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Established Contributor
jamie123
Posts: 810
Registered: ‎03-22-2012
0

Re: New and need some help

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?



Starting Score: EQ 658 6/18/12
Current Score: EQ 696 9/5/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Member
galaxy
Posts: 23
Registered: ‎10-14-2012
0

Re: New and need some help

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 ! :smileyhappy:

 

 

Thanks again

Established Contributor
jamie123
Posts: 810
Registered: ‎03-22-2012
0

Re: New and need some help

You're welcome!

 

Please stop back and let us know how it went.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 696 9/5/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Established Contributor
jamie123
Posts: 810
Registered: ‎03-22-2012
0

Re: New and need some help

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.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 696 9/5/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Member
galaxy
Posts: 23
Registered: ‎10-14-2012
0

Re: New and need some help

will do, and will update results right away  thank you, 

Valued Contributor
my-own-fico
Posts: 1,208
Registered: ‎01-05-2010
0

Re: New and need some help

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!

Reported credit card debt EQ $0 TU $0 EX $0
Member
galaxy
Posts: 23
Registered: ‎10-14-2012
0

Re: New and need some help

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 :smileyhappy:

 

Thank you so much,

Valued Contributor
my-own-fico
Posts: 1,208
Registered: ‎01-05-2010
0

Re: New and need some help


jamie123 wrote:

 

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.

 

Reported credit card debt EQ $0 TU $0 EX $0
Established Contributor
jamie123
Posts: 810
Registered: ‎03-22-2012
0

Re: New and need some help

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.



Starting Score: EQ 658 6/18/12
Current Score: EQ 696 9/5/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Valued Contributor
my-own-fico
Posts: 1,208
Registered: ‎01-05-2010
0

Re: New and need some help

[ Edited ]

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. :smileyvery-happy:

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?

 

Reported credit card debt EQ $0 TU $0 EX $0

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