topic Re: Applying for Another Amex??? Should I? in Credit Cards

Applying for Another Amex??? Should I?

improvingmycredit — Wed, 23 Nov 2011 02:15:27 GMT

I just got out of an FR by Amex for the Zync Charge card. I was backdated with this account to 1989 when I opened it near the beginning of this month. I was thinking that since I have no plans to acquire anymore revolving cards at all and I could use some help with AAoA I should go ahead this month and get another Charge card with Amex to backdate then Garden for a year or two. I plan on buying a house toward the end of next year or maybe even the beginning of 2013. My AAoA without the Amex reporting is just under 3 years on all three CRA. What do you think? It's my understanding that if denied, no hard hit on my EX report. Is this true also? Any advice from you Sage MyFICO forum contributors would be great about how this idea might "help or not" my scores.

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 02:22:29 GMT

thats 1 of the gr8 things about amx, or two, soft hit and back dating, sure try it, dont know if they will give 2 of the same type of card... others my chime in.

Re: Applying for Another Amex??? Should I?

LS2982 — Wed, 23 Nov 2011 02:25:42 GMT

@impovingmycredit wrote:
I just got out of an FR by Amex for the Zync Charge card. I was backdated with this account to 1989 when I opened it near the beginning of this month. I was thinking that since I have no plans to acquire anymore revolving cards at all and I could use some help with AAoA I should go ahead this month and get another Charge card with Amex to backdate then Garden for a year or two. I plan on buying a house toward the end of next year or maybe even the beginning of 2013. My AAoA without the Amex reporting is just under 3 years on all three CRA. What do you think? It's my understanding that if denied, no hard hit on my EX report. Is this true also? Any advice from you Sage MyFICO forum contributors would be great about how this idea might "help or not" my scores.

I think thats a good idea. You have nothing to lose, No hard INQ for denial. This new card if you get it will backdate to 1989 so that will help you AAoA. May take an initial ding but will help in the long run.

Re: Applying for Another Amex??? Should I?

CS800 — Wed, 23 Nov 2011 02:27:36 GMT

Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 02:30:48 GMT

Yes please confirm this also does anyone know if this is the same for their buisness line ?

AMEX is looking better and better

Re: Applying for Another Amex??? Should I?

LS2982 — Wed, 23 Nov 2011 02:35:40 GMT

@CS800 wrote:
Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?

That's what contributors here have been saying. There are a few threads with this response in it.

Re: Applying for Another Amex??? Should I?

CS800 — Wed, 23 Nov 2011 02:42:39 GMT

On the 4 cards I got : Discover, Barclay, USAA AMEX, USAA Mastercard, only the Barclay has posted on my CR's

I'm either tempted for an AMEX revolver or Chase freedom.

Re: Applying for Another Amex??? Should I?

trumpet-205 — Wed, 23 Nov 2011 04:03:39 GMT

@LS2982 wrote:
@CS800 wrote:
Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?
That's what contributors here have been saying. There are a few threads with this response in it.

That would be great. Was thinking about applying BCE at 2012 and if approved close my ZYNC card.

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 14:05:38 GMT

@trumpet-205 wrote:
@LS2982 wrote:
@CS800 wrote:
Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?
That's what contributors here have been saying. There are a few threads with this response in it.
That would be great. Was thinking about applying BCE at 2012 and if approved close my ZYNC card.

That's correct. Soft hit if denied and you get your EX FICO. If approved, hard inq and no FICO.

Re: Applying for Another Amex??? Should I?

CS800 — Wed, 23 Nov 2011 14:24:47 GMT

@Anonymous wrote:
@trumpet-205 wrote:
@LS2982 wrote:
@CS800 wrote:
Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?
That's what contributors here have been saying. There are a few threads with this response in it.
That would be great. Was thinking about applying BCE at 2012 and if approved close my ZYNC card.
That's correct. Soft hit if denied and you get your EX FICO. If approved, hard inq and no FICO.

Great thanks for the info

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 15:15:45 GMT

@Anonymous wrote:
@trumpet-205 wrote:
@LS2982 wrote:
@CS800 wrote:
Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?
That's what contributors here have been saying. There are a few threads with this response in it.
That would be great. Was thinking about applying BCE at 2012 and if approved close my ZYNC card.
That's correct. Soft hit if denied and you get your EX FICO. If approved, hard inq and no FICO.

Not exacly true, I just received my 3rd AmEx Card and this time for some reason AmEx sent me a letter Congratulating me and in the Congrats letter it contained my EX FICO they used in part to determine my creditworthiness.

I did not receive a Congrats letter for my first two AmEx cards, but for some reason they sent me a letter this time and in the letter was my EX FICO, I was like YES, I finally know my EX FICO.

Re: Applying for Another Amex??? Should I?

CS800 — Wed, 23 Nov 2011 15:29:02 GMT

@Anonymous wrote:
@Anonymous wrote:
@trumpet-205 wrote:
@LS2982 wrote:
@CS800 wrote:
Do i hear a confirmation that as an existing AMEX customer, a denial = no hard hit?
That's what contributors here have been saying. There are a few threads with this response in it.
That would be great. Was thinking about applying BCE at 2012 and if approved close my ZYNC card.
That's correct. Soft hit if denied and you get your EX FICO. If approved, hard inq and no FICO.
Not exacly true, I just received my 3rd AmEx Card and this time for some reason AmEx sent me a letter Congratulating me and in the Congrats letter it contained my EX FICO they used in part to determine my creditworthiness.

I did not receive a Congrats letter for my first two AmEx cards, but for some reason they sent me a letter this time and in the letter was my EX FICO, I was like YES, I finally know my EX FICO.

I got my Zync and the Platinum about the same time and no FICO or congrats letter.

I would think it would make sense for credit card companies to give the customer their FICO whether approved or denied.

Re: Applying for Another Amex??? Should I?

improvingmycredit — Wed, 23 Nov 2011 15:48:09 GMT

With Amex, you don't get a FICO with approval of their Charge cards. However, if you apply and are approved for a revolver, if they can not provide you with the lowest APR, they are required to send you a "credit score" used to determine the APR applied to your new account. Lucky for us, Amex actually sends a real FICO from EX.

That is the reason some people receive their scores and some don't with Amex. On another note, you may not receive your FICO or "credit score" if you got the best rates from the issuing company. The new laws require that they provide this info only if denied or you didn't qualify for the best rates. (APR)

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 18:16:32 GMT

@impovingmycredit wrote:
I just got out of an FR by Amex for the Zync Charge card. I was backdated with this account to 1989 when I opened it near the beginning of this month. I was thinking that since I have no plans to acquire anymore revolving cards at all and I could use some help with AAoA I should go ahead this month and get another Charge card with Amex to backdate then Garden for a year or two. I plan on buying a house toward the end of next year or maybe even the beginning of 2013. My AAoA without the Amex reporting is just under 3 years on all three CRA. What do you think? It's my understanding that if denied, no hard hit on my EX report. Is this true also? Any advice from you Sage MyFICO forum contributors would be great about how this idea might "help or not" my scores.

I would like to clarify something... As I don't see it reflected in this post. In improving's case Amex will NOT pull a hard report as he is an existing CHARGE CARD holder and he is applying for a second CHARGE CARD. If improving would be looking for a Amex REVOLVER there WILL BE a hard pull as the two card divisions (charge and revolving) are considered separate.

Please do NOT app for a revolver if you currently have a charge and think there will not be a hard pull on your EX (or vice versa)!!!

Re: Applying for Another Amex??? Should I?

improvingmycredit — Wed, 23 Nov 2011 18:24:14 GMT

I just want to make sure I understand... If I apply for the 2nd Charge card and I am approved, will there be a hard pull? I do understand about the revolver but I'm a little confused about the Charge product app. Also- do you agree with my thinking on the AAoA issue or do you think that I'll experience a score decrease having another hard pull? Thanks for your input!

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 18:25:59 GMT

same here, got approved and sent me a letter with ex fico score

Re: Applying for Another Amex??? Should I?

Anonymous — Wed, 23 Nov 2011 21:05:44 GMT

impovingmycredit wrote:
I just want to make sure I understand... If I apply for the 2nd Charge card and I am approved, will there be a hard pull?

Based off of what I have read in these forums and not personal experience, you should not receive a hard pull for the new inquiry. It is my understanding that Amex encourages the use of dual charge TL's as you can "link" your Zync Acct with a green, gold etc..

I do understand about the revolver but I'm a little confused about the Charge product app.
Also- do you agree with my thinking on the AAoA issue or do you think that I'll experience a score decrease having another hard pull? Thanks for your input!

I Agree that your AAoA should increase if you receive an additional backdated Amex. According to the Fico Scoring Pie Chart length of credit history accounts for 15% of your score whereas New Credit (inq's included) account for 10%. The potential benefits of an increased AAoA outweighs that of 1 additional inq. (in the event of an inquiry which the community states you will/should not incur).

But since you are not apping for anything at the present moment. It may benefit you to just garden the one charge card so that Amex can see your (new) spending pattern and reward your pseudo new history with a new TL in 6 months.

(edited for misinformation/clarity )

Re: Applying for Another Amex??? Should I?

improvingmycredit — Wed, 23 Nov 2011 23:43:54 GMT

Thanks for the insight. I appreciate the feedback and it helped me alot.

What a great place for credit knowledge!!

I learn something new everyday.

Re: Applying for Another Amex??? Should I?

improvingmycredit — Thu, 24 Nov 2011 00:02:49 GMT

So I went ahead and pulled the trigger on the Amex Gold Card and I was approved!!!! Unfortunately, it did result in a hard pull to Experian but I kinda figured it would. I am looking forward to seeing if this helps my score now. We will see when it reports and I will give everyone an update.

I'm Happy!!

Re: Applying for Another Amex??? Should I?

Anonymous — Thu, 24 Nov 2011 00:03:28 GMT

i learn someting new at least every hour