topic Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred in Credit Card Applications

Applying for Second AMEX

Anonymous — Tue, 21 Jan 2020 17:47:29 GMT

Hi Folks,

I was recently approved (12/12/2020) for a Gold Delta Amex with a SL of $6K. I would like to apply for a second AMEX perhaps a BCE. Currently my EX is 784 (AMEX has not reported my new account as of yet) I am patiently waiting on the 61st day of my account being open to request the 3x CLI. Should I wait until after I request the CLI to apply. I have done the Check for Prequalified offers and I was approved for the BCE.

Here is my Dilema currently I have:

3 Auto Loan Inquiries (9/27/2018) scheduled to be removed on 9/27/20 on my EX report in which the loan was approved.

I have 3 Inquiries from Amex (12/31/18) was declined and most recently 12/12/2019 was approved for the Gold Delta Amex and upon adding an authorized user on (1/7/2020) another HP was done with out my consent, and after speaking with them .. due to the fact I have a fraud alert its policy to do the HP. (Wasnt to happy about that)

1 from WF Visa (1/3/19) in which I was approved will be removed (1/3/2021)

1 from Discover (7/30/2018) Approved and will be removed (7/30/2020)

1 From Cap one (5/25/2018) Approved and will be removed (5/25/2020)

1 From Credit One (5/19/2018) Approved but decided not to proceed after finding out there a predatory lender from reviews I read AFTER I applied will be removed (5/19/2020)

1 From Chase (5/20/2018) Denied will be removed 5/20/2020

So overall I have 11 Inquiries in which 3 of them are Auto Pulls.

I would like another AMEX however I dont like the idea of having so many inquiries would it be wise to just wait until June when the oldest Credit Card Inquiries are removed ?

Experian: 784 (Fico 8)

TranUnion: 805 (Fico 8)

Equifax: 801 (Fico 8)

Amex: $6K

Wells Fargo: $900

Discover: $3200

Re: Applying for Second AMEX

simplynoir — Tue, 21 Jan 2020 17:46:21 GMT

To confirm the 12/31/19 inquiry from AMEX was for a potential application?

Re: Applying for Second AMEX

Anonymous — Tue, 21 Jan 2020 17:48:48 GMT

I corrected it ..sorry it was supposed to say 2018 not last year ... I applied the first time in December 2018 and was denied .. last month they showed love!!

Re: Applying for Second AMEX

simplynoir — Tue, 21 Jan 2020 17:58:58 GMT

@Anonymous wrote:
I corrected it ..sorry it was supposed to say 2018 not last year ... I applied the first time in December 2018 and was denied .. last month they showed love!!

Okay, got it!

Well, when to apply for the BCE - which I think you will be approved for - depends on what you want your limits to look like when the dust settles. Are you looking for the Delta Gold card to be bigger, the BCE, will it not matter since use will be minimal enough to not affect utilization, or even utilization padding. The timing of it may affect limits both the possible approval and CLI you'll get

Re: Applying for Second AMEX

M_Smart007 — Tue, 21 Jan 2020 18:02:39 GMT

Even though the Inqs are not removed for 2 years, they become un-scoreable after 1 year.

Honestly I think it is up to you?

Re: Applying for Second AMEX

Anonymous — Tue, 21 Jan 2020 18:11:52 GMT

thank you

Re: Applying for Second AMEX

coldfusion — Tue, 21 Jan 2020 18:47:37 GMT

@M_Smart007 wrote:
Even though the Inqs are not removed for 2 years, they become un-scoreable after 1 year.
Honestly I think it is up to you?

The scoring would only be of moderate relevance. AMEX would also know the number and dates of all the HP over the last 24 months so could evaluate them directly as part of their own internal modeling.

I would suspect an approval given that the OP got a $6K limit on the 1st card but with only a toy limit.

Re: Applying for Second AMEX

simplynoir — Tue, 21 Jan 2020 18:52:37 GMT

@coldfusion wrote:
@M_Smart007 wrote:
Even though the Inqs are not removed for 2 years, they become un-scoreable after 1 year.
Honestly I think it is up to you?
The scoring would only be of moderate relevance. AMEX would also know the number and dates of all the HP over the last 24 months so could evaluate them directly as part of their own internal modeling.

I would suspect an approval given that the OP got a $6K limit on the 1st card but with only a toy limit.

This was my reasoning as well. They already have a score to work with and AMEX has been known to be slow in updating when you're a first time customer. AMEX often uses the score they used the new application for a few months at least. If it's anywhere in the range of the score in OP's signature the question becomes what kind of limit they're willing to extend

AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Anonymous — Wed, 22 Jan 2020 16:51:44 GMT

Hi Community,

I am torn between applying for either one of these cards. I currently have the Delta Gold Amex, I dont know why even though I maybe travel 4x a year .. but anyways .. I wanted another AMEX in which I would use for everyday purchases. Upon playing with the Check for Offers tool via the AMEX app .. I have been pre-approved for all of the above mentioned in the title as well as a Platinum Amex just weary of the $550 AF. Does anyone with knowledge of the above mentioned have any advice as to the pros/cons of a regular card as oppossed to the preferred...

As always thanks community for your help

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Girlzilla88 — Wed, 22 Jan 2020 16:56:39 GMT

I have the Cash Magnet card and to me it is just eh.....It may be just because it is my first IN with Amex so they are being stubborn in letting me grow etc but that is just my personal opinion since you have a card with Amex already they may be very generous with you and it may work out to be a solid card but to me it gets less use than my other cards even less use than the 500 CU card I have even though it has a larger limit lol. Again YMMV but to me it is good for if I need it but not my first pick out of my wallet if that helps idk I wish I had a preferred to give you a good this is why I like this over the other

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

simplynoir — Wed, 22 Jan 2020 16:57:03 GMT

Your thread title is confusing. Do you mean you were qualified for the Blue Cash Everyday, Blue Cash Preferred, Cash Magnet and Platinum (which you have interest in)?

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Girlzilla88 — Wed, 22 Jan 2020 17:05:41 GMT

I think they are trying to see which route the regular or the Preferred would work better for them with the BCE or the Cash Magnet. Did I get that right?!

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

simplynoir — Wed, 22 Jan 2020 17:11:05 GMT

It's why I'm asking since the thread is not making that clear. He mentioned in another thread just yesterday he was thinking of the BCE

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Applying-for-Second-AMEX/m-p/5886022

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Anonymous — Wed, 22 Jan 2020 17:16:27 GMT

My apologies. I will clear it up. I was looking at my options as to which card I wanted to apply for next.

I wanted to know whats the pros/cons of applying for a Regular Blue Cash vs. Blue Cash Preferred or a Cash Magnet vs Cash Magnet Preferred. In other words I am looking for my best option in regards to getting a card with a Cash Back option as opposed to just the travel perks with my Delta. Sorry to cause any confusion folks.

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Anonymous — Wed, 22 Jan 2020 17:17:15 GMT

Yes you did and thank you for your feed back. With your opinion of "Meh" has me rather skeptical on the Magnet.

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

simplynoir — Wed, 22 Jan 2020 17:28:09 GMT

This is dependent primarily on what your spend looks like

If you're just looking for a general spend for everything cadd then the Cash Magnet is the obvious choice. You get 1.5% on everything with no fuss as long as they take AMEX. The other two cards depends on what your grocery spend looks like with streaming services and gas spend as a secondary concern. Just strictly on grocery spend alone there's a threshold where the BCP is superior to the BCE to making the AF worth it but the math escapes me atm

Basically if you grocery shop a lot to take advantage of the 6% grocery spend (and 6% streaming subs and 3% gas) then go with the BCP, if you don't then go BCE with 3% grocery and 2% gas/department store, or for general everyday spend the Magnet

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

thornback — Wed, 22 Jan 2020 17:37:27 GMT

@Anonymous wrote:
My apologies. I will clear it up. I was looking at my options as to which card I wanted to apply for next.
I wanted to know whats the pros/cons of applying for a Regular Blue Cash vs. Blue Cash Preferred or a Cash Magnet vs Cash Magnet Preferred. In other words I am looking for my best option in regards to getting a card with a Cash Back option as opposed to just the travel perks with my Delta. Sorry to cause any confusion folks.

There is no Cash Magnet Preferred. It's just the Cash Magnet. You can review/compare the 3 cards here.

This all depends on your spend (amount & type).

If you're a category spender (groceries & gas) then the Blue Cash Everyday (BCE) or Blue Cash Preferred (BCP) would be your best match. Which one, BCE or BCP, depends on how much you spend in each category. The BCP has an annual fee, but if you have high enough spend, the higher-tier rewards (6% supermarkt, 6% streaming services, 3% Gas, 1% everything else) will make up for the fee. The BCE has no annual fee but a lower 3% Supermarket, 2% Gas & Dept Stores, 1% everything else reward tier. There are threads in the forum with financial breakdowns on the rewards vs annual fee for the BCP -- if you search a bit, you'll find the answer to 'how much' you need to spend to make the card worthwhile.

The Cash Magnet is a simple, flat 1.5% cash back on all purchases card with no annual fee. Best for those that do not have high category spend so would benefit from a higher 'miscellaneous' spend reward. I originally had the BCE and product changed to the Magnet because most of my spend falls under 'other' - so I was only getting 1% back on the BCE for 98% of my purchases. Now, I get 1.5% back which is a much better deal.

All are solid cards. How a person feels about one Amex over another Amex is wholly dependent on how the rewards structure works for *them*.

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Anonymous — Wed, 22 Jan 2020 17:39:50 GMT

Thank You !

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

FinStar — Wed, 22 Jan 2020 17:47:40 GMT

@Anonymous,

The 2 active threads surrounding the same/similar topic were merged. Please refrain from posting multiple threads on the same topic as it creates confusion and is against forum rules.

Thank you for your understanding and cooperation

Re: AMEX BCE/Cash Magnet vs. BCE Preferred/Cash Magnet Preferred

Anonymous — Wed, 22 Jan 2020 17:50:14 GMT

great info simply noir and thornback

thanks!