topic Re: AMEX BCP Chances in Credit Card Applications

AMEX BCP Chances

OCONUS — Mon, 26 Feb 2024 18:40:07 GMT

Around Nov 2023, I applied for a BCP and it was declined citing a low FICO EX 689. Upon Recon, I was told to apply when I have 3-6 months of AMEX payment history.

Now that I have improved my scores, I would like to apply for BCP.

I have an Amex Plat that I pay in full every month. At the moment it has a 4K balance that I am planning to pay off before the statment closes. Will that have any negative impact on application if I am to apply today?

My EX is 760

Uti is around 2%

Aaoa is 7 years

No Negative accounts. But I did screw Amex in 2016 for around 14K that I never repaid.

Re: AMEX BCP Chances

CreditPoor — Mon, 26 Feb 2024 18:50:03 GMT

Wait til you have a zero balance. If you owe money, there is no incentive to loan you more. Always best to have zero balance when applying for new credit

Re: AMEX BCP Chances

pizzadude — Mon, 26 Feb 2024 19:48:09 GMT

Agree it would make sense to pay the balance off first, but have you checked your pre-approvals with AMEX recently ?

Re: AMEX BCP Chances

OCONUS — Mon, 26 Feb 2024 20:15:03 GMT

@CreditPoor wrote:
Wait til you have a zero balance. If you owe money, there is no incentive to loan you more. Always best to have zero balance when applying for new credit

Thank you. This is what I was thinking as well.

Re: AMEX BCP Chances

OCONUS — Mon, 26 Feb 2024 20:24:30 GMT

Thank you, I plan on paying it down to zero on the 5th.

On pro-approval, I have tried their "Apply with Confidence" yet after buffering, it came back with a decline. The adverse letter cited an old FICO score of 689. From the score they had cited, I figured they used a month old pull. I could be wrong.

Elsewhere on the board, I read that odds of a revolver approval with Amex exceed once the FICO passes 720. You have far more insight into the credit game.

Re: AMEX BCP Chances

Shooting-For-800 — Tue, 27 Feb 2024 03:34:57 GMT

I would pay off the Plat first.

Why chance it?

Why wonder - "what if?"

Re: AMEX BCP Chances

Zoostation1 — Tue, 27 Feb 2024 06:06:35 GMT

I wonder if the previous unpaid issue is still impacting despite the plat approval. I didn't burn Amex, but was approved for my BCP with FICO 8 scores in the low 670s with a then 63mo old BK7.

Re: AMEX BCP Chances

OCONUS — Tue, 27 Feb 2024 11:35:35 GMT

@Shooting-For-800 wrote:
I would pay off the Plat first.
Why chance it?
Why wonder - "what if?"

I am going to pay it down to zero. I am not carrying balance across the board. I hope it will have a different outcome this time.

Re: AMEX BCP Chances

OCONUS — Tue, 27 Feb 2024 11:42:57 GMT

@Zoostation1 wrote:
I wonder if the previous unpaid issue is still impacting despite the plat approval. I didn't burn Amex, but was approved for my BCP with FICO 8 scores in the low 670s with a then 63mo old BK7.

This is precisely my worry. In their adverse letter, AMEX did not specfically cited it, but it is my inclination that AMEX is somehow still holding on to that unpaid CO particularly for a revolving product. Though their adverse letter provide little conclusive information, I will re-read the adverse letter.

Re: AMEX BCP Chances

CorpCrMgr1 — Tue, 27 Feb 2024 17:02:19 GMT

Agree with everyone. Pay it off. Good luck!!

Re: AMEX BCP Chances

youngandcreditwrthy — Tue, 27 Feb 2024 17:15:37 GMT

Just so you do know.. the Amex platinum is one of the easiest cards to get out there. that said, if they were still holding a grudge you would know because they wouldnt even process any application at all LOL...

Go for it. def check the pre approval tool

I got my old BCE at 696 TU FICO 3500 150k income.

you're solid! Dont forget to ask for a 3xcli in 61 days or two statements!

P.S. if you've already been paying in full (and I mean that's the requirement with amex plat mostly)I see no need to make a payment any earlier than you normally would.. Just pay it off when you normally would.

personally though, I'd wait for a full six months on having the platinum if it hasn't been that yet.. I think that's most important here. it will have an impact on your NPSL (the invisible limit)

also remember you're wanting a revolver and remember that people often get denied with scores in your range for not using their credit at all. you need to leave some balances lol Wish I had the problem of 0% utilization haha

Re: AMEX BCP Chances

OCONUS — Tue, 27 Feb 2024 17:44:26 GMT

@youngandcreditwrthy wrote:
Just so you do know.. the Amex platinum is one of the easiest cards to get out there. that said, if they were still holding a grudge you would know because they wouldnt even process any application at all LOL...

Go for it. def check the pre approval tool

I got my old BCE at 696 TU FICO 3500 150k income.

you're solid! Dont forget to ask for a 3xcli in 61 days or two statements!

P.S. if you've already been paying in full (and I mean that's the requirement with amex plat mostly)I see no need to make a payment any earlier than you normally would.. Just pay it off when you normally would.

personally though, I'd wait for a full six months on having the platinum if it hasn't been that yet.. I think that's most important here. it will have an impact on your NPSL (the invisible limit)

also remember you're wanting a revolver and remember that people often get denied with scores in your range for not using their credit at all. you need to leave some balances lol Wish I had the problem of 0% utilization haha

Thank you. It seems that they are processing it and then declining it. On my last BCP application, I had requested a Recon and it took 72 hours and that too came back with a denial.

On March 17, it will be six months. I am planning to apply after that.

Chase did shot me down in Dec for not using available credit enough, hahah.

Re: AMEX BCP Chances

OCONUS — Sun, 03 Mar 2024 22:50:08 GMT

Ended up going through "Apply with Confidence" and it came back with "Sorry we cannot approve your application."

Can't seems to access the letter online. It says site is not working. I guess I will have to call them tomorrow.

Re: AMEX BCP Chances

youngandcreditwrthy — Sat, 09 Mar 2024 19:39:20 GMT

I always wait 9 months in between apps for cards with the same banks for two reasons:

1) higher risk of denial

2) you risk losing a CLI on the first card that hasn't been opened six months.

so once you get a cli on your current amex current, THEN I would apply for the new one that you want. That strategy has worked for me every time when it came to Amex.

after 9 months and two 3xcli on my bce from 3500 to 24,500 I opened a 5k delta card, then at 61 days or 2 months I got a 5k cl to 10kTCL.

Gotta be strategic my friend! L0l.. they have weird rules about this stuff that is supposed to "prevent fraud"

GL!