topic UPDATE: I got approved!! Should I apply for Amex or wait until May? in Credit Card Approvals

UPDATE: I got approved!! Should I apply for Amex or wait until May?

DU556 — Sun, 14 Dec 2014 00:16:17 GMT

I have a foreclosure that will drop from my report in May '15. I currently have about 15% util on 4 credit cards and the average age of my accounts is about 6 years. No late payments and no other negavite things on my CR. Should I just wait until the foreclosure falls off completely so that i don't apply for nothing?

My credit scores are 700/712/716

thanks everyone

Re: Should I apply for Amex or wait until May?

Anonymous — Sat, 13 Dec 2014 07:41:59 GMT

I mean I guess you should apply now, since if you get denied, you'll have the 6 months to reapply anyways. The backdating to '14 will also be nice if you apply now rather than wait. I don't see how it could hurt.

Re: Should I apply for Amex or wait until May?

Anonymous — Sat, 13 Dec 2014 14:59:49 GMT

Go for it. I just gave it a shot and was declined but your scores are better than mine. I have a couple old medicals on my Exp. But I wanted to give it a shot in 2014. My experian had just went up 15 points and I new it was a gamble but I'm glad I tried. Also, as the other poster said you'll have 6 months between apps if it doesn't happen now.

Re: Should I apply for Amex or wait until May?

taxi818 — Sat, 13 Dec 2014 16:02:43 GMT

@Anonymous wrote:
Go for it. I just gave it a shot and was declined but your scores are better than mine. I have a couple old medicals on my Exp. But I wanted to give it a shot in 2014. My experian had just went up 15 points and I new it was a gamble but I'm glad I tried. Also, as the other poster said you'll have 6 months between apps if it doesn't happen now.

It's never about who's score is highest. Rather the depth of the report. Sorry op. You will be golden when that for closure is gone. But you are within 6 months now. I would ask for exclusion for early deletion. Ths works more times than not. And you will have clean report.

Re: Should I apply for Amex or wait until May?

Anonymous — Sat, 13 Dec 2014 16:54:20 GMT

@taxi818 wrote:
@Anonymous wrote:
Go for it. I just gave it a shot and was declined but your scores are better than mine. I have a couple old medicals on my Exp. But I wanted to give it a shot in 2014. My experian had just went up 15 points and I new it was a gamble but I'm glad I tried. Also, as the other poster said you'll have 6 months between apps if it doesn't happen now.
It's never about who's score is highest. Rather the depth of the report. Sorry op. You will be golden when that for closure is gone. But you are within 6 months now. I would ask for exclusion for early deletion. Ths works more times than not. And you will have clean report.

True. Score isn't the final deciding factor but it's one of the most important. Let's face it, with a score of 500 AMEX wouldn't even review it any further. With a 700 plus they'll take the time to consider him. With a 6 year AAoA and plus 700 fico score and perfect payment history I still say go for it and get in with them now. It's just an inquiry and too big of a deal is made about inquiries. If you're not apping for every card in sight then an inquiry here or there doesn't matter that much. I've seen a lot of people get in with a lot worse than one baddie that's about to fall off.

Re: Should I apply for Amex or wait until May?

taxi818 — Sat, 13 Dec 2014 17:02:08 GMT

@Anonymous wrote:
@taxi818 wrote:
@Anonymous wrote:
Go for it. I just gave it a shot and was declined but your scores are better than mine. I have a couple old medicals on my Exp. But I wanted to give it a shot in 2014. My experian had just went up 15 points and I new it was a gamble but I'm glad I tried. Also, as the other poster said you'll have 6 months between apps if it doesn't happen now.
It's never about who's score is highest. Rather the depth of the report. Sorry op. You will be golden when that for closure is gone. But you are within 6 months now. I would ask for exclusion for early deletion. Ths works more times than not. And you will have clean report.
True. Score isn't the final deciding factor but it's one of the most important. Let's face it, with a score of 500 AMEX wouldn't even review it any further. With a 700 plus they'll take the time to consider him. With a 6 year AAoA and plus 700 fico score and perfect payment history I still say go for it and get in with them now. It's just an inquiry and too big of a deal is made about inquiries. If you're not apping for every card in sight then an inquiry here or there doesn't matter that much. I've seen a lot of people get in with a lot worse than one baddie that's about to fall off.

That is true. 500 forget it. Op will be fine. I got it with 5 month AA of A. Fico was about 696 experian at time.

Re: Should I apply for Amex or wait until May?

DU556 — Sat, 13 Dec 2014 17:14:00 GMT

Can you help me more about this exclusion for early deletion?

Re: Should I apply for Amex or wait until May?

taxi818 — Sat, 13 Dec 2014 17:16:36 GMT

@DU556 wrote:
Can you help me more about this exclusion for early deletion?

Yes. If you pm I will tell you I ndone want to hi jack thread.

Re: Should I apply for Amex or wait until May?

Anonymous — Sat, 13 Dec 2014 17:16:00 GMT

@Anonymous wrote:
I mean I guess you should apply now, since if you get denied, you'll have the 6 months to reapply anyways. The backdating to '14 will also be nice if you apply now rather than wait. I don't see how it could hurt.

+1. No harm in applying now. Otherwise, you'll have to wait until May/June anyway. The request for exclusion will probably take some time, so you'll miss out on 2014 backdating if you wait until after the exclusion to apply.

Re: Should I apply for Amex or wait until May?

Anonymous — Sat, 13 Dec 2014 17:27:57 GMT

@DU556 wrote:
Can you help me more about this exclusion for early deletion?

Taxi's right about that early deletion. Get with him on that. The quicker that thing's gone the better regardless of wether you apply for AMEX now or not.

Re: Should I apply for Amex or wait until May?

DU556 — Sat, 13 Dec 2014 17:36:37 GMT

I guess the next question is, which card should I apply for? I'll be doing some research on this. Kudos for everyone here by the way.

Re: Should I apply for Amex or wait until May?

NRB525 — Sat, 13 Dec 2014 19:42:39 GMT

So the general consensus is that a foreclosure that far back would prevent AMEX from looking at the recent payment history for a CC app?

I'd be inclined to think the internal AMEX scoring models would underweight a foreclosure in this time period as a significant factor, given all the people who got caught on the wrong side of the housing purchase trade. That's a different credit / purchase decision that you didn't have any control over, compared to if you missed payments on a credit card you made charges on then could not pay 60 days later, very different in my opinion.

I would be inclined to go ahead and app, see the result, and I may be wrong and you would need some conversation with AMEX to try again, but I'd bet there is no issue.

Good luck!

Re: Should I apply for Amex or wait until May?

DU556 — Sat, 13 Dec 2014 22:44:11 GMT

What do you mean I'll miss out on backdating? I looked it up and I didn't find anything.

Re: Should I apply for Amex or wait until May?

Anonymous — Sat, 13 Dec 2014 22:49:50 GMT

@DU556 wrote:
What do you mean I'll miss out on backdating? I looked it up and I didn't find anything.

Backdating refers to the Member Since Date. This is the date listed on your Amex account of how old your account is. If you apply for the Amex now, get approved, you'll have a MSD of '14. Every other AMEX card you get after, no matter when you apply for it, will all have it listed as being created in '14.
I think you asked earlier about what card you think you should get, and I'd personally recommend the Blue Cash Everyday since theres no annual fee.

Re: Should I apply for Amex or wait until May?

DU556 — Sat, 13 Dec 2014 22:57:00 GMT

The Amex EveryDay Card seems like a good one as well since they give you 10,000 point after spending $1,000 in the first 3 months. Sounds like this will make it a little harder to get than the Blue card you recommended.

Re: Should I apply for Amex or wait until May?

DU556 — Sat, 13 Dec 2014 23:52:03 GMT

GUESS WHAT EVERYONE!! I GOT APPROVED FOR $4,000!!!!!!!!! Sorry for yelling but i'm extremely excited. Thank you everybody, your words of encouragement made me apply today instead of waiting until may. This goes to show an old foreclosure won't keep you from getting approved.

For anyone that reads this in the future that has gone or will go through a foreclosure...

Stay positive, I know how you feel. I felt miserable and sad knowing that my credit was worth crap for all those years. Keep paying your bills and one day you will see the light at the end of the tunnel. Today I finally feel like i have reached the light and I must work hard to make sure I don't enter that tunnel again.

One more thing, don't ever co-sign for your brother so he can get a house or he'll ruin your credit

Re: Should I apply for Amex or wait until May?

DU556 — Sun, 14 Dec 2014 00:14:08 GMT

I should add that I got approved for the Amex Everyday Card that comes with 1yr of amazon prime and 10,000 points when you spend $1,000 in the first 3 months.

Hey guys, does this mean I can get a credit line increase to $12k in 61 days?

Re: Should I apply for Amex or wait until May?

Anonymous — Sun, 14 Dec 2014 00:05:23 GMT

Congrats on the success! I'm glad you went for it. Yes, you should be able to get the CL to $12k in 61 days. Good luck!

Re: Should I apply for Amex or wait until May?

NRB525 — Sun, 14 Dec 2014 00:51:55 GMT

@DU556 wrote:
GUESS WHAT EVERYONE!! I GOT APPROVED FOR $4,000!!!!!!!!! Sorry for yelling but i'm extremely excited. Thank you everybody, your words of encouragement made me apply today instead of waiting until may. This goes to show an old foreclosure won't keep you from getting approved.

For anyone that reads this in the future that has gone or will go through a foreclosure...

Stay positive, I know how you feel. I felt miserable and sad knowing that my credit was worth crap for all those years. Keep paying your bills and one day you will see the light at the end of the tunnel. Today I finally feel like i have reached the light and I must work hard to make sure I don't enter that tunnel again.

One more thing, don't ever co-sign for your brother so he can get a house or he'll ruin your credit

Awesome! I knew they'd have a realistic view of uncontrollable events.

CONGRATULATIONS! That's a good starting limit. Enjoy!

Re: Should I apply for Amex or wait until May?

Anonymous — Sun, 14 Dec 2014 00:54:58 GMT

Congratulations on your approval for your Amex ED! Continue Success in The World of Credit Cards!