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Regular Contributor
Viper786
Posts: 190
Registered: ‎04-15-2011

Thinking about applying for an Amex revolver. Need some advice

Hello all, I am thinking about finally applying for an Amex revolver. I am trying to decide between the BCE and the BCP. Currently, I use my Chase Freedom as my primary card and run about 500-1000 through it per month. 

 

1. I got my Amex Zync in April of 2011 and as far as I understand, if I apply for a card this month, the card will be backdated to January of 2011... am I correct?

 

2. With my credit scores (as seen in my signature), do I even have a chance to get approved for the BCP? The only negative thing on my reports is a 30 day late from 2007 and besides that, it's completely perfect. My util is currently around 40% and I am waiting until Jan 21st for my new balances to report (util will be down to around 15% by then).

 

3. Finally, should I go for the BCE or BCP. I would be using this card for gas, eating out, bills, groceries.. pretty much everything. Will the BCP with an annual fee of $75 even be worth it if I am spending $500-1000ish a month or am I better off with the BCE with no annual fee?

 

Any advice is appreciated!!

EQ - 689 FICO - ScoreWatch (6/14) | TU - 701 FICO - Lender Pull (5/14) | EX - 708 - FICO Lender Pull (6/14)
Amazon Store Card - $4000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One - $500 | Capital One - $3000 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1000 | Discover It - $1500 | Macy's - $1500
Moderator
pizzadude
Posts: 8,735
Registered: ‎01-28-2010

Re: Thinking about applying for an Amex revolver. Need some advice


Viper786 wrote:

Hello all, I am thinking about finally applying for an Amex revolver. I am trying to decide between the BCE and the BCP. Currently, I use my Chase Freedom as my primary card and run about 500-1000 through it per month. 

 

1. I got my Amex Zync in April of 2011 and as far as I understand, if I apply for a card this month, the card will be backdated to January of 2011... am I correct?

 

2. With my credit scores (as seen in my signature), do I even have a chance to get approved for the BCP? The only negative thing on my reports is a 30 day late from 2007 and besides that, it's completely perfect. My util is currently around 40% and I am waiting until Jan 21st for my new balances to report (util will be down to around 15% by then).

 

3. Finally, should I go for the BCE or BCP. I would be using this card for gas, eating out, bills, groceries.. pretty much everything. Will the BCP with an annual fee of $75 even be worth it if I am spending $500-1000ish a month or am I better off with the BCE with no annual fee?

 

Any advice is appreciated!!


Yes, if you are approved for an AMEX this month it will have a date opened of Jan 2011.

 

I think you have a good chance of being approved once your utilization is paid down.   If your only negative is a single 30 day late then I think you'll be successful.

 

You can always apply for the BCE now and then convert it to BCP later if the math supports paying the annual fee.   You'll have to estimate what you'll spend on groceries, gas, etc... to know if the cash back outweighs the cost.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
Viper786
Posts: 190
Registered: ‎04-15-2011

Re: Thinking about applying for an Amex revolver. Need some advice


pizzadude wrote:

Yes, if you are approved for an AMEX this month it will have a date opened of Jan 2011.

 

I think you have a good chance of being approved once your utilization is paid down.   If your only negative is a single 30 day late then I think you'll be successful.

 

You can always apply for the BCE now and then convert it to BCP later if the math supports paying the annual fee.   You'll have to estimate what you'll spend on groceries, gas, etc... to know if the cash back outweighs the cost.


Thanks for the input, I'll probably end up applying for the BCE instead of the BCP for now and as you suggested, convert it to BCP later if it's worth it

EQ - 689 FICO - ScoreWatch (6/14) | TU - 701 FICO - Lender Pull (5/14) | EX - 708 - FICO Lender Pull (6/14)
Amazon Store Card - $4000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One - $500 | Capital One - $3000 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1000 | Discover It - $1500 | Macy's - $1500
Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012

Re: Thinking about applying for an Amex revolver. Need some advice


Viper786 wrote:

Hello all, I am thinking about finally applying for an Amex revolver. I am trying to decide between the BCE and the BCP. Currently, I use my Chase Freedom as my primary card and run about 500-1000 through it per month. 

 

1. I got my Amex Zync in April of 2011 and as far as I understand, if I apply for a card this month, the card will be backdated to January of 2011... am I correct?

 

2. With my credit scores (as seen in my signature), do I even have a chance to get approved for the BCP? The only negative thing on my reports is a 30 day late from 2007 and besides that, it's completely perfect. My util is currently around 40% and I am waiting until Jan 21st for my new balances to report (util will be down to around 15% by then).

 

3. Finally, should I go for the BCE or BCP. I would be using this card for gas, eating out, bills, groceries.. pretty much everything. Will the BCP with an annual fee of $75 even be worth it if I am spending $500-1000ish a month or am I better off with the BCE with no annual fee?

 

Any advice is appreciated!!


1. Yes

 

2. You should be OK.  I got triple pulled and the approval letter cited TU @ 680.  I have a short sale from 2009 and they seemed to look the other way.

 

3. Do the math.  As I understand, the groceries max at $360/year on BCP, $180/year on BCE.  $360-$180-BCP AF=$105.  Then there's the other categories to earn in.  I did BCE and will evaluate after a few months.  I'm allergic to AF's.


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Thinking about applying for an Amex revolver. Need some advice




Thanks for the input, I'll probably end up applying for the BCE instead of the BCP for now and as you suggested, convert it to BCP later if it's worth it


Need to wait about 13 months before you can PC to AF card.......correct me if im wrong but its 99%.

Your change approve very high but i would wait until your new Utiliti affect and also check and see if they been SP you through experian.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Thinking about applying for an Amex revolver. Need some advice

I think you stand about an 80% chance maybe more due to zync history. Go for it! If denied it shoud be a soft pull.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Regular Contributor
sengpatt
Posts: 223
Registered: ‎12-08-2012

Re: Thinking about applying for an Amex revolver. Need some advice

[ Edited ]

People have done the math elsewhere, but you don't have to spend very much on groceries to earn back the AF, and that's not including spending in the other categories.

Also, if you manage to net the $100 or $150 sign-up bonus, that pays the AF for up to 2 years as well. Since you say you're planning to shift a good portion of your spending over to whichever one you choose, I don't think you have anything to lose by going for the BCP.

EX: 758 (10/12), TU: ???, EQ: ???

BankAmericard Travel Rewards // Citi Forward // Amex Blue Cash Preferred // Gap Visa
Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Thinking about applying for an Amex revolver. Need some advice


nicholasyud wrote:



Thanks for the input, I'll probably end up applying for the BCE instead of the BCP for now and as you suggested, convert it to BCP later if it's worth it


Need to wait about 13 months before you can PC to AF card.......correct me if im wrong but its 99%.

Your change approve very high but i would wait until your new Utiliti affect and also check and see if they been SP you through experian.

 


So there's a few thing I should point out. BCP gives an extra $50 in signup bonus, so there's a good portion of your first year's annual fee right there. Then, with just $833 in grocery spending in the first year you will get your entire annual fee back. All spending on gas, qualifying department stores, and additional groceries starts netting you a profit in the first year over the BCE. So with just $1,000 in total spending, and $833 of that being groceries ($69.50/month) you will get 12 months to decide where your spending needs fit. 

 

For subsequent years all it takes is $210 of grocery spending a month ($2,500 overall) to earn $150 in rewards, which gains you a net off $75 after the annual fee, which is the same as BCE. So that's your break even point. Anything more than that, and ANY gas spending on the card justifies the annual fee. So, that's the math. It doesn't lie. Try to figure out where your spending hits. 

 

As for the bolded above, that's true. Easier to start with BCP and move to BCE. 

 

Also, for further insight and a repitition on my comments:

 

http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-BCE-BCP/m-p/1612094/highlight/true#M444321


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Thinking about applying for an Amex revolver. Need some advice

To Snack

I was mentioned to OP that if he decide to go with BCE then he need to wait about 13 months before he can PC to BCP.........which stuck on my case.

I PC my delta to BCE and i tihnk i like BCP structure better.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Regular Contributor
Viper786
Posts: 190
Registered: ‎04-15-2011

Re: Thinking about applying for an Amex revolver. Need some advice

Thanks for all the replies and advice everyone. I have decided I will apply for the BCE. My final statement that I am waiting to report to the agencies was posted on the 12th and as of right now, according to Credit Karma, my new balance has not been reported. 

 

Is Amex still pulling Experian exclusively? I have a lot of inquiries on my TU (13, but 4 are those are from different lenders when I got an auto loan in July of 2012) as opposed to 7 on my Experian (2 are auto loans). Not exactly sure about EQ, haven't pulled my EQ report in a while.

 

Also, how long does it typically take after a statement posts for the new balances to be reflected at the credit agencies?

EQ - 689 FICO - ScoreWatch (6/14) | TU - 701 FICO - Lender Pull (5/14) | EX - 708 - FICO Lender Pull (6/14)
Amazon Store Card - $4000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One - $500 | Capital One - $3000 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1000 | Discover It - $1500 | Macy's - $1500

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