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I'm really thinking about apping for the BCP next month. As you can see by my signature my scores are not quite there. All I have is 1 CC and it is reporting a balance of $1098 w/ a 2K CL and no lates. The due date is the 27th and I will be paying it off tomorrow.
I do have several lates on my mortgage but the last 1 was 9/2011. Right now I'm trying to get an idea of how much my score will increase once the card is paid off.
In other news is I was just approved for a NFCU cashRewards card w/ a $2500 CL on the the 13th with the scores I have. I have'nt gotten the card yet but I don't think it will show until I activate it I'm guessing.
Go for the American Express Zync instead... that way you can build a relationship with Amex and pick up one of their revolving limit cards later on. A charge card is very useful
Also, my fiance used his Zync at the jewelry store to pick out his wedding band... All the ladies in the store were ooohing and ahhing over the "white" card
One thing I didn't mention is that I had a Amex Plat that was closed and in good standing. I was hoping that my good standing with them would go along way.
I'm guessing paying off my CC would net me at least 20-30pts. From what I've been reading there are thresh holds that gain you major points as your util drops.
Am I wrong about this? My util will drop from 55% to 0%.
I will wait a couple of weeks for the $0 bal to report before apping, but I really want the BCP since it fits my spending habbits perfectly.
You are more likely to get the best score boost by letting one credit card report a very small balance (less than 9% of limit) as opposed to having zero balances across the board.
I recently applied for the Amex BCE and got denied. I'm a longtime Amex cardmember (23 years and counting). I have 2 Amex cards (Gold & Optima) that have perfect payment history and I PIF each month. However, I have high util on some of my other credit cards and I'm certain that was the biggest reason for being denied. My EX Fico as of 3/3/12 was 698 (as per Amex's denial letter).
However, Amex then went full tilt on me by sending me a letter this week to let me know that I now have the ability to "Pay Over Time" on my Gold card and can carry a revolving balance up to $35,000. They closed this letter with these words "We are pleased to welcome you back." Welcome me back? I never left! I received this letter about 2 weeks after receiving the BCE denial letter. Not much has changed in my credit profile.
Amex is a strange duck - you just never know. I think if you didn't have the recent late mortgage payment, you'd probably have a good chance. Have you considered sending a GW letter to your mortgage company to see if they can remove the lates?
I say go for it.
GO FOR IT
@CribDuchess wrote:You are more likely to get the best score boost by letting one credit card report a very small balance (less than 9% of limit) as opposed to having zero balances across the board.
I recently applied for the Amex BCE and got denied. I'm a longtime Amex cardmember (23 years and counting). I have 2 Amex cards (Gold & Optima) that have perfect payment history and I PIF each month. However, I have high util on some of my other credit cards and I'm certain that was the biggest reason for being denied. My EX Fico as of 3/3/12 was 698 (as per Amex's denial letter).
However, Amex then went full tilt on me by sending me a letter this week to let me know that I now have the ability to "Pay Over Time" on my Gold card and can carry a revolving balance up to $35,000. They closed this letter with these words "We are pleased to welcome you back." Welcome me back? I never left! I received this letter about 2 weeks after receiving the BCE denial letter. Not much has changed in my credit profile.
Amex is a strange duck - you just never know. I think if you didn't have the recent late mortgage payment, you'd probably have a good chance. Have you considered sending a GW letter to your mortgage company to see if they can remove the lates?
Yes I tried GW but they won't budge and that's the only negative on all of my reports.
My car loan will be 3 years old in 3 weeks with no lates and my only CC is 9 yrs old and never late.
All other accounts that I ever had are showing paid in full and never late.
I'm kinda nervous about apping and getting denied then having to wait until Sept when it will make the late a year old.
Man, I could really use that 6 & 3%.