10-15-2012 04:01 PM
Let's take this one step at a time. If all you have is the one credit card I would suggest you apply for 5 more cards within the next year. Apply for 2 cards now and 3 more cards 6 months from now.
First, pay your balance down and make sure it is reported to the credit reporting agencies. Amex will usually report your balance within 3 to 4 days after your payment due date. You have to wait until 5 days after your payment due date before you apply for the new credit cards. You need to make sure you keep the balance low during that time so don't use the card from the time you pay the balance down until 5 days after your payment due date.
Then apply for the AMEX Blue Cash Everyday. Immediately after that apply for the Walmart card. Using it only once every 3 months is enough to justify getting this card.
After you have these 2 cards for 6 months, apply for 3 cards from those prime banks I mentioned earlier.
When is the payment due date for your Gold card?
10-15-2012 04:07 PM
thank you, I will follow that and posts updates here,
amex payment is due on the 9th, I just made payment of 25% of the balance few min ago, I will get it down to 0% I think by the end of Oct
then will wait 1 week and make my move !
10-15-2012 04:18 PM
Please stop back and let us know how it went.
10-15-2012 04:22 PM
You have to wait until 5 days after the payment due date. That means November 9th plus 5 days = November 14th.
You should apply on November 14th.
10-15-2012 05:28 PM
galaxy, thank you for response, which cleared your way to 800! But hold your horses though for today and do not do anything in hast.
"There is no recent activity on your credit cards." means that your Amex gold card is not used for utilization, since it's likely a charge card or a flexible spending card. Also, it likely cannot be updated for this purpose.
So the first thing you would want to do is to get a card that reports its credit limit. I suggest the Amex Blue Cash Everyday, because 1) it reports its credit limit, 2) there's no annual fee, 3) the second card will backdate to your first card and keep your average age of accounts intact.
Later you would want to pay down your near $5,000 balance, but that's secondary.
Do not do anything else for the next couple of months!
10-15-2012 05:35 PM
great, I think I can wait 2 months and do that, will cover the balance and get the Blue as you guys recommended,
waited 7 years, wont heart to wait 2 more months
Thank you so much,
10-15-2012 06:33 PM
I normally wouldn't suggest applying for this card but seeing that you've had a Gold card for 9 years you should be approved. If you are not approved it will only be a soft pull anyway because you are a current AMEX member.
I'm sorry, but it isn't so. Applying for a second Amex card will result in a hard inquiry. An Amex credit limit increase request though is a soft pull.
10-15-2012 06:55 PM
I'm sorry, but I disagree with you to a point. If he applies for the BCE and is DECLINED, it will only be a soft pull. (As stated above.) If he applies and is APPROVED it will be a hard pull.
He also will be fine if he applies for the BCE on November 14th which is 5 days after his next payment due date. OP states he will have his balance paid down to zero by the payment due date. Where's the problem with that?
OP is also going to apply for the Walmart card on November 14th. In my opinion Walmart would approve him if he applied today.
OP is also going to wait for 6 months before applying for any other prime bank card.
10-15-2012 08:14 PM - edited 10-15-2012 08:44 PM
Not having been declined for any Amex card, I cannot speak from personal experience. It's just that what you're saying is news to me. You might be right nevertheless of course, but if you are, that's a way to get your free credit score from Amex, which could be the otherwise almost always unattainable EX FICO: "Thanks to a new rule that’s part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, if you’re denied for a credit card, the lender must provide you with a copy of the credit score that was used to make the decision about your application." Is there really such a thing as a free lunch? In any event, I hope OP (he or she) gets approved.
PS: come to think of it, my logic was that the type of inquiry, hard or soft, is known before that inquiry makes it known whether you have been approved or declined?
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