cancel
Showing results for 
Search instead for 
Did you mean: 

Blue Cash Preferred from AMEX, should I apply?

tag
Anonymous
Not applicable

Blue Cash Preferred from AMEX, should I apply?

Hi all! I am not sure if I will be accepted for this card, although I would love to have it. Here is my credit info.

 

- 704 Equifax Score

- 74% credit utilization

- Newest account was opened 1 Year, 3 Months ago.

- 0 inquires in the last year.

- Average age of accounts is 5 years.

- 0 missed payments.

- Have been an AMEX card member for 2 1/2 years with a no preset limit that has been approved for as high as $10,000.

 

I am waiting another 2 weeks until my total debt ($19,541) will decrease by $3,200.

 

What do you think my chances are if I apply in 2 weeks? The MyFICO Score Simulator says my score will be a 724.

Message 1 of 54
53 REPLIES 53
trumpet-205
Valued Contributor

Re: Blue Cash Preferred from AMEX, should I apply?

Let the utilization fall under 30% and you are good to go.

Message 2 of 54
webhopper
Moderator Emeritus

Re: Blue Cash Preferred from AMEX, should I apply?

Your utilization is too high for amex. American express does not like customers who carry balances. I agree with trumpet 205.... pay down balances and you'll be set for an approval.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 3 of 54
Anonymous
Not applicable

Re: Blue Cash Preferred from AMEX, should I apply?

There is no way I will be able to pay off another 35% to bring it down below 30%. Do you think I could still be accepted based on being a member of Amex and no inquires or colelctions on my record?

Message 4 of 54
webhopper
Moderator Emeritus

Re: Blue Cash Preferred from AMEX, should I apply?

Do you mean no way ever? Or no way in the short term?
I truly believe that your utilization will not be acceptable to amex. Although since you are a current member it wont hurt to apply since it should be a soft pull only if you are denied.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 5 of 54
Anonymous
Not applicable

Re: Blue Cash Preferred from AMEX, should I apply?

It's always worth a try since no hp if denied since you have amex. If they say no pay down what you can and try again in January to get the extra age.
Message 6 of 54
webhopper
Moderator Emeritus

Re: Blue Cash Preferred from AMEX, should I apply?

Keep in mind that they will base their decision off of your most recent account review. So wait until after their soft pull to apply; otherwise they will not consider the additional portion you have paid down.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 7 of 54
webhopper
Moderator Emeritus

Re: Blue Cash Preferred from AMEX, should I apply?

+1 January would be a great time to apply
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 8 of 54
CruzImperial
Established Contributor

Re: Blue Cash Preferred from AMEX, should I apply?

+111 to roxy
Just do it in 2 weeks. No harm in getting denied. Apply back in January with good until and you will surely get it.
Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 9 of 54
trumpet-205
Valued Contributor

Re: Blue Cash Preferred from AMEX, should I apply?

Yes, when you apply another AMEX card they use most recent SP, which is typically one month late compared to your credit report at the time.

Message 10 of 54
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.