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02-27-2013 11:14 PM - edited 02-27-2013 11:16 PM
I am about to take the plunge anytime and apply for BCP/BCE now once my credit balance is updated with the CRAs. Crossing my fingers its tomorrow since my statements all closed almost a week ago!
Few questions I have though before I apply, just so I know my chances on whether I should still go ahead with this or apply for Chase Freedom instead.
My other acct got locked (forgot pw) out so I have to post on this instead.
Should I go ahead with the BCE (if it is easier?) Or should I app for the green or gold first, then the BCP/BCE? Does the green and gold card have the same undewriting requirements as well?
Does my assets (such as stocks, bonds, money in checking/savings, properties) improve my chances of getting approved? Does the assets have to be in the US itself as well? I can show statements/deeds to verify if they want, of course.
I have 746 CK, 710 experian auto enhanced fico.
Annual Income 80k in the US. Can I, or should I, include overseas income?
1 30-day late baddie from July 2006 <--- will this affect me drastically? Or should I wait till this year July for it to fall off?
5 inquiries (1 in May 2012 for amex BCE; denied, 4 in 02/05/13 for auto loan). <---is this a big negative as well?
Utilization should be below 8% once CRAs are updated with my new balances.
AAoA 5 years 8 months. Oldest Credit line 8 years. Newest credit line is 10/2011 (approximate)
Current cards are Wells Fargo Visa (10k CL), Chase Amazon (2k CL), Bloomingdales Store card (2.1k CL), Macys (100 CL)
No BK, No Collections.
10k owed for auto loan (58k paid as downpayment) payable over 24 months.
1 auto loan during 2006-2011 paid in full and closed.
Should I wait, or just go ahead? I'm worried I am going to be denied again and have 1 hard inquiry
02-28-2013 12:18 AM
02-28-2013 12:25 AM
I didn't know better when I applied. Never knew about how credit scores were calculated until recently.....
I had utilization of close to 95% (I PIF each month but just keep swiping more charges onto it so it always closes with a balance).
I suppose that scared the crap out of AMEX.
Other than that........the late payment from 2006, and my AAoA was around 4 years plus I'm guessing.
02-28-2013 12:32 AM
If you can get your util down, you should have a good chance.
02-28-2013 12:33 AM
it should be at 8% once the CRAs are all updated. is that low enough? Or should I get it even lower? I can get it down to 0% if that's what it'll take, but that will mean waiting another 30 days for the statement to close again.
02-28-2013 12:34 AM - edited 02-28-2013 12:35 AM
I was surprised to see a BCE denial but I guess a 95% util would do it lol. Keep your util low and its only that baddie that would pose a problem. Like a told you in the other thread - I'm 21, 20k income, 738 EQ, <10% util and only a 3.5 year old cap1 card and I was approved for BCE.
02-28-2013 12:37 AM - edited 02-28-2013 12:39 AM
should i go ahead with a bce, if it is indeed easier to get? is it possible to switch to a bcp afterwards then? thanks a lot u guys are really great help!
i just spend everything on my cards for the rewards thus the high utilization.
chase gives me 2k CL but last month alone I used over 6k and made 6.2k in payments for that card. They haven't been able to charge me any kind of fees but I'm raking in a lot of cashback for a 2k CL card. I've always been worrying they might just cut me off since I'm obviously not making them any money lol....
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