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Should I app for an amex charge

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Luscher
Valued Contributor

Re: Should I app for an amex charge

if you don't mind burning a HP then sure! The only way you know if you will get approved is to apply. I am kinda wondering what the outcome will be too. GL!
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 11 of 19
watch44
Frequent Contributor

Re: Should I app for an amex charge

No. Stop.

How many inquiries do your have now? If the report says you have too many inquiries, the logical next step would be to stop applying for more credit. You want 6 months between apps/inqs and no more than 4-6 in a 2 year period. 

Your energy should be focused on paying down your balances until util is less than 10% or you're able to PIF every month. It makes no sense to get a charge card if you can't pay your balance off monthly.

  (Hover over pics for details) 
FICO:  TU 731 (05/14/14)   EX 749 (04/24/14)   EQ 684 (02/05/14)   Goal 700
FAKO:  TU 761 (05/20/14)   EX 761 (05/20/14)   EQ 743 (05/20/14)
Message 12 of 19
LearningMoreAboutCredit
Frequent Contributor

Re: Should I app for an amex charge


@watch44 wrote:

No. Stop.

How many inquiries do your have now? If the report says you have too many inquiries, the logical next step would be to stop applying for more credit. You want 6 months between apps/inqs and no more than 4-6 in a 2 year period. 

Your energy should be focused on paying down your balances until util is less than 10% or you're able to PIF every month. It makes no sense to get a charge card if you can't pay your balance off monthly.


+1

 

AMEX is not as sensitive to INQ's as they are to recent negative information (collections, chargeoffs, recent BK's).  So, concentrate on cleaning up your reports while you lower overall/individual utilization (<30%, but lower is better (1-9% optimal)).  Once you have those under control, your scores will improve and better your chances for approval.

 

Good luck on your journey...remember, obtaining good credit is a marathon, not a sprint.Smiley Wink


Any advice given is always YMMV...

Current FICOs: 740+ across the board | Goal: >760 FICO | Total CLs: $63.3k/$60k Goal | Utilization: 19% | Last App: 05/01/2014 | INQ: EX: 10, EQ: 8, TU: 5, All Expire 06/2016; No Collections/Charge Offs/BK's | AAoA: 7yrs.
| All Reports Frozen!!! | No Apps til 12/2015 | Homeowner since: 06/28/13 | White Whales: Marriott Rewards, Discover IT, Sallie Mae WMC, Sams MC
Message 13 of 19
Credithungry76
New Member

Re: Should I app for an amex charge

Okay I understand about PIF. I should do that, my last hp was in February. Now how could they still report the 2006 negs from JCP and Orchard? Is it because of it being sold to those CAs?
Message 14 of 19
android01
Valued Contributor

Re: Should I app for an amex charge


@Credithungry76 wrote:
Okay I understand about PIF. I should do that, my last hp was in February. Now how could they still report the 2006 negs from JCP and Orchard? Is it because of it being sold to those CAs?

The negatatives you mentioned remain on your CR's for 7 years unless you negotiate with the OC's or CA's and get something removed. Depending on your baddies actual month they should be falling off soon if they date to 2006.

EQ Fico 8 - 850
TU Fico 8 - 850
EX Fico 8 - 850
Message 15 of 19
Credithungry76
New Member

Re: Should I app for an amex charge

So my hhi of $85k should be good and I'll pay the balances down. The credit report I would leave the 2006 baddies alone cause they might date recent. Does that amex site soft pull will be a bad move? Maybe I should work on a good credit mix with Discover IT, they sent me an invite.
Message 16 of 19
09Lexie
Moderator Emerita

Re: Should I app for an amex charge


@Credithungry76 wrote:
So my hhi of $85k should be good and I'll pay the balances down. The credit report I would leave the 2006 baddies alone cause they might date recent. Does that amex site soft pull will be a bad move? Maybe I should work on a good credit mix with Discover IT, they sent me an invite.

Welcome to the forum.

 

  1.  Pull your CR's from annualcreditreport.com to ascertain the dates your derogs will fall off. 
  2. Pay down your current util by at least 20%
  3. For any remaining derogs that are not due to fall off soon, try to do PFDs
  4. For the derogs that are paid (if any) write GW letters 

I have never heard of an Amex approval less than 600.  Amex will more than likely decline your app based on the 8 negs, the HHI is irrelevant if the credit is poor. 

Message 17 of 19
Credithungry76
New Member

Re: Should I app for an amex charge

Thanks for the advice. I will garden for now and work on my report. At least I have new low end cards that's reporting good for us now.
Message 18 of 19
Juss11
Frequent Contributor

Re: Should I app for an amex charge

Are most of your COs, from 2006? Those should fall off 7-71/2 years, then that should really help your report. If I were you, I would work on cleaning up your report & not worry about more credit right now. Then maybe some of the inqs would fall off.

Message 19 of 19
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