Re: What should my plan be?[ Edited ]
04-18-2013 03:31 AM - edited 04-18-2013 03:33 AM
ok, so by the time you apply, how many inquiries on each bureau?
When I applied for Amex BCP in march, I was declined because too many recent inquiries (5 in feb due to auto loan), age of newest account (brand new auto loan reporting), balance owed compared to original debt amount (100% owed since it's my 1st statement....the bill wasn't even due for another 30 days). So your situation is kinda similar to mine. I could have tried to recon my AMEX, but it was going to be another HP, so I didn't try to recon and instead decided to try again in 6-9 months.YMMV....I talked to a really nice analyst (took like 5-6 calls to get someone who's finally sensible) who explained that the main reason why I got declined was my inquiries and a brand new auto loan reporting at 100%. I explained I paid off 95% of the loan, and just needed it to report, so he adviced me to try again in 3 months when the account is older, and also after the new loan balances are updated. For Amex, I read on the other forums it's safer to keep balance to original amount owed below 70%. Hope this helps, but at the same time please dont assume you will be declined like me. Your situation might be different.
As for Chase, they're probably about the same for Amex. It was easy for me to get approved however because I have been banking with them for about 4 years now. I had to call recon for my CSP to verify identity. Freedom was instant approval. Later on I called EO and got my CLs increased. I think you have a good chance for chase freedom. Worst case scenario you got to call recon and you should get approved at the end. As for the CL, it's hard to predict. For the CSP I will recommend you wait until your auto loan account is older and also after you pay down more of what you owe first (try to pay 20-30% of amount borrowed if possible).
As for Discover, I think your chances are good as well. Worst case scenario it will be the same as Freedom, and you'll still get approved after some minor hassle. They are supposedly conservative but they gave me a decent CL.
Hope this helps!
Oh to add: all my auto loan inquiries were counted as separated inquiries. Tried to explain it to a human being at Amex but it didn't help much, and I didn't want to really appeal and risk another HP.