topic Re: Too much credit with AMEX to be approved? in Credit Card Applications

Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 02:08:25 GMT

Hey guys! Question!

So I have a green card AMEX since November 2014. Got the Blue Cash Card Jan 1st for back dating and a 10k i limit. Got raised to 18k before the statement cut in Jan.

I'm applying for a mortgage and during the pre-approval process, they said they would prefer 3 credit lines over a year. I have two. I already have a difficult situation being self employed, and was wondering if the INQ would be worth it. Or if AMEX would even give me more credit. On my tax return, I have about 35k. That is what I claimed on both apps. My actual income is over 70k this year. I have now over 25.5k in revolving credit plus the NPSL on my green card. Not sure if this is signal for financial review, or if the mortgage people will not want the INQ. It will raise my scores and help with my credit history, but not sure if it will help too much.

Apply or not to apply?

(The starwood or the hilton card are my choices)

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 02:11:01 GMT

5 INQ on Experian (one from the mortgage company) and a 732 FICO EX

Re: Too much credit with AMEX to be approved?

iwant700fico — Thu, 12 Mar 2015 02:14:39 GMT

have a family member of friend who has Amex card to add you as a authorized user. There will be no INQ and date of issue will back date to your own Amex card .

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 02:15:49 GMT

Sadly, I don't know anyone else with an AMEX card

(im a college student and my parents dont have AMEX anymore)

Re: Too much credit with AMEX to be approved?

iwant700fico — Thu, 12 Mar 2015 02:41:03 GMT

chase, capital one, will work too. otherwise 2 line of credit is good enough

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 02:51:46 GMT

My parents do have some accounts older than a year, but they either 1. have late payments 2. maxed out or 3. both kind of stuck sadly. When people ask if I have a cosigner I really don't haha.

But if two accounts are ok then I'm fine with that

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 02:57:14 GMT

Purchase home on 3/2014 with 15 inquiries and 640 median score. Closed on 3.75 Apr with bb&t.

I have three amex, all opened since late January this year. Backdated to 2001, credit jumped 41 points across the board. If that's what you need, remember amex takes 60+ days to report in most cases.

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 02:58:45 GMT

Congrats on the house!

That's another thing too, the reporting time. My blue cash took 60 days, my green took about 30.

Re: Too much credit with AMEX to be approved?

iwant700fico — Thu, 12 Mar 2015 03:02:22 GMT

With home loans the main issue for banks are min 6o days seasoning for down payment and 2 years job history. If you meet these 2 conditions and a 640 fico then you shouldn't worry.

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 03:06:51 GMT

They are using Freddie Mac guidlines since I only have 1 year tax return. Worried about APR and they wanted to see 3 tradlines over a year, but they didn't say I would be denied because of credit. Worried about AMEX sending a FR though if I do apply, or if the mortgage doesnt like recent INQ

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 12:47:33 GMT

If I was to apply I think it would be the PRG. Amex makes charge cards easier to get.

Reporting time is another issue..

If it could be Any TL no regard for age Barclaycard reports the fastest.

Good luck!

Re: Too much credit with AMEX to be approved?

newhis — Thu, 12 Mar 2015 13:45:53 GMT

@iwant700fico wrote:
have a family member of friend who has Amex card to add you as a authorized user. There will be no INQ and date of issue will back date to your own Amex card .

If someone add you to their Amex today, it will report as open 03/12/2015 no matter what your MSD year is. You only get backdate reported to the bureaus if you apply for your own card costing a HP. You can talk with them and change the card to show your MSD but it will not get reported as AU. In fact, someone adding you as AU will get reported and your AAoA will suffer.

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 19:58:56 GMT

I wish age wasn't the issue! Sadly, thats the only real threat from this mortgage Citi also reports fast! (had them report the day after approval!)

Just need the backdating

Re: Too much credit with AMEX to be approved?

Anonymous — Thu, 12 Mar 2015 19:59:52 GMT

Aw man. Last thing I need is my AAoA to suffer anymore! haha

luckiy, I'm the only one in my family with AMEX so no worries there.

The credit world can be hard sometimes

Re: Too much credit with AMEX to be approved?

EdMan63 — Thu, 12 Mar 2015 23:24:55 GMT

@Anonymous wrote:
Purchase home on 3/2014 with 15 inquiries and 640 median score. Closed on 3.75 Apr with bb&t.

I have three amex, all opened since late January this year. Backdated to 2001, credit jumped 41 points across the board. If that's what you need, remember amex takes 60+ days to report in most cases.

i just opened a Delta Skymiles Amex 2/24/15 and it's already reported to Experian. YMMV!

Re: Too much credit with AMEX to be approved?

newhis — Fri, 13 Mar 2015 16:10:29 GMT

@EdMan63 wrote:
i just opened a Delta Skymiles Amex 2/24/15 and it's already reported to Experian. YMMV!

Your first statement already closed? Or they reported your card even before it closed?

My DW is waiting a few days to ask for her 3x CLI, she wants to do it before statement close (to lower util in other closing cards next week) for them to report the higher limit (if approved) as the first report. She may change her strategy depending on your info. Thanks.