topic Re: BCP/BCE/ED difficulty in Credit Cards

BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 16:25:48 GMT

In April once Freedom's 5% grocery is over I'm going to app for a grocery card, ideally one of AMEX's. Questions:

1. Are the BCP/BCE/ED all equally hard to get?

2. If I app for one, get declined (SP since I'm already AMEX member), can I app for one of the others or will I get automatically rejected? Should I app for the one I want most or that one I think I'm most likely to get?

I have clean but newish history (oldest card is 4 years, but others are ~6mo old) and I have 8 inqs on EX. My scores are ~708 on TU and EQ where I have 1 and 2 inqs respectively, not sure about my EX score but with those inqs I would guess around 690?

I would prefer the BCP to the other two, not sure where I stand on the other two. ED is probably better rewards, and would let me not rush to spend my PRG's rewards before I close it in the fall, but I don't travel a lot (maybe fly once a year) so would prefer cash to MR.

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 16:33:32 GMT

I had a 23 year old green card and was denied in August 2014 for an ED card with a 678 score and several late payments and other issues. If you have a clean payment history you should have no problem. I heard BCE was the easiest to get., though they are tough I guess I thought about reapplying for a revolver, having just PC'd to senior gold (no MR points) to save money and keep connection with AMEX but just closed two cap 1 accounts and opened NFCU and CSP in January. AMEX likes no new accounts (6 mos) at time of application.

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 18:31:55 GMT

@Anonymous wrote:
In April once Freedom's 5% grocery is over I'm going to app for a grocery card, ideally one of AMEX's. Questions:

1. Are the BCP/BCE/ED all equally hard to get?
2. If I app for one, get declined (SP since I'm already AMEX member), can I app for one of the others or will I get automatically rejected? Should I app for the one I want most or that one I think I'm most likely to get?

I have clean but newish history (oldest card is 4 years, but others are ~6mo old) and I have 8 inqs on EX. My scores are ~708 on TU and EQ where I have 1 and 2 inqs respectively, not sure about my EX score but with those inqs I would guess around 690?

I would prefer the BCP to the other two, not sure where I stand on the other two. ED is probably better rewards, and would let me not rush to spend my PRG's rewards before I close it in the fall, but I don't travel a lot (maybe fly once a year) so would prefer cash to MR.

I think the belief here is that BCP/BCE are the same UW, much like Green/Gold/Plat are the same. However, I remember one post where an Amex CSR said BCE was easier, but that might not have been based on anything much.

Potentially, ED might be easier as it is still faiirly new and they want to get it out there, but probably not much. Just go for the one you think you really want.

Or, better, app for the Sallie Mae instead!

Re: BCP/BCE/ED difficulty

kdm31091 — Sun, 01 Mar 2015 18:33:50 GMT

I'd echo apping for what you really want. I don't work for Amex, but I assume the underwriting for BCE/ ED is going to be roughly similar because they offer similar benefits just given in different ways. BCP could be different as it is an AF card but I doubt it is a huge difference.

Apply for what you actually want.

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 19:05:09 GMT

it seems like u need a min 700 score for bce

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 19:14:16 GMT

I was just approved this morning for a BCP. Was hesitant about apping because I didn't think I would be approved. Was given a low CL of 1k but that's ok because I have my foot in the door.

My scores were EQ 698 TU 694 EX 677

Re: BCP/BCE/ED difficulty

Santi78342 — Sun, 01 Mar 2015 19:18:42 GMT

Personally, I would apply for the BCP for the better sign-up bonus over the BCE. If it wasn't fitting with my spend to justify the annual fee I would downgrade to BCE after a year. I would also apply for the ED to keep your MR points so you don't have to rush to use them.

I would app BCP first, and if approved go for ED too.

This is assuming you've done your homework and the BCP would be better for you over the Sallie Mae.

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 19:19:14 GMT

@Anonymous wrote:
I was just approved this morning for a BCP. Was hesitant about apping because I didn't think I would be approved. Was given a low CL of 1k but that's ok because I have my foot in the door.

My scores were EQ 698 TU 694 EX 677

That $1000 will turn into $3000 in 61 days.

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 19:32:44 GMT

Thanks for the responses! I've thought about the Sallie Mae, but I'd been leaning towards the AMEXs becuase:

1. They will get backdated

2. Better signon bonuses

3. No HP if I get rejected

Although the Sallie Mae does have in its favor:

1. Barclaycard pulls TU (I think?) which won't have the 8 inqs (just 1), although they will still see the new accounts

2. If during the summer we do a farm share or something and our spending drops to more around $250/mo at grocery stores, it would have better rewards.

At our current grocery rate of $350-400/mo the BCP has Sallie Mae slightly beat by $1-2/mo rewards, so nothing lifechanging. Really the signon bonus difference is more significant. Thoughts on if I should be considering the Sallie Mae? Do I have a reasonable chance of getting it? I currently have no barclaycards, and if they pulled EX and rejected me it would hurt.

Re: BCP/BCE/ED difficulty

kdm31091 — Sun, 01 Mar 2015 19:36:36 GMT

@Anonymous wrote:
Thanks for the responses! I've thought about the Sallie Mae, but I'd been leaning towards the AMEXs becuase:

1. They will get backdated
2. Better signon bonuses
3. No HP if I get rejected

Although the Sallie Mae does have in its favor:
1. Barclaycard pulls TU (I think?) which won't have the 8 inqs (just 1), although they will still see the new accounts
2. If during the summer we do a farm share or something and our spending drops to more around $250/mo at grocery stores, it would have better rewards.

At our current grocery rate of $350-400/mo the BCP has Sallie Mae slightly beat by $1-2/mo rewards, so nothing lifechanging. Really the signon bonus difference is more significant. Thoughts on if I should be considering the Sallie Mae? Do I have a reasonable chance of getting it? I currently have no barclaycards, and if they pulled EX and rejected me it would hurt.

While it sounds like you can justify the BCP and it has a slight advantage, does your calculation include the fact that you only get 5% on the first $250 of that $350 with Sallie? If not, BCP advantage will be more than a dollar or two.

If that answer is still yes and the benefit is only $1-2, it's up to you. I'd prefer BCP to Sallie. Yes, the signup bonus is there for BCP but that's not the only reason. I dunno how you plan to redeem your rewards, but Sallie really only does statement credit unless you have a loan with them. If that's what you want with BCP, it is the same, but BCP gives you more redemptions options if that matters to you. Barclay usually pulls TU, not EX.

I'd lean towards BCP in your situation, with your spend.

Re: BCP/BCE/ED difficulty

LuckyBird — Sun, 01 Mar 2015 19:50:14 GMT

@Anonymous wrote:
I had a 23 year old green card and was denied in August 2014 for an ED card with a 678 score and several late payments and other issues. If you have a clean payment history you should have no problem. I heard BCE was the easiest to get., though they are tough I guess I thought about reapplying for a revolver, having just PC'd to senior gold (no MR points) to save money and keep connection with AMEX but just closed two cap 1 accounts and opened NFCU and CSP in January. AMEX likes no new accounts (6 mos) at time of application.

Just chiming in here with a different experience on that. I did an app spree late summer/early fall 2014. Had only had couple of CC's for several years, a BofA Visa & Discover. Started reading here and sort of got on the rewards card bandwagon.

Starting in late July, I opened about 8 new accounts within a couple of months. Applied for Amex ED in October & was approved for $6,000. Laid low for a few weeks and then decided the BCP was a better fit for me, so I apped for that in late December & was approved for $10,000. EQ and TU were around 715-720 and about 730 respectively during this time, EXP was about 705. Several inq on each...around 5 to 6. Completely clean payment history, but I do have a paid State tax lien from 2010.

Since it seems like grocery rewards are important to you, I'd prob suggest the BCP. That one and Citi Double Cash have kind of become my go-to cards for almost everything.

*Edited to add: Those inquiry numbers are where I am now, but they were accumulating during that whole time and most were already there when I applied for the 2 Amex's, since they were almost the last accounts I've opened. Only one since then was NFCU Cash Rewards in January (opened for $12, 500 - they didn't seem to mind the new accounts & inquiries, either...)

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 21:11:50 GMT

@kdm31091 wrote:
@Anonymous wrote:
Thanks for the responses! I've thought about the Sallie Mae, but I'd been leaning towards the AMEXs becuase:

1. They will get backdated
2. Better signon bonuses
3. No HP if I get rejected

Although the Sallie Mae does have in its favor:
1. Barclaycard pulls TU (I think?) which won't have the 8 inqs (just 1), although they will still see the new accounts
2. If during the summer we do a farm share or something and our spending drops to more around $250/mo at grocery stores, it would have better rewards.

At our current grocery rate of $350-400/mo the BCP has Sallie Mae slightly beat by $1-2/mo rewards, so nothing lifechanging. Really the signon bonus difference is more significant. Thoughts on if I should be considering the Sallie Mae? Do I have a reasonable chance of getting it? I currently have no barclaycards, and if they pulled EX and rejected me it would hurt.

While it sounds like you can justify the BCP and it has a slight advantage, does your calculation include the fact that you only get 5% on the first $250 of that $350 with Sallie? If not, BCP advantage will be more than a dollar or two.

If that answer is still yes and the benefit is only $1-2, it's up to you. I'd prefer BCP to Sallie. Yes, the signup bonus is there for BCP but that's not the only reason. I dunno how you plan to redeem your rewards, but Sallie really only does statement credit unless you have a loan with them. If that's what you want with BCP, it is the same, but BCP gives you more redemptions options if that matters to you. Barclay usually pulls TU, not EX.

I'd lean towards BCP in your situation, with your spend.

On the other hand, BCP pays rewards more than a month behind( the statement following the statement with the charges in, plus a delay of a few days post payment). Compared to Barclays posting when transactions post, that is a negative.

Re: BCP/BCE/ED difficulty

kdm31091 — Sun, 01 Mar 2015 21:18:26 GMT

Yeah, but if you are routinely gonna exceed the cap on the Sallie, BCP could still be a better choice keeping in mind that yes, you have to wait for your rewards to post. However, if you are spending $350-400 a month on groceries, you are only getting 1% on the last 100-150 of that with Sallie, whereas the full 6% applies with BCP (even at $400 a month you're not going to hit the 6k year cap).

Now, since OP's calculation indicates the BCP is $1-2 ahead, that is basically meaningless and they should just choose based on preference. I was simply asking though, does their calculation include only getting 1% past $250 on Sallie?

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 21:28:36 GMT

@kdm31091 wrote:
Yeah, but if you are routinely gonna exceed the cap on the Sallie, BCP could still be a better choice keeping in mind that yes, you have to wait for your rewards to post. However, if you are spending $350-400 a month on groceries, you are only getting 1% on the last 100-150 of that with Sallie, whereas the full 6% applies with BCP (even at $400 a month you're not going to hit the 6k year cap).

Now, since OP's calculation indicates the BCP is $1-2 ahead, that is basically meaningless and they should just choose based on preference. I was simply asking though, does their calculation include only getting 1% past $250 on Sallie?

I agree with focussing on the rewards figures. I was just saying that if you consider factors such as lack of redemption opions you could also consider the (very) slow paying of rewards as a negative.for BCP. Just like DC/QS, you might decide that these factors outweigh higher possible rewards. Or not. Personally, I find the delayed payment really annoying, put gas spend on SM for that reason

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 22:02:53 GMT

I've read that the ED is the easiest, I got approved for the BCE with EQ 691.

Re: BCP/BCE/ED difficulty

Themanwhocan — Sun, 01 Mar 2015 22:13:57 GMT

@Anonymous wrote:
Thanks for the responses! I've thought about the Sallie Mae, but I'd been leaning towards the AMEXs becuase:

1. They will get backdated
2. Better signon bonuses
3. No HP if I get rejected

Although the Sallie Mae does have in its favor:
1. Barclaycard pulls TU (I think?) which won't have the 8 inqs (just 1), although they will still see the new accounts
2. If during the summer we do a farm share or something and our spending drops to more around $250/mo at grocery stores, it would have better rewards.

At our current grocery rate of $350-400/mo the BCP has Sallie Mae slightly beat by $1-2/mo rewards, so nothing lifechanging. Really the signon bonus difference is more significant. Thoughts on if I should be considering the Sallie Mae? Do I have a reasonable chance of getting it? I currently have no barclaycards, and if they pulled EX and rejected me it would hurt.

Apply for the card that is best for your situation. If there is a difference in being qualified to get a BCE/BCP/ED/EDP, that difference is very small. Most of what you hear on that score is mere speculation. BCP usually wins because people see the 6% and don't do the math:

Personally, I have 2 Sallie Mae cards, I applied 6 months apart. It was probably advantageous that I received a low credit limit on the first card. But, only you can determine what is most important to you. Absolute maximum rewards, or minimum number of credit cards, or a belief that American Express cards will impress people (personally I've yet to meet those people) .

Re: BCP/BCE/ED difficulty

kdm31091 — Sun, 01 Mar 2015 22:45:17 GMT

OP did mention they did the math though, and stated they came out $1-2 ahead on BCP. If that is truly the case, and that math is correct and considers all factors, it is largely going to be a personal decision based on preference, as there is no huge advantage either way.

And don't forget that (and this is not a Sallie Mae bash) you having 2 cards does not mean anyone can easily obtain 2 of them. Yes, it is possible. It doesn't mean that it is something most issuers usually allowed, and it also doesn't mean that you managing to get 2 was not a fluke. You do not typically hear of people getting 2 of the same card (from any issuer). If having 2 was a surefire thing, it would exceed the value BCP because there's no AF. The big question mark is actually obtaining 2 of them (and the simple hassle of having rewards split on two cards, etc).

Re: BCP/BCE/ED difficulty

Anonymous — Sun, 01 Mar 2015 22:57:51 GMT

Hi all,

Thanks again for all the help! The numbers for me work out to assumming $350/mo spend:

BCP: $14.75/mo (taking into account the AF)

Sallie Mae: $13.5/mo (taking into account the $250 cap)

BCE: $10.50

This is where I was getting the $1-2 number from. If we said $400/mo:

BCP: $17.75/mo

Sallie Mae: $14/mo

BCE: $12/mo

So I think BCP is probably best, especially since you can consider the signon bonus for the first year to be +$16.67/mo for the BCP, +$8.3/mo for BCE, and only +$2/mo for Sallie Mae. Of course past the first year clearly BCP and Sallie Mae are pretty comparable if I stay closer to $350.

I guess my other worry was that the BCP would be harder to get, and I would app for it, get declined, and then AMEX would auto-decline me if I tried for any of the easier ones. Getting the BCE now and picking up the BCP a year down the road would obviously be preferrable to getting nothing now lol. Does anyone know if AMEX auto-declines you for ALL cards for a time period after one declined app? Or do you just get auto-declined if you app for the same card again right away?

Re: BCP/BCE/ED difficulty

Themanwhocan — Sun, 01 Mar 2015 23:01:26 GMT

@kdm31091 wrote:
OP did mention they did the math though, and stated they came out $1-2 ahead on BCP. If that is truly the case, and that math is correct and considers all factors, it is largely going to be a personal decision based on preference, as there is no huge advantage either way.

And don't forget that (and this is not a Sallie Mae bash) you having 2 cards does not mean anyone can easily obtain 2 of them. Yes, it is possible. It doesn't mean that it is something most issuers usually allowed, and it also doesn't mean that you managing to get 2 was not a fluke. You do not typically hear of people getting 2 of the same card (from any issuer). If having 2 was a surefire thing, it would exceed the value BCP because there's no AF. The big question mark is actually obtaining 2 of them (and the simple hassle of having rewards split on two cards, etc).

I've seen several people on Myfico that have 2 Sallie Mae cards.

People have 2 Chase Freedom cards (but that loophole is closed). 3 and even 4 Bank of America Better Balance Rewards cards. I have 2 US Bank Cash+ cards. It can be done, its just that most of the time there is no benefit to multiples of the same card, and most people don't even think of it as a possibility.

To get 2 Sallie Mae cards, you need to get their computers to auto-approve you, since the CSR's won't override the system to allow multiple identical cards.

Re: BCP/BCE/ED difficulty

kdm31091 — Sun, 01 Mar 2015 23:02:05 GMT

You can always get the BCE and PC/upgrade to a BCP later. I don't see why that would be an issue. I think you can also do the reverse; BCP to BCE.

But it sounds like with your math, the BCP is the way to go. Amex does have a prequalifier so you can see if you're prequalified. I am not aware of any Amex policy about "auto declining" you for any time period. I remember trying for a BCE I wanna say in Jan or Feb 2014, declined. Approved in May 2014 (for $2k at that time).