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Supercollector16
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Supercollector16
Posts: 13
Registered: ‎10-13-2012

Blue Cash Preferred from AMEX, should I apply?

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‎10-13-2012 01:10 PM

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.

American Express Gold Card- No preset spending limit / Capital One- $2000 CL / CareCredit- $5,000 CL / Chase Freedom- $2,000 CL /
CitiBank Mastercard- $1,200 CL / Dell Preferred- $2,000 CL / Firestone (CFNA)- $2,600 CL / Helzberg- $5,200 CL / Wal Mart- $3,000 CL
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Valued Contributor
trumpet-205
Posts: 1,909
Registered: ‎11-11-2010

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

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‎10-13-2012 01:15 PM

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

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash Reward (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013)
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Moderator
Moderator
webhopper
Posts: 6,825
Registered: ‎09-16-2011

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

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‎10-13-2012 01:17 PM

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.
Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!


Take the myFICO Fitness Challenge
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Supercollector16
New Member
Supercollector16
Posts: 13
Registered: ‎10-13-2012

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

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‎10-13-2012 01:17 PM

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?

American Express Gold Card- No preset spending limit / Capital One- $2000 CL / CareCredit- $5,000 CL / Chase Freedom- $2,000 CL /
CitiBank Mastercard- $1,200 CL / Dell Preferred- $2,000 CL / Firestone (CFNA)- $2,600 CL / Helzberg- $5,200 CL / Wal Mart- $3,000 CL
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Moderator
webhopper
Posts: 6,825
Registered: ‎09-16-2011

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

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‎10-13-2012 01:20 PM

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.
Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!


Take the myFICO Fitness Challenge
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Regular Contributor
roxy382
Posts: 129
Registered: ‎01-09-2012

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

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‎10-13-2012 01:20 PM

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.
In My Wallet: Amazon (5/2011) $2200 -- CareCredit (9/11) $4200 -- Capital One Green Cash Rewards (01/12) $3000 -- Citi Forward (1/12) $2500 -- Walmart Store Card (1/12) $1100 -- Maurices (8/12) $200

Starting Score: EX 567 9/13/2010
Current Score: EX(FAKO) 639 EQ(FAKO) 628 TU(FAKO) 662 11/13/2012
Goal Score: 750
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Moderator
Moderator
webhopper
Posts: 6,825
Registered: ‎09-16-2011

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

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‎10-13-2012 01:22 PM

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.
Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!


Take the myFICO Fitness Challenge
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Moderator
Moderator
webhopper
Posts: 6,825
Registered: ‎09-16-2011

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

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‎10-13-2012 01:22 PM

+1 January would be a great time to apply
Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!


Take the myFICO Fitness Challenge
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Established Contributor
CruzImperial
Posts: 860
Registered: ‎07-04-2012

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

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‎10-13-2012 01:23 PM

+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 724 . App free since Aug 2012 .

Cap One Journey 500 | Discover IT 1k | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCP 6k | Citi Forward 3k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 6k | Discover Walmart 4.9k | Barclays Apple 2.5k | BoA CR 800
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Valued Contributor
trumpet-205
Posts: 1,909
Registered: ‎11-11-2010

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

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‎10-13-2012 01:25 PM

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.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash Reward (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013)
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