Hi all!
Also posted this on Auto forum but wanted to get words and wisdom from credit forums as welll 
I just applied 2 AMEX cards and they were approved 
! I tried to ask the rep on the phone what my Experian FICO is and she said it is 700+, couldn't give me the exact score due to "security concerns."
I thought it was going to be only 1 pull, but found out that it was 2 pull since I actually applied 2 cards 
bummer!
I currently have four hard pulls (one in (7/11) and one in (10/12), now two in (1/13) ), should I garden these first then apply for auto loan ?
Thank you for your words and wisdom!
The one from 7/11 is not affecting your score anymore. The other inquiries are likely having a fairly minor effect, maybe 10 points or a little more. I don't think it's going to be a big deal. Certainly not a dealbreaker as far as getting approved. Hard to say whether you might be near an interest break cutoff. What might have more of an effect is when the two new Amex cards start reporting. Are they your first Amex cards? If so, you're going to get dinged for two new accounts and the resulting lowering of your AAoA. Not sure by how much though. Depends on what's on your reports.
What's on your other reports. The lender you go to might not even use EX. Also, they are going to use an auto-enhanced score. Do you have prior auto history?
Starting Score: ~500 (12/01/2008)Hi Walt_K!
Thank you for your words and wisdom !
My 2 Amex's are indeed new accounts 
I should've applied just one but I read from forums that 1 HP could get me 2 accts... turns out it was 2 HP, didn't verify thru Experian yet but will check soon.
My current AAoA is 3.5 years (very bad ) But, with Amex's back-dating, would it help?
I do not have prior auto history, this will be my first vehicle !
I currently have baddies (SLs, closed, reported as 180+ days late) - working on GWs)
SLs has been rehabbed and reporting as good standing (positive)
Cap1 secured (positive)
and now I will have AMEXs which have not been activated !
Thanks in advance for your words and wisdom, I appreciate it!
@Anonymous wrote:
My 2 Amex's are indeed new accounts
My current AAoA is 3.5 years (very bad
It is never a certaintity that you'll only get a single HP from AMEX when you apply for more than one card. Sometimes it happens, but you can't count on it. YMMV.
Did you have a previous AMEX card before you obtained your new 2 AMEX accounts ?
@Anonymous wrote:Hi Walt_K!
Thank you for your words and wisdom
My 2 Amex's are indeed new accounts
My current AAoA is 3.5 years (very bad
I do not have prior auto history, this will be my first vehicle
I currently have 4 baddies (SLs, closed, reported as 180+ days late (infamous FedLoan) - working on GWs)
My EQ and TU have 1 collection reported that was paid (should've done PFD, but too late
4 SLs has been rehabbed and reporting as good standing (positive)
Cap1 secured (positive)
and now I will have AMEXs which have not been activated
Thanks in advance for your words and wisdom, I appreciate it!
You won't get backdating if these are your first Amex accounts. Do you have a prior Amex that these are going to backdat to? If so, what is the year of the prior Amex. Also, how many accounts is your AAoA based on?
Did you only have one CC previously? If so, you might see a score increase from adding these accounts. Sometimes people see better scores once they get to 2-3 accounts.
Having higher overall credit limits will help you in terms of it being easier to keep your utilization low, but if you already had it at a low percentage, you won't see much benefit in that regard. Utilization is all about percentage, not absolute numbers.
If you only had one CC, you will probably also see a benefit because now you will be reporting a balance on 1/3 CCs as opposed to 1/1.
Much appreciated, Walt_K!
Yes, I only had 1 CC (Cap1 secured). Utilization is 0% but I am going to leave some itty-bitty balance to report (about 1-5%) so that Cap1 keep reports (I heard that Cap1 does not report if you just PIF every month..)
Do you also believe that I should garden about a year then apply for auto-loan? I think so because having these two listed on my CR will help me... (responsible borrower with at least $2000 )
Any suggestions, words and wisdoms - much appreciated!
@Anonymous wrote:Much appreciated, Walt_K!
Yes, I only had 1 CC (Cap1 secured). Utilization is 0% but I am going to leave some itty-bitty balance to report (about 1-5%) so that Cap1 keep reports (I heard that Cap1 does not report if you just PIF every month..)
Do you also believe that I should garden about a year then apply for auto-loan? I think so because having these two listed on my CR will help me... (responsible borrower with at least $2000
Any suggestions, words and wisdoms - much appreciated!
I don't think that's true about Cap1 not reporting if you PIF. I think that is outdated, but I am not sure as I no longer carry a Cap1 card. But it is true that for optimal scoring, in general, you want one card to report between 1 and 9% of its CL, and all other cards to report $0.
If you don't need a new car, then you should certainly wait, if for no other reason than to keep saving money. By 6 months to a year, your score will have rebounded from the inquiries and new accounts. If you really need a new (or new to you) car, well then, you do what you have to do. Hopefully in that time, your GW efforts will pay off.