topic Re: 5 yrs & 1 month post BK7. AMEX or USAA? in Credit Cards

5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sat, 25 Jul 2020 21:46:36 GMT

I forgot what doors open up after 5 years and a month...

That's what 50 years does to you!

Thanks in advance!

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

Anonymous — Sat, 25 Jul 2020 21:47:32 GMT

Amex opens that long after filing, provided you aren't on their blacklist

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sat, 25 Jul 2020 22:04:27 GMT

Amex was not included on my filing and I have been an AU with AMEX for 7 years.

So the door opens exactly after 5 years and 1 month?

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

Anonymous — Sat, 25 Jul 2020 22:39:28 GMT

Basically yes. If you filed in June 2015 or earlier, as of this month you will be considered for an Amex card.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

Anonymous — Sat, 25 Jul 2020 22:40:48 GMT

@tussking wrote:
Amex was not included on my filing and I have been an AU with AMEX for 7 years.
So the door opens exactly after 5 years and 1 month?

Usually

If you are allowed/ready to apply, you'll get a HP, if not then no HP and it'll just be denied

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Sun, 26 Jul 2020 02:52:25 GMT

@tussking wrote:
I forgot what doors open up after 5 years and a month...
That's what 50 years does to you!

Thanks in advance!

If you did not burn either of those lenders, then you could apply to both. They both pulled EXP for me (Amex always EX), so Id try AMEX first. I was 5 yrs 1 mo post DC with Amex, and 5.5 yrs post DC with USAA . Was told 7 yrs post DC with USAA, but they approved me for two cards a few months apart when I applied. So, they may have lowered the time limit. Do you have any accounts currently with them?

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sun, 26 Jul 2020 03:14:01 GMT

Hi Pizza, hope you're safe.

I have been a member of USAA for 15+ years and they did let me back in for insurance and bank accounts. I did include them in BK7.

AMEX I am an AU on for 7+ years never had my own AMEX card.

Do you carry balances? What overall usage do you report? I am currently at 26%.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Sun, 26 Jul 2020 04:00:42 GMT

@tussking wrote:
Hi Pizza, hope you're safe.

I have been a member of USAA for 15+ years and they did let me back in for insurance and bank accounts. I did include them in BK7.

AMEX I am an AU on for 7+ years never had my own AMEX card.

Do you carry balances? What overall usage do you report? I am currently at 26%.

Im well, thank you!

If you burned USAA, that might be a different story. Only way to find out is apply, and you'll find out right away if they will forgive at 5 years, or if you'll have to wait for 7 years.

I think you have a better shot at Amex right now. You didnt burn them, are an AU, and you're 5 yrs plus 1 mo post FD or DC. I waited til 1 mo after my DC to be safe.

I keep no more than 1-2% overall utilzation reporting still. I dont carry balances, but Ive gotten brave over the last few years and I'll let 5-6 cards report a balance at times on a given month, then PIF. Right now, I only have 2 cards that reported this month.

Is there anyway you could get your utilization down below 20% at least before you apply?

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sun, 26 Jul 2020 07:23:39 GMT

Yes, absolutely! I am paying off cards in the next 2 weeks. I will wait an extra month so I can get a few more knocked out. The balances are all zero % I used to pay for my kid's school.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Sun, 26 Jul 2020 19:33:20 GMT

@tussking wrote:
Yes, absolutely! I am paying off cards in the next 2 weeks. I will wait an extra month so I can get a few more knocked out. The balances are all zero % I used to pay for my kid's school.

Hey, gotta do what you need to do sometimes, and @ 0%, why not?! I think you have a decent shot at Amex. Id apply to them 1st, then to USAA. I didnt IIB Amex, but I did USAA, for a decent chunk too. They let me back in 5.5yrs post DC. I ended up closing one on my CC's with them to simplify things, and "downsize" CC's lol..I have one CC with them now at $15K. Good Luck to you, and anxious to hear your outcome! If you can get your overall utilzation down to 10%, even better.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sun, 26 Jul 2020 20:16:57 GMT

Pizza,

What AMEX should I go for? I have a GOLD AMEX (AU) now. Is there a shot at the blue cash or just charge cards? I know 100% I don't want a DELTA or HILTON card. I only stay at Marriott (only wish I could get the Bonvoy card as I am a titanium member) sorry rambling. Thanks for the advice!

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Sun, 26 Jul 2020 20:39:18 GMT

@tussking wrote:
Pizza,

What AMEX should I go for? I have a GOLD AMEX (AU) now. Is there a shot at the blue cash or just charge cards? I know 100% I don't want a DELTA or HILTON card. I only stay at Marriott (only wish I could get the Bonvoy card as I am a titanium member) sorry rambling. Thanks for the advice!

Do you know what your current EX FICO 08 is? I think once you get down some of the utilzation, you might gain a few extra points as well.

I think you have a decent chance at the Blue Cash... Have you unlocked EX and tried their prequal to see if they offer you anything now?

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sun, 26 Jul 2020 21:12:23 GMT

My EX Fico score 8 is 668. I just unlocked my EX and looking on AMEX for pre-qual page. Ok, I used incognito chrome and did it.

I got

Sorry! We couldn't find any pre-qualified offers.

But you can apply for

Blue Cash Everyday® Card from American Express.

I am not exactly 5 years and 1 month till August 11. **bleep** just realized...

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Sun, 26 Jul 2020 22:55:25 GMT

@tussking wrote:
My EX Fico score 8 is 668. I just unlocked my EX and looking on AMEX for pre-qual page. Ok, I used incognito chrome and did it.

I got
Sorry! We couldn't find any pre-qualified offers.

But you can apply for
Blue Cash Everyday® Card from American Express.

I am not exactly 5 years and 1 month till August 11. **bleep** just realized...

Just to be on the safer side, I would wait till 1st week in September to apply. I also had no offers as well, and approved with conditions (no subs) without prequal. That will also give you time to get utilzation down, and let your reports update to reflect any changes.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Sun, 26 Jul 2020 23:00:37 GMT

Pizza,

That works for me. I'm in no rush. What conditions did they give you? Thank you.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Sun, 26 Jul 2020 23:21:52 GMT

@tussking wrote:
Pizza,

That works for me. I'm in no rush. What conditions did they give you? Thank you.

Highest APR, no sign on bonus, low SL. Which BTW, its a known thing now that someone with BK on file, that if approved, your SL will likely stay that way with no CLI's until BK if off record. Everytime I tried for one, I was denied stating BK on the denial form. I eventually decided I didnt need them, it was just a goal card anyways, and I didnt have the patience to wait 5 more years for a CLI, lol. I decided to close my cards, and reapply once the BK was off EX report. (less than 3 years to go)

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

tussking — Mon, 27 Jul 2020 00:11:28 GMT

If you think I'm going to get a $1000 limit then I really have no use for AMEX. I'm an AU on my dads gold card and he's been a member 50 years so last time checked I can buy up to $150k in one purchase. I really don't need AMEX was just a want. It sounds like it can wait another 5 years....

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

recoveringfrombk7 — Mon, 27 Jul 2020 00:13:55 GMT

@pizza1 wrote:
@tussking wrote:
Pizza,

That works for me. I'm in no rush. What conditions did they give you? Thank you.
Highest APR, no sign on bonus, low SL. Which BTW, its a known thing now that someone with BK on file, that if approved, your SL will likely stay that way with no CLI's until BK if off record. Everytime I tried for one, I was denied stating BK on the denial form. I eventually decided I didnt need them, it was just a goal card anyways, and I didnt have the patience to wait 5 more years for a CLI, lol. I decided to close my cards, and reapply once the BK was off EX report. (less than 3 years to go)

This is where I think I will end up as well. I want to invest in the MR system, but I suspect the BK will make it difficult. I'll hit my 5 years around the time your BK falls off haha.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

pizza1 — Mon, 27 Jul 2020 01:55:19 GMT

@tussking wrote:
If you think I'm going to get a $1000 limit then I really have no use for AMEX. I'm an AU on my dads gold card and he's been a member 50 years so last time checked I can buy up to $150k in one purchase. I really don't need AMEX was just a want. It sounds like it can wait another 5 years....

Its really a toss up. Some folks got the standard $500-$1K SL, others got $2-$5K, depending on their profile. Im sure at the time my 80 EX inq and 15 new accounts for 2 yrs didnt help me, LOL. Every profile is different, even those with BK on file, so its up to you to decide if you want to take a gamble and see what you'd get for a SL.

Re: 5 yrs & 1 month post BK7. AMEX or USAA?

recoveringfrombk7 — Mon, 27 Jul 2020 02:43:47 GMT

@pizza1 wrote:
@tussking wrote:
If you think I'm going to get a $1000 limit then I really have no use for AMEX. I'm an AU on my dads gold card and he's been a member 50 years so last time checked I can buy up to $150k in one purchase. I really don't need AMEX was just a want. It sounds like it can wait another 5 years....
Its really a toss up. Some folks got the standard $500-$1K SL, others got $2-$5K, depending on their profile. Im sure at the time my 80 EX inq and 15 new accounts for 2 yrs didnt help me, LOL. Every profile is different, even those with BK on file, so its up to you to decide if you want to take a gamble and see what you'd get for a SL.

I plan to try and see what I get. I'm also planning two years of gardening before the app in the hope it might help. I'm in the same boat as @tussking definitely just a want.