Credit Cards

[tinuviel]

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distantarray wrote:

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tinuviel wrote:

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distantarray wrote:

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tinuviel wrote:

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annielorie wrote:

I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

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I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

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I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

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They specifically stated First Premier? How did they inform you of that; surely they didn't state First Premier by name directly on the denial letter, did they?

Well, if that's the case, then it still is very much a YMMV sort of thing. As I stated, I was approved with two FP cards on my reports. (Two FP cards -- what was I thinking!!! I've learned a lot since then, LOL!)

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They quoted "Sub prime lenders" but besides HSBC  and Achieva (local CU) reporting they were the only ones  and we know those are ok =p

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Interesting. I'd really love to know exactly how they make their decisions -- would love to look at and analyze the algorithm! -- as it really seems like a crapshoot at times. I was approved with nothing BUT subprime lenders on my reports: Cap1, First Premier, Orchard; closed accounts with First Premier, Emerge, Applied Bank and SST. That and Kay, JC Penney and Dillards. Subprime and store cards as far as the eye could see... and I was approved for a Green. Go figure.

Anyway, I would urge the OP to try even with the FP on the reports. There must be a wide variety of factors that Amex takes into account and I wouldn't worry about which lenders you're showing.  It's worth a shot to get in by the end of the year and establish the member date.

[LS2982]

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tinuviel wrote:

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distantarray wrote:

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tinuviel wrote:

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distantarray wrote:

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tinuviel wrote:

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annielorie wrote:

I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

---

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

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I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

---

They specifically stated First Premier? How did they inform you of that; surely they didn't state First Premier by name directly on the denial letter, did they?

Well, if that's the case, then it still is very much a YMMV sort of thing. As I stated, I was approved with two FP cards on my reports. (Two FP cards -- what was I thinking!!! I've learned a lot since then, LOL!)

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They quoted "Sub prime lenders" but besides HSBC  and Achieva (local CU) reporting they were the only ones  and we know those are ok =p

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Interesting. I'd really love to know exactly how they make their decisions -- would love to look at and analyze the algorithm! -- as it really seems like a crapshoot at times. I was approved with nothing BUT subprime lenders on my reports: Cap1, First Premier, Orchard; closed accounts with First Premier, Emerge, Applied Bank and SST. That and Kay, JC Penney and Dillards. Subprime and store cards as far as the eye could see... and I was approved for a Green. Go figure.

Anyway, I would urge the OP to try even with the FP on the reports. There must be a wide variety of factors that Amex takes into account and I wouldn't worry about which lenders you're showing.  It's worth a shot to get in by the end of the year and establish the member date.

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I believe the sub prime hit has less effect if you've had the cards established over a year and in good standing. You have to start somewhere.

[distantarray]

i had them for 5 years at the time, but probably went to an underwritter it could be a ymmv situation. Depends who looked at your account etc.

[annielorie]

Thanks for the replies. I dont feel that I cant get Amex with !st premier open only that it seems frowned upon.  Want to get my utility down before I pull trigger and the 4 new cards reporting at least 6 months. Not sure of actual scores right now but when I get utility to lowest one card 9% less then Ill get fico scores to see where I am at. Keep everybody posted.

[trumpet-205]

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LS2982 wrote:

I believe the sub prime hit has less effect if you've had the cards established over a year and in good standing. You have to start somewhere.

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We are talking about card that is aimed for bad credit (where default rate is as high as 50%, hence high APR from 36.00 to 79.99%) like First Premier, not for those who begins credit journey (thin file, little to no credit history).

[Sparkz1920]

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tinuviel wrote:

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annielorie wrote:

I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

---

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

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I got approved with a FP....That i still have....Green and Skymiles

Also have a Creditone and a 1ST Nat'l Credit card on my reports/ Got these AMEX cards in the last 3 months.

[Madman94044]

I got approved for an Amex with FP showing. I closed both FP and orchard last month when their annual fees hit.

[creditnocash]

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annielorie wrote:

I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

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link please? 

would this effect people already backdated or just new backdaters? hmmm 

[annielorie]

No link but many of these things are talked about in the last six months. prior backdating would most likely not be effected.  I was just stating that it seems that there will be more regulation re credit files, if I was a person on the mend or building from thin file Id be at Mach speed.  Only time will tell.