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How Much Does Current AMEX Activity Figure In New APP

Valued Member

How Much Does Current AMEX Activity Figure In New APP

Next week will be the 6 mo anniversary of my Plum card.  I was able to get that card backdated to 91, but of course being a business card it does not report to my personal credit report.

 

I am very anxious to get 1 or 2 personal AMEX cards.  I have been told that 6 mos is the minimum to get a "rating" from AMEX on a card you currently hold.  I generally run about 9k a month through the Plum card, usually paying BEFORE the statement closing date or immediately after.  There is after all a 1.5% early pay discount on that card and I have been able to rack up about $800 in early pay discounts in just 6 mos.  Love that card.  AMEX has got to be happy with my payment history so far.  I think the most they ever waited for payment was 4 days after closing date.

 

First of all, is it true I can have personal accts backdated to the same member since date as the small business card?  I am the President of the corp holding the Plum and the Personal Guarantor as well.

 

I am interested in obtaining a Gold Premier Rewards card (this will be my first app), and then then perhaps the Costco True Earnings.  I am a Business Costco member, does that exclude my from getting a Personal Costco AMEX?

 

I am wondering about my chances on these cards after just 6 mos of Plum card membership. 

 

My TU and EQX FICOs are in the 730's.  I am assuming my EX is about the same.   

 

My concern is that I have opened a lot of new credit ( 5 or 6 credit cards) in the past year and have 13 inquiries from some new cards and from shopping a car loan at a number of credit unions.  They all offered me amazing cc deals, so I foolishly accepted.  Only took the car loan from 1. (2.75 APR, how amazing is that?)  My utility is 14%.  I have a 6.5 year old paid tax lien and a 5.5 year old 30 day late, 1 time on a  credit card on my EX.  AAofA is only 4 years because of all the new credit.  Oldest account currently showing is 15.5 years old.  I have several credit cards with 15K limits

 

I was FR'ed 2 months after opening the Plum and they must have liked what they saw, because all charging privileges were re-instated within a week and as far as I can tell they will approve charges up to about 30k monthly on the business card if I were to want to.  My highest balance so far was about 20k. 

 

So, what are my chances on the PR Gold charge personal card?  How about the Costco personal AMEX?

 

Getting the charge will increase my AAoA about .5 years and getting both will add a full year.  I also like AMEX customer service and would like to start charging personal expenses on one or two of their products..  I certainly don't NEED any more credit cards.

 

Please share your thoughts or even better, your experience.

 

Thanks in Advance.

 

...Ranger out

 

 

Message 1 of 12
11 REPLIES
Regular Contributor

Re: How Much Does Current AMEX Activity Figure In New APP

Nobody can really tell you for sure. I was approved for my second AMEX about a year after my first with similar FICO's and a few inquiries. The number of inquires may hurt you. AMEX uses their own internal scoring system, which isnt jsut based on FICA. You can check on their website to see if you are pre-approved for any of their cards. Ultimately, you will just have to apply to see. I think you would have a good shot. Good luck and let us know.

Message 2 of 12
Senior Contributor

Re: How Much Does Current AMEX Activity Figure In New APP

It sounds like you would be approved for the PR Gold card even if you never had the Plum.  With the history with Amex, I don't imagine you'll have any problems. 

 

I was approved for PR Gold in October with a 645 EQ FICO.  My EX FICO is currently nearly 50 points higher than my EQ FICO as can be seen in my signature.  I did not know my EX FICO at the time, but I'm assuming there was a similar difference.  Still, you'd have a higher score than me.

 

The only thing I see that could be an issue is the number of inquiries.  How many are on EX?  You'd probably be able to recon if you were denied and explain that you were car shopping.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 3 of 12
Valued Member

Re: How Much Does Current AMEX Activity Figure In New APP

That's the problem.  There are about 9 Inquiries on EX in the last year,  3 each on EQ and TU.  Each time I shopped for a car loan rate I was told I could get a better deal if I signed up for a loan product.  I was offered great credit card terms (ie. 8.9 APR, no cash advance fees, ets) so I got a little carried away and accepted.  I don't need the cards.  I spend a lot of money on business cards, but only a couple thousand or so monthly on my personal cards.  I generally PIF.   I've developed the strange habit over time of only buying stuff I can actually afford.  

 

...Ranger out

Message 4 of 12
Frequent Contributor

Re: How Much Does Current AMEX Activity Figure In New APP


flyingmd wrote:

Nobody can really tell you for sure. I was approved for my second AMEX about a year after my first with similar FICO's and a few inquiries. The number of inquires may hurt you. AMEX uses their own internal scoring system, which isnt jsut based on FICA. You can check on their website to see if you are pre-approved for any of their cards. Ultimately, you will just have to apply to see. I think you would have a good shot. Good luck and let us know.


So after going to "see your offers", it says "Exclusively for you"

  - Premier rewards Gold Card

  - 50,000 points (after $1000 charge in 30 days)

  - Waive first year's AF

 

Is that actually an offer or is it just a generic ad?

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Message 5 of 12
Valued Member

Re: How Much Does Current AMEX Activity Figure In New APP

So who got their 2nd AMEX after having the first one for only 6 Mos?

 

Experiences?

Message 6 of 12
Senior Contributor

Re: How Much Does Current AMEX Activity Figure In New APP

Got an Amex SPG about 6 months after my PR Gold.  Technically not my second Amex since I had an old Amex revolver that was opened in 1998 and closed in 2005.  But it was my second active card, about six months after getting the PR Gold.  I was instantly approved.  CL was $19.6K.  They overnighted the card without me asking.  I used the PR Gold fairly heavily in the first 6 months, so that may have influenced the app.  Certainly not Amex's largest client by a longshot, but I probably put about $30-35K through the PR Gold before my app. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 7 of 12
Valued Member

Re: How Much Does Current AMEX Activity Figure In New APP

Thanks Walt,

 

It's hard to figure sometimes how lenders will think.

 

I would seem to be very credit-worthy.   

 

I'm just worried that they will be scared away by 10 inquiries in the last year and too much new credit.  Some of the inquiries were the result of Business Credit Cards that pulled my personal EX because I am the the Personal Guarantor.

 

My thinking is...if a credit analyst sees a Plum card account where close to 10K is charged every month then paid off at or before the closing date, how can they no to giving me a personal charge card?  I just don't know if they look at my Business Card track record the same way they would a current personal account.

Message 8 of 12
Epic Contributor

Re: How Much Does Current AMEX Activity Figure In New APP

I don't think you would have a problem at all getting the Gold and Costco... remember if you do Costco in store its instant usually vs if you do it online, but delivery of card is like over 3 weeks since the extra picture and card information for your Costco Membership. you should have no problem applying for personal Costco either.

Message 9 of 12
Valued Member

Re: How Much Does Current AMEX Activity Figure In New APP

I'm wondering if it wil cost me 2 Hard Pulls if I apply in store for costco and then on the phone for Gold.  Otherwise I could apply for both in the same phone call to AMEX cutomer service.

Message 10 of 12