Re: AMEX latest day to apply to get 2012 member date[ Edited ]
10-12-2012 02:37 PM - edited 10-12-2012 02:38 PM
I'm going to have 6 months in November 17, but I was wondering if increasing my limit with Wells Fargo would get me more chances to get approved for a charge card with AMEX should I apply in November or December ?
Ok, I went and looked at your older thread. Here's what you have now:
1) Wells Fargo $300 secured card
2) Walmart $400 store card
3) Capital 1 $500 unsecured card
Amex's scoring is a black box, of course, but if you're going for a charge card I don't think you need to worry nearly as much about boosting your secured limit on the WF as you would need to if you were going for an AmEx revolver.
Case in point: my highest open limit when I got approved for the Zync was $2000, and my next highest was $500. I checked my spending ability for the Zync within the first month of having it for $4000 and it was approved. So unlike revolvers, where the lender often tries to gauge where they set your limit by the other limits you have, AmEx apparently uses other methods to determine where the hidden limit on your NPSL lies.
That being said, I might, just to be cautious, try to boost the WF card up to slightly over $1000. If you can do that right now before WF does their November report, then apply after it shows on the report, I think you'd be well enough positioned to get a green or gold card as long as utilization and scores are in line for it. You'll have 3 tradelines with 6 months of perfect history, which is the baseline of what they are looking for.
Even if you can't do that immediate CL boost, I'd probably go ahead and apply after the November report just to be sure you get in well before the end of 2012. Even if it means a lower hidden limit, the long-term value of an extra year of age on every AmEx account you will ever have has to be worth the hassle of a lower spending ceiling in the short term. AmEx will definitely revise those ceilings as your good history with them accumulates, but you can never change the date of your first AmEx card.
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k