topic Re: AMEX ED denial! Should I apply for BCE? in Credit Card Applications

AMEX ED denial! Should I apply for BCE?

Anonymous — Thu, 05 Nov 2015 03:22:54 GMT

I recently applied for the American Express Everyday card a few weeks ago and they denied me. I called up to do a little recon and they said that part of the reason was not enough revolving accounts and too many inquiries. I recently got approved over the last 3 months for a Suncoast Secured Card CL $500, Discover IT secured CL $300, Capital One CL $500, and Citi Thankyou Preferred CL $3,200. I initially never had credit cards over the last few years because I never saw a need for them until I recently noticed how really important they are for building credit, so I might have gone a little crazy applying. Anyways, I only have I believe like 5 inquiries on my account. I was wondering if it will be wise to perhaps apply again for the American Express card but for the BCE instead. Thoughts?

EQ 731, EX 714, TU 646

Re: AMEX ED denial! Should I apply for BCE?

SouthJamaica — Thu, 05 Nov 2015 03:27:30 GMT

@Anonymous wrote:
I recently applied for the American Express Everyday card a few weeks ago and they denied me. I called up to do a little recon and they said that part of the reason was not enough revolving accounts and too many inquiries. I recently got approved over the last 3 months for a Suncoast Secured Card CL $500, Discover IT secured CL $300, Capital One CL $500, and Citi Thankyou Preferred CL $3,200. I initially never had credit cards over the last few years because I never saw a need for them until I recently noticed how really important they are for building credit, so I might have gone a little crazy applying. Anyways, I only have I believe like 5 inquiries on my account. I was wondering if it will be wise to perhaps apply again for the American Express card but for the BCE instead. Thoughts?

EQ 731, EX 714, TU 646

Only if you're a masochist who enjoys wasting hard pulls.

My advice, chill out for awhile, wait 3 to 6 months before applying for anything else, and avoid Amex

Re: AMEX ED denial! Should I apply for BCE?

Anonymous — Thu, 05 Nov 2015 03:31:54 GMT

Not the most polite and helpful response I've seen, but I'll take it. Why do you suggest I avoid Amex all together? Do you think I won't get approved for it?

Re: AMEX ED denial! Should I apply for BCE?

Anonymous — Thu, 05 Nov 2015 03:33:42 GMT

Someone with many years of history, 5 inquiries is no big deal. You came out of the gate after everything at once in their eyes, and that looks different, than a seasoned application addict with the payment and account history to back it up. I was approved with 9 inquiries, 690 fico, 4 years of account history. And that was borderline, as i got only a 500 limit to start with. The cash cards are harder to get than the MR cards, and the preferred versions probably slightly higher still. Cool it. Get the relationship formed with citi, they will pay you back more cashback wise than amex once you qualify for their double cards and so on.

Re: AMEX ED denial! Should I apply for BCE?

Anonymous — Thu, 05 Nov 2015 03:38:15 GMT

@Anonymous wrote:
+1

Someone with many years of history, 5 inquiries is no big deal. You came out of the gate after everything at once in their eyes, and that looks different, than a seasoned application addict with the payment and account history to back it up. I was approved with 9 inquiries, 690 fico, 4 years of account history. And that was borderline, as i got only a 500 limit to start with. The cash cards are harder to get than the MR cards, and the preferred versions probably slightly higher still. Cool it. Get the relationship formed with citi, they will pay you back more cashback wise than amex once you qualify for their double cards and so on.

Thank you so much for that very informed and detailed reply. I will take your word of advice and will definitely step back a little from applying for a while. I will take advantage of building a solid relationship with Citi bank and hopefully apply for their Double Cash card next year. I still want an Amex card. Just because that is my goal...to finally have an American Express card, not so much for their average benefits but because I really just want to be the owner of one.

Re: AMEX ED denial! Should I apply for BCE?

peaceonearth — Thu, 05 Nov 2015 03:39:16 GMT

@Anonymous wrote:
Not the most polite and helpful response I've seen, but I'll take it. Why do you suggest I avoid Amex all together? Do you think I won't get approved for it?

He meant to say "Avoid AMEX while improving your credit profile"

You're asking for info so, don't take it personal.

Re: AMEX ED denial! Should I apply for BCE?

SouthJamaica — Thu, 05 Nov 2015 03:41:13 GMT

@peaceonearth wrote:
@Anonymous wrote:
Not the most polite and helpful response I've seen, but I'll take it. Why do you suggest I avoid Amex all together? Do you think I won't get approved for it?
He meant to say "Avoid AMEX while improving your credit profile"
You're asking for info so, don't take it personal.

Thank you peaceonearth. You understand me

Re: AMEX ED denial! Should I apply for BCE?

tntexans72 — Thu, 05 Nov 2015 03:43:10 GMT

Let those new accounts age a little. I would apply again after 6 months but if you can hang tight for 1yr it would be better. Just make on time payments and you will be golden.

Re: AMEX ED denial! Should I apply for BCE?

peaceonearth — Thu, 05 Nov 2015 03:45:33 GMT

@SouthJamaica wrote:
@peaceonearth wrote:
@Anonymous wrote:
Not the most polite and helpful response I've seen, but I'll take it. Why do you suggest I avoid Amex all together? Do you think I won't get approved for it?
He meant to say "Avoid AMEX while improving your credit profile"
You're asking for info so, don't take it personal.

Thank you peaceonearth. You understand me

You're Welcome!

Re: AMEX ED denial! Should I apply for BCE?

SouthJamaica — Thu, 05 Nov 2015 03:48:10 GMT

@Anonymous wrote:
Not the most polite and helpful response I've seen, but I'll take it. Why do you suggest I avoid Amex all together? Do you think I won't get approved for it?

I meant you should stay away from them for now, because their credit cards are hard to get without stronger scores, and because they will auto-deny you if they've denied your application recently.

But if you stay away from them forever, that's ok too. My Amex charge card is the biggest waste of money for me, and the 2 Amex revolvers I have are among my most useless revolving cards: annual fees, high interest, high fees, no CLI's, no balance transfers. So much for the 'prestige'; like anyone notices or cares what credit card I use when I pick up the tab at lunch.

Re: AMEX ED denial! Should I apply for BCE?

CreditCuriosity — Thu, 05 Nov 2015 03:47:52 GMT

Credit isn't a race it is a marathon. Also the ED has easier UW than the BCE so that would be a no go. In another 3-6 months I would suggest going for the Delta or ED to get your foot in the door with Amex. BCE has some of the tougher UW standards of Amex just for your information.