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Hello All..My quick story and Amex hope.

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topisnear
Established Member

Hello All..My quick story and Amex hope.

Im excited to finally be part of this forum I have been on this pretty much all day at work learning tons. I thought I know alot about credit which I still think I do but the tricks and tips on here are very valuable. Going back 5-8 years when i was 21 I have always had very good credit 715+, 2 paid off cars with all positive history, numerous CC with no lates.. Around 2011 I had a very hard time and lost a business, which I ended up loosing my car that I had only for 5 months, I had no other choice but to survive. Scores dropped to 601-615..I have been rebuilding ever since and today I'm 28 years old my scores are EQ and EX 672 and Trans 697, I make around 80-100k yearly and have since bought another car 08/13 to help improve these scores (dont ask about the interest) lol. I could pay off the car its only a small 7k balance but im letting it build. Right now I have 1 car loan, 1 retail card which is paid and have 5 CC accounts.

 

Cap one Venture $3500 limit..$3300 Balance

Chase Freedom $2000 Limit...$1600 Balance

Discover IT $1800 Limit... $1400 Balance

Wells Fargo $1000 Limit ...$950 Balance

Orchard (now Capone) $1200 Limit...$450 Balance

HSBC retail services (worst customer service in history) $3000 Limit..0 balance

 

Now I did use these cards to get by for some time and now that my income has changed for the better I dug deep these last 3 months, ate crap and didn't spend a dime to pay these off. In 2 days I will bring my UTI from 64% to around %20. I will be paying off the venture, wells, and orchard. Within the next month I will have Discover and Freedom paid. My goal was to use the Venture card for daily expenses and pay off by statement from here out..BUT.....

I really have the AMEX Itch and I want to apply. I'm hoping once my UTI is down to 0-10% my scores will have jumped 30-50 points and I can apply. I would love to have the gold amex, Ive always wanted one and I feel it would be a great reward for this hard work. Do you guys see a possibility in Gold or even Blue Cash approval? Smiley Happy Thank you so much for taking the time to read and help me out here.

 

 

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AMEX PRG NPSL charge about $2000 month, Capital one Venture $320 (for Uti) on $3500, Chase Freedom $0 on $2000,
Discover IT $0 on $2300, Wells Fargo Platinum $0 on $1600,
Capital one QuickSilver $0 on $1000, Wells LOC 0 of $5000
Scores: Purchased here on myfico
703 Experian
698Transunion
692 Equifax

Goals: 720+ all across and a AMEX PRG
Message 1 of 7
6 REPLIES 6
massdefect
Established Member

Re: Hello All..My quick story and Amex hope.

I'm no expert, but I'd pay off all of those cards, wait a few months, then apply for the AMEX Delta. . . 

Age: 26
Real Credit Score(s) as of 9/30/14: TU: 821 EX: 761 EQ: 726

Marriot Rewards - $18,000 Chase Sapphire Preferred - $16,000 Barclays NFL - $14,000 Lowes - $12,000 AMEX BCE - $7,500
Com. Bank
- $6,500 Discover IT - $4,750 Cap One - $2,750
Message 2 of 7
codimom
Frequent Contributor

Re: Hello All..My quick story and Amex hope.

I agree with Mass.. if that is truly the landscape of your credit cards, it reads (to me) as almost maxed out.  I would pay them off completely, wait a month or 2 and then apply.  Use your cards (heck pick one..) and pif for those months. it will help to keep your util down and your score will go up up up.  AMEX isn't really going anywhere and you can wait a few months,right? Smiley Happy

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 3 of 7
youngandcreditwrthy
Senior Contributor

Re: Hello All..My quick story and Amex hope.

I'd say once your 700+ and have util below 10%, apply.

 

I had about a 700 FICO when I first got my BCE at 3500. It has since grown to 24500 and I got another couple of Amexes to boot.

 

Good luck!

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 4 of 7
topisnear
Established Member

Re: Hello All..My quick story and Amex hope.

Wow, ya thats encouraging. I just need to be patient right now and let these scores grow once I pay them off within 2 days. Excited though!!!

AMEX PRG NPSL charge about $2000 month, Capital one Venture $320 (for Uti) on $3500, Chase Freedom $0 on $2000,
Discover IT $0 on $2300, Wells Fargo Platinum $0 on $1600,
Capital one QuickSilver $0 on $1000, Wells LOC 0 of $5000
Scores: Purchased here on myfico
703 Experian
698Transunion
692 Equifax

Goals: 720+ all across and a AMEX PRG
Message 5 of 7
watch44
Frequent Contributor

Re: Hello All..My quick story and Amex hope.

So those negatives are from 3 years ago? Were they just lates or charge-offs?  Are those scores FAKO or FICO? They seem unusually high considering your utilization. I'd wait until you util was under 10% to app. 

 

Also, the Amex charge cards are the easiest approvals in the Amex family, followed by co-branded cards like the Delta, SPG, HHonors, etc.. People with scores in the low 600's have been approved for these. 

  (Hover over pics for details) 
FICO:  TU 731 (05/14/14)   EX 749 (04/24/14)   EQ 684 (02/05/14)   Goal 700
FAKO:  TU 761 (05/20/14)   EX 761 (05/20/14)   EQ 743 (05/20/14)
Message 6 of 7
topisnear
Established Member

Re: Hello All..My quick story and Amex hope.

Hi Watch, yes the car issue was from 3 years ago and was a charge off and I agree 100% about my scores. I have no clue why they are so high given the car charge off, I understand that was 3 years ago and ive been perfect since but still. Dont get me wrong im happy but leaves me wondering. Also those are Fico scores. Last year when I financed the car the dealer told me i was at 625, so no doubt the car has helped greatly this past year along with on time CC payments. Good to hear the charge cards are easier to get but after reading so many stories on here about them randomly declining during a nice dinner etc that could be why lol. Hopefully if i can get one that wont happen, but def worth that risk for me.

AMEX PRG NPSL charge about $2000 month, Capital one Venture $320 (for Uti) on $3500, Chase Freedom $0 on $2000,
Discover IT $0 on $2300, Wells Fargo Platinum $0 on $1600,
Capital one QuickSilver $0 on $1000, Wells LOC 0 of $5000
Scores: Purchased here on myfico
703 Experian
698Transunion
692 Equifax

Goals: 720+ all across and a AMEX PRG
Message 7 of 7
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