, but BCP has been typically up one notch or two in terms of difficulty to qualify I think. BCE limits of $8k and slightly more have been reported a few times I think, but not necessarily with BCP.
But you might have a great point there about establishing prior good history with Amex via a charge card (or otherwise) to get approved for a higher CL wrt to FICO Score.
So maybe an additional question to collect datapoints
3) Active Amex cardholder at the time of application?
Congrats!!!
I followed and enjoyed your previous post about wanting to apply for an Amex.
@MustangSaluki wrote:
@FicoTron wrote:Just got the letter from Amex with my EX Fico since I didn't get the best rate. I thought it would be a little lower than I expected, but it is a whopping 774! So nice.
Your low CL doesn't correspond with the score at all! BCP has been a complete mystery when it comes to initial CLs/APRs. Would you mind sharing the following, although it will continue to remain a bit confusing I'm sure as we get more data points down the road.
1) #INQs prior to BCP showing up in the report. Any within the last 6 months/ 1 year.
2) Overal Utilization% on all cards (approx) and highest individual utilization of any one card.
I have never seen anyone get the best APR on BCP. Highest CL of $9500 I think. (and their scores were less than yours).
Yes I am a previous cardholder, but only for 4 months, I only had one inquiry in the past two years on EX before applying and it was from Amex for the gold card I got 4 months ago, overall utilization 0%. I assume the low CL is because I have had two rebuilder cards for 2 years with CLs of $500 and $320 respectively. I apped for Amex because even with the good chance of getting a low CL of $2000, I can have it as high as $18000 within 8 months. You can't beat that, so I'm fine with it.
Today is seven days, hopefully my sick new BCP comes in the mail today. I need to fill my gas tank up and I want to save 11 cents every gallon forever starting today.
Congrats and awesome score. The rates on these cards and other cards like it are going to be high no matter the score from what I've heard.