Credit Cards

[Revelate]

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trumpet-205 wrote:

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.

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AFAIK, it can be as much as close to 2 months out of date unfortunately.  Amex SP's customers once every two months is my understanding of it, so it may well be more than  one month out of date depending how various reporting timelines break for one's individual report.

[trumpet-205]

AMEX is keeping a close eye on me. I see AMEX SP me every month when I had Zync.

[TNTransplant]

My util was around 50% when I applied/was approved in May of this year.  I was a member in 2006, but with no real history with them 'cause I cancelled the card after 2-3 months.

EX Fico was 701 according to them.  No negatives, decent income.

[youngandcreditwrthy]

I had 13% util when approved for BCE almost two weeks ago.

So, your util is too high, BUT..
You can:
Pay it down
AND
Request CLIs with existing credit cards...
Realize that always increasing limits for util purposes is BAD. Stay on top of your debt managemnt...
If you added $5-10k more of avail credit, you could reduce util that way :-)

[youngandcreditwrthy]

My ex plus was 709.
My tu fico was 696

[youngandcreditwrthy]

Who does Amex sp btw ?? Like which CRA?? Just so I know to watch them watching me haha:-P

[Supercollector16]

I think what I am going to do is wait until around the 13th of November to apply. This way I can also pay down another $1,200 total on 2 other cards so that those will also be reported to MyFICO by that time. What I have been doing is paying off most of my balances a day before the statement generates so that once it does, I use the card to pay bills with what is left on it. This way it looks like the cards are being paid down significantly and the credit bureaus won't know until a new statement is sent to them a month later. Does this make sense?

[drew11]

Why? If you just wait until January you'll add an extra 11 months to backdating and will have two more months to further pay down your balance. You shouldn't be in a rush to apply for more credit when you already have such a high utilization anyways.

[Revelate]

Trumpet: ah good to know. The date of two months was posted here so often that I assumed it was that way for everyone; however, how long are we talking about after you got your Zync that you checked?

I know most lenders have a period of regular SP's on a new account, does that possibly transition in Amex's case to once every two months after some time?

[Cdnewmanpac]

Amex has softed me on tu every month on the 28th since I got a zync in march. They have softed me on ex on the 24th of August and September. I don't know if the two softs are for my two cards, or they are just extra interested.