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Blue Cash Preferred from AMEX, should I apply?

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Revelate
Moderator Emeritus

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


@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.


AFAIK, it can be as much as close to 2 months out of date unfortunately.  Amex SP's customers once every two months is my understanding of it, so it may well be more than  one month out of date depending how various reporting timelines break for one's individual report.

 




        
Message 21 of 54
trumpet-205
Valued Contributor

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

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

Message 22 of 54
TNTransplant
Established Contributor

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

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.

 


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 23 of 54
youngandcreditwrthy
Senior Contributor

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

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 :-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 24 of 54
youngandcreditwrthy
Senior Contributor

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

My ex plus was 709.
My tu fico was 696
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 25 of 54
youngandcreditwrthy
Senior Contributor

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

Who does Amex sp btw ?? Like which CRA?? Just so I know to watch them watching me haha:-P
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 26 of 54
Anonymous
Not applicable

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

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?

Message 27 of 54
drew11
Regular Contributor

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

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.

01/04/17 Equifax FICO 788
01/04/17 Experian FICO 789
01/04/17 TransUnion FICO 784

Amex BCP $24,000 | Chase Freedom: $13,000 | Chase SR: $35,000 | Discover IT: $20,000 | PenFed Platinum: $32,000
Message 28 of 54
Revelate
Moderator Emeritus

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

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?



        
Message 29 of 54
Cdnewmanpac
Established Contributor

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

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.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Message 30 of 54
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