@SnackTrader wrote:
@Repo-ed wrote:
if you are declined for bcp, then you wasted a hp, and will have to wait 6mo. before applying again - another HP. whereas you app for the sure thing - prg, and get approved, you can then app bcp/bce and either approved on only 1 hp (maybe 2) or if declined, only a sp. ( sorry, on my phone)I was under the impression that I could use that HP (or perhaps another, but on the same day) for the charge card if I was not approved for the BCP. That way still getting in prior to the end of the year. And then I can try again for the BCP at another time.
But if I apply for a charge and then wait for BCP, aren't I wasting an HP for a card I don't want anyway? I would use an HP for the charge in December, and then an HP to get approved for the BCP when I finally get it. And those could be months apart, so they won't age together.
So I guess what I'm saying is, the only risk is the additional HP when declined for the BCP (if Amex pulls two HPs in order to decline me for BCP and then approve/decline me for the charge card). But those HPs will age together, thus reducing the impact.
The way I see it is as follows:
Best Case: Approved for BCP in December - never getting a charge - 1 HP on all bureaus (this is worth it for BCP rewards)
Second best case: Denied for BCP, I am approved for Green/Gold - only 1 HP. Then I get approved for BCP in 2013 - another HP
Worst case: Denied for BCP, I am approved for Green/Gold - 2 or 3 HPs. Then I get approved for BCP in 2013 - another HP
Worst Worst Case: Denied both BCP and Charge Card (Yikes!)
Am I totally off here? I have seen others take a similar approach, and thought that this strategy was possible. But now I'm second guessing it...
Honestly IMHO I would encourage you to take the advise of some of the veterans of this site. You should minimize the amount of potential inquries by (a) applying for the CHARGE card first and then on approval (b) Apply for BCP. In many cases it's one single inquiry, and generally speaking the charge card's are the easiest products to obtain. If you attempt to apply for the BCP revolver first, if you get denied, you won't be able to apply for anything else for at least 30 days. Most of us who have already been though this, did it this way.
Of course if you have limited history YMMV and that's an entirely different hurdle, as Amex could zap all three trying to qualify you.
Starting Score: 770
your accounts are not too short i only had 14 months aaoa when i got mine lol but it was a thick file considering since i made myself au on 4 of my parent cards (brand new cards) and 1 from a friend (5 years) few old student loans paid in full never late 8 years ago. so considering I had all that stll AAOA was 14 months lol
@CreditMuppet wrote:
@SnackTrader wrote:
@Repo-ed wrote:
if you are declined for bcp, then you wasted a hp, and will have to wait 6mo. before applying again - another HP. whereas you app for the sure thing - prg, and get approved, you can then app bcp/bce and either approved on only 1 hp (maybe 2) or if declined, only a sp. ( sorry, on my phone)I was under the impression that I could use that HP (or perhaps another, but on the same day) for the charge card if I was not approved for the BCP. That way still getting in prior to the end of the year. And then I can try again for the BCP at another time.
But if I apply for a charge and then wait for BCP, aren't I wasting an HP for a card I don't want anyway? I would use an HP for the charge in December, and then an HP to get approved for the BCP when I finally get it. And those could be months apart, so they won't age together.
So I guess what I'm saying is, the only risk is the additional HP when declined for the BCP (if Amex pulls two HPs in order to decline me for BCP and then approve/decline me for the charge card). But those HPs will age together, thus reducing the impact.
The way I see it is as follows:
Best Case: Approved for BCP in December - never getting a charge - 1 HP on all bureaus (this is worth it for BCP rewards)
Second best case: Denied for BCP, I am approved for Green/Gold - only 1 HP. Then I get approved for BCP in 2013 - another HP
Worst case: Denied for BCP, I am approved for Green/Gold - 2 or 3 HPs. Then I get approved for BCP in 2013 - another HP
Worst Worst Case: Denied both BCP and Charge Card (Yikes!)
Am I totally off here? I have seen others take a similar approach, and thought that this strategy was possible. But now I'm second guessing it...
Honestly IMHO I would encourage you to take the advise of some of the veterans of this site. You should minimize the amount of potential inquries by (a) applying for the CHARGE card first and then on approval (b) Apply for BCP. In many cases it's one single inquiry, and generally speaking the charge card's are the easiest products to obtain. If you attempt to apply for the BCP revolver first, if you get denied, you won't be able to apply for anything else for at least 30 days. Most of us who have already been though this, did it this way.
Of course if you have limited history YMMV and that's an entirely different hurdle, as Amex could zap all three trying to qualify you.
I appreciate your response. I think I am confused about some aspects of the process, so can someone please help me understand this?
Why will I have fewer inquiries if I get the charge first, and then apply for the BCP on approval rather than applying for the BCP first, and then if denied applying for the charge? It seems to me that the chances of possibly being denied the BCP and approved charge card with the same hard pull are the same as approved for charge card and denied BCP.
I am fine with multiple inquiries on one day/within one week. Stretching the process out over several months is not the ideal situation as I want to hit the Garden again.
Bump.
If I apply for the BCP and get declined, does something preclude me from applying immediately for a charge card? And, is it no longer possible to use the same HP for both applications? Or is it just more likely that they will pull multiple HPs if this occurs?
Because if you get denied, you HAVE TO wait 6 months before you can apply for another AMEX product. If you get a charge card first, at least you get a good chance at getting your foot in the door with AMEX with it backdating to 2012 instead of 2013. 
DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
I wasn't aware of a 6 month prohibition period...
In fact, this thread seems to state that 60 days or less is sufficient:
http://ficoforums.myfico.com/t5/Credit-Cards/Declined-for-AMEX-Green-Advice/m-p/1631094/highlight/tr...
I know it must seem that I'm arguing everything, but I'm really just trying to get this story straight. I appreciate the help you all have provided here. I guess it's something I will revisit with a new thread in December. After all, I have a nice long month to think it through.
In fact, this thread seems to state that 60 days or less is sufficient:
http://ficoforums.myfico.com/t5/Credit-Cards/Declined-for-AMEX-Green-Advice/m-p/1631094/highlight/tr...
I know it must seem that I'm arguing everything, but I'm really just trying to get this story straight. I appreciate the help you all have provided here. I guess it's something I will revisit with a new thread in December. After all, I have a nice long month to think it through.
@eviLution wrote:Because if you get denied, you HAVE TO wait 6 months before you can apply for another AMEX product. If you get a charge card first, at least you get a good chance at getting your foot in the door with AMEX with it backdating to 2012 instead of 2013.
You never have to wait that long for any creditor. Anything beyond 31 days would be advisable.
Simply put, applying for credit should be stratigic and you should always aim for the best terms possible, be it by limiting inquiries or managing your utilization. It is a well-known fact that Amex will always pull Experian (sometime’s others if your approval is borderline) but in most instances they will pull Experian primarily. Amex revolvers such as Blue Cash Preferred are generally harder approvals, so why waste an inquiry? (Especially if you have no history with Amex). So it is recommended that you attempt an easier product first such as a charge card, get the approval and then try for a BCP or whatever revolver you are interested in, in most cases Amex will NOT pull another report, and you will either be approved or denied based on the existing report they have on file. If you get denied the revolver, no big loss, you still have the charge card and as an existing member (with an established MEMBER SINCE DATE), future applications will be based on the last soft inquiry that Amex pulled, and then a hard inquiry if approved.
Using this strategy you:
1. Limit Inquiries
2. Obtain an Amex product and establish a member since date
3. Are eligible for soft pull approvals (If denied) in the future.
Simply put you have a better chance of a charge card approval then you do a revolver approval, going for the revolver first and then getting denied will put you in to a waiting period before you can apply again (The AMEX system will cancel any new applications).
Good Luck!
@CreditMuppet wrote:Simply put, applying for credit should be stratigic and you should always aim for the best terms possible, be it by limiting inquiries or managing your utilization. It is a well-known fact that Amex will always pull Experian (sometime’s others if your approval is borderline) but in most instances they will pull Experian primarily. Amex revolvers such as Blue Cash Preferred are generally harder approvals, so why waste an inquiry? (Especially if you have no history with Amex). So it is recommended that you attempt an easier product first such as a charge card, get the approval and then try for a BCP or whatever revolver you are interested in, in most cases Amex will NOT pull another report, and you will either be approved or denied based on the existing report they have on file. If you get denied the revolver, no big loss, you still have the charge card and as an existing member (with an established MEMBER SINCE DATE), future applications will be based on the last soft inquiry that Amex pulled, and then a hard inquiry if approved.
Using this strategy you:
1. Limit Inquiries
2. Obtain an Amex product and establish a member since date
3. Are eligible for soft pull approvals (If denied) in the future.
Simply put you have a better chance of a charge card approval then you do a revolver approval, going for the revolver first and then getting denied will put you in to a waiting period before you can apply again (The AMEX system will cancel any new applications).
Good Luck!
This is what I was missing in my logic. I did not know this.
@I'm going to need to do some rethinking about the applications. Now that Chase released Q1 2013 rewards for the Freedom (gas @ 5%) I may hold off on the BCP. This way, I can get 5% on Gas for the first 3 months of 2013, and then try for the BCP in March and use it for gas in Q2. Since groceries are limited to $6,000 for the 6% rewards, I can probably hit that in 9 months, and therefore gain an extra 3 months of revolving history to help with my BCP chances.