Credit Cards

[BullsEye10]

I have been rebuilding my credit for the past two years and am looking to this board’s veterans for some advice. I would like to get an AMEX (gold preferably, but will settle for green and upgrade in 13 months if needed).

My relevant credit information is as follows:

Credit Scores (and source): Equifax (FICO) 666 - TransUnion (FICO) 659 - Experian (CreditKarma.com) 694
Income: $155,000.00 (4..5 years at current position)
Age: 38

Installment Debt:
$65,000.00 – Student Loans
$15,500 – Car Loan

Revolving Debt:
Oldest Acct: 1994
Newest Acct: 2011

Existing Credit Cards, Balances and Credit Limits:
Discover………$550.00…..CL $3,200.00
Capital One…...$0.00……..CL $1,750.00
Orchard Bank…$0.00……..CL $400.00
Sears……....….$0.00……..CL $800.00
Bank of Amer…$0.00……..CL $1,000.00 (secured)

Utilization Rate: 7.7%

Problem Areas: Late payment on installment loan in April 2011, otherwise no late payments for almost 4 years; Charge off with date of first delinquency January 2006. 3-4 inquiries in the past 2 years (the car loan and a couple of cards in 2011)

What do you guys think? Any chance of success or am I a couple of years away?

[LS2982]

What does your Experian file look like?

Based off of your stats I would say you have a good shot, the only thorn is the late installment payment.

[pizzadude]

I agree that you probably have a decent shot ~ assuming that your EX file reflects most of this.

They might complain about the recent late payment though ~ was it just a 30 day late ?

[h4ldol]

Why AMEX Gold btw?  I would probably go with AMEX BCE with no annual fee, good rewards, many of the AMEX benefits, and generous CL that will probably help your score more as it'll bring down your utilization.

[BullsEye10]

What I really want is the Platinum, but figure that I need to get the gold first and then upgrade after proving what a good boy I can be when I want to.

To answer your question, I like the travel perks primarily, and the ego stroke asociated with the platinum card isn't too bad either.

I'm not worried about the utilizaton rate, as next month the rate will be 0.00%, ans I intend to keep it there.

So, is it worth the hard inquiry?  I really don't want a hard pull unless I have a 60% chance of success ...

Of note, I filled in their form to see if I have ay pending offers, and they had none ... is that a not so subtle hint that I am not welcome at their party yet?

Thanks!

[FrugalRican]

I wouldn't pay too much attention to the pre-approvals.

I applied and got the BCE and all I was offered on those screens were the charge cards.

Hell, AMEX was sending me offers for the Gold card for months and I had no real idea why.

I'd say you have a decent shot, but that late might stick out to them.

[h4ldol]

When I was approved for my Gold Card in 2008, I had a 120 late (on TU; on EX/EQ it was reported as 60+ days late) on a LOC from only three years back.  I can't remember my scores at the time, but it was probably low 700s, or maybe even high 600s.  When I got my BCE card last month, AMEX hard pulled EX.  In the context of the rest of your credit profile (income, years at current job, etc.) I think you could have a reasonable shot, especially if you talk to someone when you apply.  And I would assume the Green card might give you a better chance of approval (and be a stepping stone to Platinum also)?  AMEX has been badgering me with offers to 'upgrade' to platinum for years now (clearly it's easy to get if you're willing to pay for it). 

[FicoTron]

I've been told the Green and Gold have the same approval criteria. You said you would app if your chances were >60%. I have done extensive research on this and can tell you that imo,you have a better than 60% shot, especially with the high income. The CO is old and one 30 day late is excusable. Go for it, and keep us posted.

[LS2982]

@FicoTron +1

Id go for it OP!

[tray]

Did you try the preselected amex site to see if you were eligible for any charge card, this information might be useful to you, personally this is what I did when I recieved my 1st amex, what came up for me was the green or the gold charge card, I took my chance on the green card and was approved. Also amex preselected site is just a soft pull if you go for the card it will then be a hard pull.  Good Luck with your decision.