mikka1 wrote:
Pilotdude wrote:(...)I believe Bcp is out of my reach until maybe next year this time. Maybe it is and maybe it isn't but I want to play it safer if possible.
My strategy is to go for the card that will be harder to get first and then tackle the easier ones last. So I am thinking at best, BCE (...).A little bit offtopic, but from the lender perspective, I don't really think there's any difference between BCE and BCP acceptance criteria.
I can even assume that BCP might have slightly lower acceptance score threshold than BCE, as it has a potential of generating slightly higher fee income from AF.
So if you really want BCP and think it fits your profile better, than BCE does, I'd go for it. I have personally chosen BCE because I don't like AFs at all and I shop a lot in Target and Walmart, and AFAIK Amex does not give 6% on BCP in those stores, but not because I thought it's easier to get it than BCP...
Similarly, I don't really think that PRG or even Platinum cards have much stricter acceptance criteria than Green - as a lot is only about limit, not the color of the card...
Thought It's just IMHO, I might be wrong here.
I think you are 100% correct.
Pilotdude wrote:
Henchman21 wrote:Do you need to avoid the inq? If it won't hurt you too bad to get a denial...
Yea. I'd like to avoid a inq if there is a good chance it won't result in an approval. I might very well be overly cautious in that regard though.
My inq picture is:
EX 7 but all old (well over a year and a half)
EQ 2 1 old, one from Jan 13
TU 2 1 old, one from Jan 13
I think I was worse off than you when I got approvals.
I stand at:
EX: 20
EQ: 13
Tu: 13
INQs have little effect after 6 months and basically no effect after a year. So, your reports are basically free of INQs.
Pilotdude wrote:
Thanks mikka.
I have heard that as well but slap me in the noggin and call me crazy, I just don't understand how a Preferred" higher echelon card could have the same lending criteria.
Of course I could be dead wrong and I'd love the 6% back (we shop 500 per month at Ralph's easy).
Sorry, I don't do noggin slapping for free, but: Preferred is merely a marketing term, as are Gold, Elite, Diamond, Platinum etc. Amex, and many other issuers, offer choice: a set of enhanced benefits for a fee (BCP) or a reduced set for free (BCE). You seem to assume that people with higher scores would prefer the bigger benefits and pay a fee, but that really isn't the case. Above the same minimum score level, it's up to the customer to decide which cost vs benefit they want.
The charge cards offer a similar choice, providing you are sufficiently credit worthy, Amex is happy to take your $450 for one set of benefits, or smaller amounts for less.
bs6054 wrote:
Pilotdude wrote:
Thanks mikka.
I have heard that as well but slap me in the noggin and call me crazy, I just don't understand how a Preferred" higher echelon card could have the same lending criteria.
Of course I could be dead wrong and I'd love the 6% back (we shop 500 per month at Ralph's easy).Sorry, I don't do noggin slapping for free, but: Preferred is merely a marketing term, as are Gold, Elite, Diamond, Platinum etc. Amex, and many other issuers, offer choice: a set of enhanced benefits for a fee (BCP) or a reduced set for free (BCE). You seem to assume that people with higher scores would prefer the bigger benefits and pay a fee, but that really isn't the case. Above the same minimum score level, it's up to the customer to decide which cost vs benefit they want.
The charge cards offer a similar choice, providing you are sufficiently credit worthy, Amex is happy to take your $450 for one set of benefits, or smaller amounts for less.
You explained it well. AMEX wants an annual fee. They won't place tougher restrictions on high dollar cards. They want somebody to go for the BCP over the BCE, it would be illogical to put higher requirements on it. Same goes for green vs PRG.
Current Scores (Mar 2013):EQ: 716 | TU: 656 | EX: 672 (Jan Amex pull)The benefit seems to be in the bonuses they sometimes have.
Since I am planning on trying for a couple cards soon, I checked there but was caught off guard by it spitting back BCP which I was under the impression would be more difficult to be approved for.
So if Bcp is not harder criteria and makes more sense for my situation, and since I was really leaning toward BCE anyway, if Bcp has an bonus, I might as well try my hand for it.
5 minutes from now though I may chicken out of course.
Either way, ain't nothing happening til Fridays statements report.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
