topic Re: Need advice on Amex app in Credit Card Approvals

Need advice on Amex app

Dawggie14 — Mon, 16 Feb 2015 03:15:11 GMT

I've a bit of a dilemma and would love some quick advice.

In January 2014, I was approved (on the same day) for my first 2 Amex cards: the Jet Blue (7.5K limit) and the Platinum Amex (ultimately back dated to December 2014), I've been rebuilding my credit in the last 2 years and have worked hard to get my scores to the high 680s-690s, which is where they've been hovering for the last 6 months. I still have a couple of cards with mickey mouse limits (700 and 1000 respectively), that I'd like to just close since both are under two years provided I receive another card with a respectable limit to cover those two. The rest of my cards are pretty decent.

Here's my dilemma: in a dumb (but hopeful) move, I applied for the Amex Everyday Preferred card and received the "In progress" status along with a message that said states "we will notify you if we need additional information or once the application has been processed". I applied this past Saturday, so couldn't speak to anyone to recon and have to wait until tomorrow morning to do so. As I've been thinking about it, while I realize it'll be a soft inquiry if denied and a hard pull if approved, can I just call them to cancel the application altogether since they haven't really made a decision either way? I just checked my FICO scores and i'm at 686 across all three.

I think I should probably just nurture my current Amex cards until I get to my 3X CLI day, and then perhaps apply for the EDP in 6 months.

Stupid and impulsive, I know. I couldn't help myself. Any advice from our seasoned vets? Would appreciate it very much.

Thanks!

OP, I started a new thread for better exposure. Lexie

BofACash Rewards - 10K; CSP - 10K; CapitalOne Quicksilver - 8K; VisaBlackCard - 10K; a few other toy cards that are tucked away in my sock drawer with no balance.

Current FICO 8: EQ-694; TU-703; EX - 696

Re: Need advice on Amex app

Dawggie14 — Mon, 16 Feb 2015 04:33:32 GMT

Thanks Lexie!

Re: Need advice on Amex app

Anonymous — Mon, 16 Feb 2015 12:53:02 GMT

A late response but I wouldn't cancel anything. I would just wait to speak to them or wait out the decision. That's a very common message on AMEX applications, doesn't mean a denial.

Re: Need advice on Amex app

Dawggie14 — Mon, 16 Feb 2015 14:54:45 GMT

@Irish Thanks very much for the response. I woke up this morning with full intentions of calling to cancel the application (would've been against your advice, I know ), but instead woke up to a congratulatory email from Amex stating that my application had been approved! After I followed the usual emails to register my card, link it to my existing Amex app and bank account, I saw my CL to be 5K. I suppose I must be doing something right! I'm still apprehensive about the additional hard pull, but I guess I can live with it. My plan is to definitely close out the 2 toy cards I have and tend to the rest of my accounts from here on out.

Thanks again for the input!

Re: Need advice on Amex app

sunkissed — Mon, 16 Feb 2015 15:07:15 GMT

Congrats! Happy it worked out for you. Don't forget the 3x CLI

Re: Need advice on Amex app

Dawggie14 — Mon, 16 Feb 2015 15:12:53 GMT

Thanks! I'm going to request my Jet Blue's 3X CLI on March 29th, so I can't wait! And it's 6 months from that date to request a CLI on a different Amex account, correct?

Re: Need advice on Amex app

sunkissed — Mon, 16 Feb 2015 15:15:20 GMT

Yup. 180 days between requests.

Re: Need advice on Amex app

Anonymous — Mon, 16 Feb 2015 15:17:00 GMT

Congrats!

I was in the same situation for my 2 applications after my first Amex card.

When you called to cancel your app, this is when they actually runned your credit and processed it.

It is very common for Amex (and Chase) to never auto approve additional accounts for security reasons.

I don't really understand why since the information they ask you to "verify" are the same that you put in the application: I don't understand why they are not asking specific questions like "what was your last payment on your existing account with us" or "what bank did you set up auto pay with"

OP, you can do the 3XCLI (or less if you think your profile support less) your JetBlue now? My Delta Amex was 2k when approved and it jumped to 6k after 21 days when I did the early 3XCLI.

Re: Need advice on Amex app

Anonymous — Mon, 16 Feb 2015 15:17:29 GMT

Good stuff congrats!

Re: Need advice on Amex app

Dawggie14 — Mon, 16 Feb 2015 15:20:50 GMT

@Sun and @Sapingo: Thanks!

@Wolly: I'm a little chicken to do it early! LOL I definitely don't want to mess this up. Is that a new thing? The early 3X CLI, I mean?

Re: Need advice on Amex app

Dawggie14 — Mon, 16 Feb 2015 15:58:24 GMT

While I'm at it, how long does it take for Amex to start reporting to the credit bureaus? My first statement for both my Platinum and Jet Blue cards is on the 20th of this month (I've already paid them off fully, like a good borrower ). Also, should I expect my FICO scores to take a temporary dip once they post to my report?

Re: Need advice on Amex app

skimmie48 — Tue, 17 Feb 2015 02:55:04 GMT

@Dawggie14 wrote:
@Anonymous Thanks very much for the response. I woke up this morning with full intentions of calling to cancel the application (would've been against your advice, I know ), but instead woke up to a congratulatory email from Amex stating that my application had been approved! After I followed the usual emails to register my card, link it to my existing Amex app and bank account, I saw my CL to be 5K. I suppose I must be doing something right! I'm still apprehensive about the additional hard pull, but I guess I can live with it. My plan is to definitely close out the 2 toy cards I have and tend to the rest of my accounts from here on out.

Thanks again for the input!

Congratulations!

Re: Need advice on Amex app

MissMoni223 — Tue, 17 Feb 2015 13:43:41 GMT

CONGRATS!!!

Re: Need advice on Amex app

uswala — Tue, 17 Feb 2015 16:10:29 GMT

Congrats!

Re: Need advice on Amex app

Anonymous — Tue, 17 Feb 2015 17:26:13 GMT

@Dawggie14 wrote:
While I'm at it, how long does it take for Amex to start reporting to the credit bureaus? My first statement for both my Platinum and Jet Blue cards is on the 20th of this month (I've already paid them off fully, like a good borrower ). Also, should I expect my FICO scores to take a temporary dip once they post to my report?

My Amex hit TU and EQ a couple days after the first statement cut. Hasn't hit EX yet, (or MyFico just hasn't updated). As for score change, one would assume a score drop but that isn't what happened with me. I'll ignore the score increase from my Amex, since it was backdated. But I had a Quicksilver hit and both my EQ and EX jumped 22 points.

Re: Need advice on Amex app

Anonymous — Tue, 17 Feb 2015 17:28:38 GMT

Congrats! Glad you didn't cancel

Re: Need advice on Amex app

b_diddy — Tue, 17 Feb 2015 17:39:54 GMT

@Dawggie14 wrote:
While I'm at it, how long does it take for Amex to start reporting to the credit bureaus? My first statement for both my Platinum and Jet Blue cards is on the 20th of this month (I've already paid them off fully, like a good borrower ). Also, should I expect my FICO scores to take a temporary dip once they post to my report?

Difficult question to answer as I think it's all over the place depending upon when you app in relation to their reporting cycles. I app'd for 3 cards at once and they all reported within 2-3 days. Your FICO could dip because of the hard pull but could be countered by a decrease in overall utilization because of the new TL. Congrats on your approval!

Re: Need advice on Amex app

Dawggie14 — Wed, 18 Feb 2015 01:24:06 GMT

Thanks guys! I'll tell ya, that tip about using an older credit report to review your inquiries is pretty nifty. I checked it right after receiving this approval and it listed the hard pull immediately. As usual, thanks to everyone in this community with giving these tremendously valuable tools!

Re: Need advice on Amex app

Anonymous — Wed, 18 Feb 2015 04:46:45 GMT

Congratulations!

Re: Need advice on Amex app

gdale6 — Wed, 18 Feb 2015 04:58:20 GMT

@Dawggie14 wrote:
@Anonymous Thanks very much for the response. I woke up this morning with full intentions of calling to cancel the application (would've been against your advice, I know ), but instead woke up to a congratulatory email from Amex stating that my application had been approved! After I followed the usual emails to register my card, link it to my existing Amex app and bank account, I saw my CL to be 5K. I suppose I must be doing something right! I'm still apprehensive about the additional hard pull, but I guess I can live with it. My plan is to definitely close out the 2 toy cards I have and tend to the rest of my accounts from here on out.

Thanks again for the input!

Nice, congrats on your approval