topic Re: Scared to death to apply for amex, 5 months AAoA in Credit Card Applications

Scared to death to apply for amex, 5 months AAoA

orestrus — Wed, 01 Apr 2015 18:13:22 GMT

My very first account was opened in November, no fico scores yet. 2 cards with 1 % util. Some reported success in getting approval after 5 months. Should i wait before fico generates or try prg now. So far only pre approval link that works for me is credit 1 lol

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Wed, 01 Apr 2015 18:17:48 GMT

If you currently have no Fico scores, it would not be prudent to apply.

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Wed, 01 Apr 2015 18:29:53 GMT

Wait until your at 6 months and you have Fico scores, I would also wait for your EX score to be at least 680 . I was approved for both the BCE(5k) and ED(2.5k) at that point.

assuming you have a clean file.

Re: Scared to death to apply for amex, 5 months AAoA

orestrus — Wed, 01 Apr 2015 18:41:12 GMT

Thanks guys! Obviously file is clean and will always stay that way. Were you pre approved through pre qualif link?

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Wed, 01 Apr 2015 18:44:03 GMT

@orestrus wrote:
Thanks guys! Obviously file is clean and will always stay that way. Were you pre approved through pre qualif link?

No prequels for me.. Just apped

Re: Scared to death to apply for amex, 5 months AAoA

orestrus — Wed, 01 Apr 2015 18:48:42 GMT

Did you get both -charger and revolver?

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Wed, 01 Apr 2015 18:52:20 GMT

@orestrus wrote:
Did you get both -charger and revolver?

Just apply.

Worst that happens is you get denied and you try again in 30 days.

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Wed, 01 Apr 2015 18:52:31 GMT

Nope, both revolvers ... App'd for ED first then a week later went for the BCE.

Re: Scared to death to apply for amex, 5 months AAoA

orestrus — Wed, 01 Apr 2015 19:31:04 GMT

Nixon, how about wasted HP? Citi not going to like it, want to try them 3rd time in 3-4 months..

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Wed, 01 Apr 2015 19:40:21 GMT

@orestrus wrote:
Nixon, how about wasted HP? Citi not going to like it, want to try them 3rd time in 3-4 months..

Forget about citi for a while. Focus on AMEX.

Re: Scared to death to apply for amex, 5 months AAoA

chalupaman — Wed, 01 Apr 2015 19:52:45 GMT

@orestrus wrote:
My very first account was opened in November, no fico scores yet. 2 cards with 1 % util. Some reported success in getting approval after 5 months. Should i wait before fico generates or try prg now. So far only pre approval link that works for me is credit 1 lol

I'd wait until May or June to try Amex.

Re: Scared to death to apply for amex, 5 months AAoA

orestrus — Wed, 01 Apr 2015 19:53:06 GMT

Until when to forget it you think?

Re: Scared to death to apply for amex, 5 months AAoA

SecretAzure — Thu, 02 Apr 2015 01:26:53 GMT

Am I the only one who thinks OP should wait an entire year from original card? 12 months of on-time payments looks much better than 5 or 6. Just my opinion!

Why must people rush into credit decisions? I prefer to wait them out until the odds couldn't be at all more in my favor. What do I know though? Nixon has 471 credit cards and that's only the ones he has currently active.

But no, seriously, if you don't need to use a credit card right now, waiting does not harm you, only helps!

Re: Scared to death to apply for amex, 5 months AAoA

chalupaman — Thu, 02 Apr 2015 01:32:36 GMT

@SecretAzure wrote:
Am I the only one who thinks OP should wait an entire year from original card? 12 months of on-time payments looks much better than 5 or 6. Just my opinion!

Why must people rush into credit decisions? I prefer to wait them out until the odds couldn't be at all more in my favor. What do I know though? Nixon has 471 credit cards and that's only the ones he has currently active.

But no, seriously, if you don't need to use a credit card right now, waiting does not harm you, only helps!

I'm more of a sooner the better kind of person. Amex doesn't mind thinner files and it doesn't hurt to try either, especially if you're looking to get higher CLs early on.. There have been people with just six months of history who have gotten in with Amex even thorugh their revolvers. I had nine months myself at the time I got in with them.

Chase and Barclays are a different story though and both of them would definitely like to see approximately a year of credit history first. It all depends on which issuer you're talking about.

Re: Scared to death to apply for amex, 5 months AAoA

SecretAzure — Thu, 02 Apr 2015 01:55:28 GMT

@chalupaman wrote:
@SecretAzure wrote:
Am I the only one who thinks OP should wait an entire year from original card? 12 months of on-time payments looks much better than 5 or 6. Just my opinion!

Why must people rush into credit decisions? I prefer to wait them out until the odds couldn't be at all more in my favor. What do I know though? Nixon has 471 credit cards and that's only the ones he has currently active.

But no, seriously, if you don't need to use a credit card right now, waiting does not harm you, only helps!
I'm more of a sooner the better kind of person. Amex doesn't mind thinner files and it doesn't hurt to try either, especially if you're looking to get higher CLs early on.. There have been people with just six months of history who have gotten in with Amex even thorugh their revolvers. I had nine months myself at the time I got in with them.

Chase and Barclays are a different story though and both of them would definitely like to see approximately a year of credit history first. It all depends on which issuer you're talking about.

I guess that's a way to look at it.

I look at it this way though, if I will (theoretically) be approved at 6 mos, and I continue to do good then I will also be approved at 7, and 8 and so on, the only difference is that if I had applied at 5 then it's a wasted HP. I will apply again later and that's fine but then you are sitting on 2 HP's for the next card you apply for. And then by your next card (if you continue this pattern) you will have accrued enough HP's for a creditor to be worried about and that's what I'm afraid of causing. Penfed, for example, is very sensative about inquiries and frequently denies for "pyramiding debt."

Just a thought!

Re: Scared to death to apply for amex, 5 months AAoA

chalupaman — Thu, 02 Apr 2015 02:35:26 GMT

@SecretAzure wrote:
@chalupaman wrote:
@SecretAzure wrote:
Am I the only one who thinks OP should wait an entire year from original card? 12 months of on-time payments looks much better than 5 or 6. Just my opinion!

Why must people rush into credit decisions? I prefer to wait them out until the odds couldn't be at all more in my favor. What do I know though? Nixon has 471 credit cards and that's only the ones he has currently active.

But no, seriously, if you don't need to use a credit card right now, waiting does not harm you, only helps!
I'm more of a sooner the better kind of person. Amex doesn't mind thinner files and it doesn't hurt to try either, especially if you're looking to get higher CLs early on.. There have been people with just six months of history who have gotten in with Amex even thorugh their revolvers. I had nine months myself at the time I got in with them.

Chase and Barclays are a different story though and both of them would definitely like to see approximately a year of credit history first. It all depends on which issuer you're talking about.
I guess that's a way to look at it.
I look at it this way though, if I will (theoretically) be approved at 6 mos, and I continue to do good then I will also be approved at 7, and 8 and so on, the only difference is that if I had applied at 5 then it's a wasted HP. I will apply again later and that's fine but then you are sitting on 2 HP's for the next card you apply for. And then by your next card (if you continue this pattern) you will have accrued enough HP's for a creditor to be worried about and that's what I'm afraid of causing. Penfed, for example, is very sensative about inquiries and frequently denies for "pyramiding debt."

Just a thought!

Good points. Thankfully inquiries eventually come off and don't factor into the FICO after a year. Many creditors also care most about the last six months. Also I think inquiries aren't always the reason why lenders will deny someone and often times, it's an excuse for something else that they didn't like.

There are usually other factors too like length of history, new accounts, etc.

Re: Scared to death to apply for amex, 5 months AAoA

SecretAzure — Thu, 02 Apr 2015 02:38:58 GMT

@chalupaman wrote:
@SecretAzure wrote:
@chalupaman wrote:
@SecretAzure wrote:
Am I the only one who thinks OP should wait an entire year from original card? 12 months of on-time payments looks much better than 5 or 6. Just my opinion!

Why must people rush into credit decisions? I prefer to wait them out until the odds couldn't be at all more in my favor. What do I know though? Nixon has 471 credit cards and that's only the ones he has currently active.

But no, seriously, if you don't need to use a credit card right now, waiting does not harm you, only helps!
I'm more of a sooner the better kind of person. Amex doesn't mind thinner files and it doesn't hurt to try either, especially if you're looking to get higher CLs early on.. There have been people with just six months of history who have gotten in with Amex even thorugh their revolvers. I had nine months myself at the time I got in with them.

Chase and Barclays are a different story though and both of them would definitely like to see approximately a year of credit history first. It all depends on which issuer you're talking about.
I guess that's a way to look at it.
I look at it this way though, if I will (theoretically) be approved at 6 mos, and I continue to do good then I will also be approved at 7, and 8 and so on, the only difference is that if I had applied at 5 then it's a wasted HP. I will apply again later and that's fine but then you are sitting on 2 HP's for the next card you apply for. And then by your next card (if you continue this pattern) you will have accrued enough HP's for a creditor to be worried about and that's what I'm afraid of causing. Penfed, for example, is very sensative about inquiries and frequently denies for "pyramiding debt."

Just a thought!
Good points. Thankfully inquiries eventually come off and don't factor into the FICO after a year. Many creditors also care most about the last six months. Also I think inquiries aren't always the reason why lenders will deny someone and often times, it's an excuse for something else that they didn't like.

There are usually other factors too like length of history, new accounts, etc.

True, they do often use it as a cop out. Thank you for teaching me things! I assumed they cared about inquiries for much longer than 6 months. (12 mos.)

Re: Scared to death to apply for amex, 5 months AAoA

chalupaman — Thu, 02 Apr 2015 02:42:18 GMT

@SecretAzure wrote:
@chalupaman wrote:
@SecretAzure wrote:
@chalupaman wrote:
@SecretAzure wrote:
Am I the only one who thinks OP should wait an entire year from original card? 12 months of on-time payments looks much better than 5 or 6. Just my opinion!

Why must people rush into credit decisions? I prefer to wait them out until the odds couldn't be at all more in my favor. What do I know though? Nixon has 471 credit cards and that's only the ones he has currently active.

But no, seriously, if you don't need to use a credit card right now, waiting does not harm you, only helps!
I'm more of a sooner the better kind of person. Amex doesn't mind thinner files and it doesn't hurt to try either, especially if you're looking to get higher CLs early on.. There have been people with just six months of history who have gotten in with Amex even thorugh their revolvers. I had nine months myself at the time I got in with them.

Chase and Barclays are a different story though and both of them would definitely like to see approximately a year of credit history first. It all depends on which issuer you're talking about.
I guess that's a way to look at it.
I look at it this way though, if I will (theoretically) be approved at 6 mos, and I continue to do good then I will also be approved at 7, and 8 and so on, the only difference is that if I had applied at 5 then it's a wasted HP. I will apply again later and that's fine but then you are sitting on 2 HP's for the next card you apply for. And then by your next card (if you continue this pattern) you will have accrued enough HP's for a creditor to be worried about and that's what I'm afraid of causing. Penfed, for example, is very sensative about inquiries and frequently denies for "pyramiding debt."

Just a thought!
Good points. Thankfully inquiries eventually come off and don't factor into the FICO after a year. Many creditors also care most about the last six months. Also I think inquiries aren't always the reason why lenders will deny someone and often times, it's an excuse for something else that they didn't like.

There are usually other factors too like length of history, new accounts, etc.
True, they do often use it as a cop out. Thank you for teaching me things! I assumed they cared about inquiries for much longer than 6 months. (12 mos.)

I'd summarize it as trying to ask a girl (or guy) out. You're gonna be successful with some of them and others are just not gonna be into you as much for whatever reason they come up with. That's why some people here have had great luck with Amex and Barclays while others have had more success with the likes of Discover and CUs. Think about it that way.

And again, the inquiries excuse depends on how conservative the lender is. Some are more lenient about it than others like Amex and then you have Citi which can be really really strict on the whole inquiries thing. They are the most inquiry sensitive prime lender I know about.

Re: Scared to death to apply for amex, 5 months AAoA

SecretAzure — Thu, 02 Apr 2015 02:52:58 GMT

I'd summarize it as trying to ask a girl (or guy) out. You're gonna be successful with some of them and others are just not gonna be into you as much for whatever reason they come up with. That's why some people here have had great luck with Amex and Barclays while others have had more success with the likes of Discover and CUs. Think about it that way.

And again, the inquiries excuse depends on how conservative the lender is. Some are more lenient about it than others like Amex and then you have Citi which can be really really strict on the whole inquiries thing. They are the most inquiry sensitive prime lender I know about.

Love the analogy, credit is so complex and varying. I guess I got lucky since my first 2 prime cards are Amex and Barclay lol.

Thanks for sharing your knowledge of the credit world with us.

Re: Scared to death to apply for amex, 5 months AAoA

Anonymous — Thu, 02 Apr 2015 13:21:53 GMT

Is Discover considered to be a prime card/lender?