topic Re: Should I go for the Amex card now or wait? in Credit Card Applications

Should I go for the Amex card now or wait?

willmsbrg — Sun, 31 Dec 2023 15:52:53 GMT

Good morning all,

A bit of background first...

I finally have a completely clean EX and only 2 very old lates on TU (which will drop off in March 24)

Inquiries TU 6/12 1/6

EX 8/12 0/6

I have EQ frozen but there are only 3 inquiries and it's my worst score with a charge off that will drop off in April 2024..

New accounts only one account since Feb 2023 NFCU (Sept 1st 2023). I did open a few accounts back in Jan/Feb 2023 which should hit the year mark for age coming up.. Same goes for the inquiries hitting the 12 month mark (even though they will still show)

Any thought on what my scores will do based on the age increase? I would guess I will see a bit of a bump for the account age and lack of scorable inquiries correct? Current Fico 8's

Up to this point I never was able to get an approval for an Amex card due to the CO showing on EX and now that EX and TU are good

I tried a pre-approval for the BCP from Amex and was approved but I chose to not complete the application as I was more interested in the possibility... Though an Amex is certainly on my list and I do want one as I think it will open up some good future opportunities with them..

My ultimate question is... Should I simply go for it now or wait another month or 2 (till the inquiries stop scoring and the newest sccount hits 6 months)? Or would now be the best since newest account is still "new".

Also, did I perhaps hurt my chances by cancelling the approval or doesn't Amex care about the pre-approval side of things if one doesn't accept the card?

My apologies for the length of this one!!

I'm probably going to garden for the majority of 2024 (as it stands now)

Re: Should I go for the Amex card now or wait?

JoeRockhead — Sun, 31 Dec 2023 16:57:43 GMT

Their pre-approvals are pretty solid and despite the SL (if it's low), they can also be very generous with CLIs and additional SP approvals...

Either way you go, now or later, is just a matter of how itchy your app finger is.

Re: Should I go for the Amex card now or wait?

GZG — Sun, 31 Dec 2023 17:00:30 GMT

@willmsbrg wrote:
A bit of background first...
I finally have a completely clean EX and only 2 very old lates on TU (which will drop off in March 24)

because Amex can pull EX and TU for new customers, I would wait for March 24 when those lates fall off before applying, it's only three months and if 3 months means a completely clean TU as well, I think it would be worth waiting those three months, provided nothing else in your profile in terms of balances is planning to get worse

Re: Should I go for the Amex card now or wait?

willmsbrg — Sun, 31 Dec 2023 17:31:09 GMT

I forgot to mention balances...

My balances are roughly 2% aggregate (never carry any balances) and at most 3-4% on individual cards (always paid in full)... I do allow 1 or 2 cards to report each month just to show usage... So, no problem with that either now or coming up...

As stated, my reports will do nothing but improve in 2024, EQ being the longest one to clear up that CO in Apr.

But since, Amex pulls either TU and or EX those are looking great other than stated above..

While my finger is itchy As I do want into Amex... I was much more happy knowing I was approved even if I didn't pull the trigger (YET) I'm still researching they type of card I feel would benefit me most... Also, the possible 3x CLI's and possible soft pull additional products....

Re: Should I go for the Amex card now or wait?

GZG — Sun, 31 Dec 2023 17:35:22 GMT

@willmsbrg wrote:
Also, the possible 3x CLI's and possible soft pull additional products....

those rules may not apply if you apply "dirty" which is why I suggested waiting until TU was clean

if I was you, I would apply the day my TU is clean

I'm sure it would probably be fine to apply now because it's not exp that's dirty, but I wouldn't personally take the risk

Re: Should I go for the Amex card now or wait?

Rogue46 — Sun, 31 Dec 2023 17:40:52 GMT

You can get a head start by disputing the TU lates as being "Too old" they normally will delete them immediately especially being so close to the drop off date. Just a thought.

Re: Should I go for the Amex card now or wait?

willmsbrg — Sun, 31 Dec 2023 17:53:21 GMT

Aah, okay... last thing I would want would be a possible bucketed Amex card (if that's a thing) with them...I want to go into Amex as clean as possible...

As for disputing with TU on those last lates, the account is paid in full and was not CO or sold..I simply paid off the account. Closed as paid on 6/2017, opened 11/2013... I could try for an EE as being too old on that.. The account will still report for several more years once those lates drop... Not sure if they would drop them or not.. I don't want to mess anything up with TU...

Re: Should I go for the Amex card now or wait?

Rogue46 — Sun, 31 Dec 2023 19:09:32 GMT

@willmsbrg wrote:
Aah, okay... last thing I would want would be a possible bucketed Amex card (if that's a thing) with them...I want to go into Amex as clean as possible...

As for disputing with TU on those last lates, the account is paid in full and was not CO or sold..I simply paid off the account. Closed as paid on 6/2017, opened 11/2013... I could try for an EE as being too old on that.. The account will still report for several more years once those lates drop... Not sure if they would drop them or not.. I don't want to mess anything up with TU...

I disputed my bk7 through TU almost 2 years before it was scheduled to come off and it was deleted immediately but seeing you're only a few months away the choice is yours. Either way you wont be waiting very long.

I don't believe Amex does the traditional bucketed cards like CapOne, When I got back in with them (With the bk7 still showing) my first card was I believe $2k but quickly went up from there, subsequent cards were decent limits so i guess in a way it was bucketed but it didn't stay that way for long. (It's at $10k now)

Re: Should I go for the Amex card now or wait?

youngandcreditwrthy — Sun, 31 Dec 2023 19:31:07 GMT

its getting extremely difficult to dispute stuff even in the case of ID theft.

if amex pre approved you, and that's what you want. go for it.

when I got BCE, I actually was approved based on TU which was 696 at the time got a 3500 limit at 61 days 10500 at 181 days 24.5k. income was 150k.

The marginal difference in waiting is possibly starting limit and the way that amex allows credit limits to grow so well, that isn't an issue.

go for it! There's a possibility your score will get too good.. and sometimes as we know issuers will deny if you have a perfect score but no debt and pay everything in full cause then they cant make money on you.

when the baddies fall off, that will just prove to them during their periodioc neurotic soft pulls that you are a great customer and credit card holder if you open the Amex :-)

Re: Should I go for the Amex card now or wait?

ShreksBFF — Sun, 31 Dec 2023 20:23:23 GMT

@GZG wrote:
@willmsbrg wrote:
Also, the possible 3x CLI's and possible soft pull additional products....
those rules may not apply if you apply "dirty" which is why I suggested waiting until TU was clean

if I was you, I would apply the day my TU is clean

I'm sure it would probably be fine to apply now because it's not exp that's dirty, but I wouldn't personally take the risk

This is accurate, was denied CLI on my delta reserve that had 4k SL because of an unpaid charge off from 2019/2020

Re: Should I go for the Amex card now or wait?

willmsbrg — Mon, 01 Jan 2024 10:23:10 GMT

So, after some deeper thinking on the subject, I think I will hold off for this month..

The reasons being, it will give the accounts I opened in Jan 2023 to hit the one year age mark (hopefully boosting my score a bit) and let those inquiries from that stop counting for scoring purposes again (hopefully add additional points).

I'm also hoping to request 2 CLI's this month as well for both Wells and Cap1.

I'll rexamine my profile at that point and then possibly scratch the itch to pull the trigger!!

Re: Should I go for the Amex card now or wait?

Zoostation1 — Tue, 02 Jan 2024 00:53:49 GMT

@Rogue46 wrote:
I disputed my bk7 through TU almost 2 years before it was scheduled to come off and it was deleted immediately but seeing you're only a few months away the choice is yours. Either way you wont be waiting very long.

I don't believe Amex does the traditional bucketed cards like CapOne, When I got back in with them (With the bk7 still showing) my first card was I believe $2k but quickly went up from there, subsequent cards were decent limits so i guess in a way it was bucketed but it didn't stay that way for long. (It's at $10k now)

How long before you were able to get a CLI with Amex? I got my BCP not quite 2 months past 5yr1mo rule (have a BK7) and got a solid $5k SL which was my highest limit at the time, but got declined for a CLI after 6mo and change. It wasn't unexpected given data points but am curious about any DPs for CLIs before the BK is gone. I'll hit 1yr later this month, but am considering waiting to try again till I have a likely (albeit small) raise coming in March and can update income.