Should I App to Amex BCP w/ semi limited credit?

[Anonymous]

Hi All,

First post here. I have been reading on these boards for months now and have learned a lot about credit in that time. I currently have one CC (Still open, haven't used in 4 years, never late, always PIF when charged to) and I really want to app for an AMEX BCP card but don't know if I will get approved or not. I have paid with only cash for years and would like to take advantage of the 6% cash back offered by BCP since I spend most of my money on groceries each week.

My Current Situation:

Scores: EQ FICO: 744 | TU FICO: 739 | EX FICO: Unknown

Open Accounts from Credit Report: Wells Fargo Credit Card ($1200 CL, Open for 6 years 11 months, haven't used in 4 years, 0% Util)

Average age of Accounts: 6 years 11 months. Oldest Account: 6 years 11 months

Never Late

Have Always PIF

No Loans or Mortgages

Hard Pulls: 0

Derogatory/Negative/Collection/Leins: 0

Income: 40K

Do you think my chances are good for getting approved for Amex BCP given I only have one total account on my reports? If not, any recommendations on a good cash back card for grocery shopping?

Thanks!

[Repo-ed]

I say go for it -

www.whogavemecredit.com

[distantarray]

BCP is NOT a 6% card, but a 4.75% 

BCP is NOT a 6% card, but a 4.75% 

BCP is NOT a 6% card, but a 4.75% 

BCP is NOT a 6% card, but a 4.75% 

After annual fee and $6000 limit :\

you should be MORE than fine, but surprised you didn't have a second card, but remember BCP is only limited to $6,000 at 6% a year now.

The benefit of this card is 6% upto $6,000 but that's $360 in savings annually so it might not be the best since there is a $75 annual fee. So that brings the savings down to $285 a year. So your only actually getting 4.75% back on your groceries =\

Depending on your lifestyle/spending habits another card could be much better. Although it is good to get your door in with Amex, another card could do much much better.

Personally I thought the BCP was a great card at start, but then realizing most my shopping is done at Walmart / Costco I don't really use this card enough to justify keeping it. Most frugal people would shop mainly this way. Hell I even buy meats at Omaha steaks, and toilet paper at Amazon cause I get better deals this way. I only spend about $20 a week at a grocery store these days.  (Omaha steaks are amazing cause I use ultimate rewards mall, and Chase points are worth upto 9cents a piece for me for my travel habits, so last month they had a 13 point promotion, so I got 780 points for $60 worth of steaks, if redeemed for first class tickets I basically got a $70 value towards first class, or about $30 for coach redemptions)

Explore all options and think of your lifestyle before you get a second card, this one's going to be a decent affect on your score bringing down your AAOA, but remember you should apply for a few on the same day       

Also You should apply for US Bank Cash+ before anything, it is the BEST credit card to have if you love cash back / end of story. If you plan to travel soon Flexperks + United Mileage plus or club are clear winners in the travel world imo. Also Chase Ink business cards are undeniably the best cards for travel but that's another story =x

[SnackTrader]

I got the card with only 6 months of revolving history and the scores shown in my signature, which aren't far off from yours. I say give it a try and get back to us!

[jake619]

I thought BCP w/ the $250 sign-up/minimum spend bonus beats CASH+.  Also  the CASH+ structure is heavily rumored to be changing very soon and the categories rotate vs. BCP being static all year.