Help me plan my app spree

[djrez4]

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@beerdrinker wrote:

Yes, I shop at Nordstrom a lot.  It is at the top of my list, because from all accounts they are quite generous with their CLIs.  Since they are so INQ sensitive, I wanted to apply for it first before the CSP.

Would it be wiser to just apply for the BCP and stay out of the charge cards? My logic tells me that since Amex is less strict with their charge cards it would be easier for me to get in with them after closing my Optima.

Thanks for your input.

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I received an Amex revolver with a much lower score (<650) and thinner history than you.  If you have reasonable income, I don't see any reason not to go straight for the BCP.

[beerdrinker]

This afternoon I had the following results:

- Chase Sapphire Preferred -- Instant approval!!!

- Nordstrom Visa Signature -- Got the 7-10 day mail decision message.  Called the Customer Service number and was told that at this time they couldn't approve me for a Visa Signature or their Store card, but I had to mail or present at a store a copy of my Drivers License and a Utility bill or Bank Statement with my address for ID verification.  Went to the Customer Service desk after work and they faxed my information to their Credit Department.  They told me it would take them 48 hours to process the information. Does that mean an approval???

There's a pending transaction on my Amex Optima.  Once that posts and I push a payment to bring it back to $0.00 I'll cancel it and proceed to apply for a non-recovery product.  A Gold Preferred is a safer bet, but the BCP is what I want.  What should I do?

[Duncanrr]

If they are doing address verification then its probably an approval.

(P.s. I only drapped once )

[beerdrinker]

Called Nordstrom and they notified me that my Visa Signature was approved after the ID verification!!!

2 for 2.  Now I have to wait for my last payment to my Optima to post to close that account and apply for a regular American Express.  This is the part of my plan I'm most nervous about.

[beerdrinker]

SOOOOO....I was approved for the Nordstrom Signature, but they HP'ed the other 2 CRAs 3 days after my initial application.  I'll call them after I activate the card and request to have them recoded as softs, that really irks me.

Closed my Optima and gave it 24 hours to cycle through their system and was declined when I applied for one of the charge cards due "to having an active recovery product".  Gave it another day and reapplied to be declined again for several reasons, mainly "High Utility", which is puzzling given that I have 1% Utility.  Called their Executive Office and was told they had pulled a CR from mid-September (not sure how they were able to do so when I applied a full MONTH later in October).  They connected me to New Accounts and I had to re-summarize my case to the CSR.  It was forwarded to their Reconn Dept. for manual review with the instructions to pull a recent CR.  My online status was changed from "Declined" to "In Progress", crossing my fingers for a possitve result so I can retire to the garden for a year.

I got my 2 top cards and I can live with being turned down after a Manual Review for an Amex charge for now.  If they regularly use old CRs, I can try to reapply in January or in 6 months.

[TheConductor]

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@beerdrinker wrote:

SOOOOO....I was approved for the Nordstrom Signature, but they HP'ed the other 2 CRAs 3 days after my initial application.  I'll call them after I activate the card and request to have them recoded as softs, that really irks me.

Unlikely they will recode those Nordstrom pulls as soft inquiries. You made an application for credit, and they are allowed to pull all 3 bureaus hard if they want to. The fact that most creditors only pull one bureau on most apps is a courtesy, not a right.

Congrats on your new cards, though!  Good app spree!

[KBraggs]

Why did you close the optima? From what I understand, a denial would have been a SP if as a card member. Not sure if it operates the same with the optima..
Moreover, the optima would keep your continued payment history with them fresh in mind and more food for reconsideration later.

Now if Amex decides not to let you back in for a while, you closed the card that keeps you in the door & could best prove them wrong for that! Hopefully they will be forgiving though given your strong credit performance.

[Dustink]

[deleted]

[beerdrinker]

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@KBraggs wrote:
Why did you close the optima? From what I understand, a denial would have been a SP if as a card member. Not sure if it operates the same with the optima..
Moreover, the optima would keep your continued payment history with them fresh in mind and more food for reconsideration later.

Now if Amex decides not to let you back in for a while, you closed the card that keeps you in the door & could best prove them wrong for that! Hopefully they will be forgiving though given your strong credit performance.

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Amex will not allow a person to have a charge or revolver card if you have an Active Recovery Product, which is what the Optima Card is.  They will not even PC you.  The only way one "graduates" from their Oasis Program is to have a perfect payment history for 12 months, cancel the Optima and reapply for a regular product.

I was confident that my scores exceeded their requirements for the charge card, but I was not expecting them to pull an outdated CR.

[KBraggs]

I see. Clearly another case of YMMV. Seen a few people who have had their optima card open while receiving approval for standard AMEX cards..

Like here for example http://ficoforums.myfico.com/t5/Credit-Cards/Amex-denial-b-c-Optima/m-p/1288183/highlight/true#M3585...

~3 posts down

But in any event, you obviously have your affairs in order and shouldn't have any trouble. Best of luck!