topic Applying for AmEx BCE w/Maxed Out Freedom Card in Credit Cards

Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:15:00 GMT

I plan on applying for an AmEx BCE around October of this year, 6 months after the last HPs hit my CR. One thing I just realized is that by October I will have surely maxed out the $15k credit line on my Freedom card since it has a 0% APR. Will having this maxed out card pretty much eliminate my chances of getting approved for a BCE? I can just pay it off but was planning to roll that $15k into some short-term investments since I'm not paying interest anyway. Thoughts?

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:18:58 GMT

Why do you need the AMEX? You will probably have to choose. Do you want to earn a couple dollars on that Freedom money, or do you want the Amex? I would just hold off on it until your promo period ends on the Freedom and then app once you pay off the Freedom.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:23:49 GMT

Why are you waiting 6 months? The INQs will still show and be a part of your score.

I'm sure the 15K would look a lot scarier to them than the inquiries.

It's about 20% overall on your revolvers, but still 100% on one line.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:39:52 GMT

@Anonymous wrote:
Why do you need the AMEX? You will probably have to choose. Do you want to earn a couple dollars on that Freedom money, or do you want the Amex? I would just hold off on it until your promo period ends on the Freedom and then app once you pay off the Freedom.

I don't need it, but I'd like to start a relationship with AmEx for backdating purposes (I regret not having done it years ago). I definitely want to do it sometime this year. The 2% and 3% bonus categories are nice too.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:42:27 GMT

@Anonymous wrote:
Why are you waiting 6 months? The INQs will still show and be a part of your score.
I'm sure the 15K would look a lot scarier to them than the inquiries.

It's about 20% overall on your revolvers, but still 100% on one line.

I hear after 6 months HPs start to "hurt" less, and then drop off entirely after 12 months. Is the first part not true?

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

ILBrian — Fri, 01 Jun 2012 15:42:30 GMT

How many HPS do you have now? maybe you should apply now before it maxes?

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:47:54 GMT

@ILBrian wrote:
How many HPS do you have now? maybe you should apply now before it maxes?

3 HPs. I'm thinking about doing that now. Has AmEx offered better than $100 for a $1k spend before?

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 15:56:43 GMT

Most likely pull experian for you. You have 3 hp on experian? Also for the bce, which is no af, 100 bucks is about it that I have seen recently. More has been available on bcp with its 75 af. I would definitely app now vs a high util freedom. Yes hps hurt less after 6 months and not at all after a year. But I think inquiriy is overrated unless you have a ton. If you want to be safe, go for zync with it's low af or any other charge card to start your backdating. Btw, I find an Amex charge card very useful for managing utilization.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

RyVision — Fri, 01 Jun 2012 16:15:00 GMT

If your reports are clean (as in spotless), your scores good and have a few decent TLs with those higher CLs and a few years AAoA, as well as income to support it all, you might get it now. You would most probably get Zync no problem if you want in for back dating and to start a relationship with AMEX. I agree with others that the UTIL will probably hurt more than INQ's when going for a revolver with AMEX. You could possibly apply for both on the same day and only take one HP for the 2 apps though.

I recently got AMEX Blue after having Zync around 8 months, with a few cards with high UTIL (similar situation), 2 INQ's previous 6 months with a 3rd nearing the 12 months mark (AMEX only pulled EX).

One thing about it though, if AMEX "knows" you for nearly 6 months before the Chase nears it's max, they'll pay less attention to it.

Hope that helps a bit.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

credithappy — Fri, 01 Jun 2012 16:19:02 GMT

@Anonymous wrote:
@Anonymous wrote:
Why are you waiting 6 months? The INQs will still show and be a part of your score.
I'm sure the 15K would look a lot scarier to them than the inquiries.

It's about 20% overall on your revolvers, but still 100% on one line.
I hear after 6 months HPs start to "hurt" less, and then drop off entirely after 12 months. Is the first part not true?

That is not true. The 12 months may hurt less and it is 24 months for your HP to drop off from your CR.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 16:19:40 GMT

@Anonymous wrote:
Most likely pull experian for you. You have 3 hp on experian? Also for the bce, which is no af, 100 bucks is about it that I have seen recently. More has been available on bcp with its 75 af. I would definitely app now vs a high util freedom. Yes hps hurt less after 6 months and not at all after a year. But I think inquiriy is overrated unless you have a ton. If you want to be safe, go for zync with it's low af or any other charge card to start your backdating. Btw, I find an Amex charge card very useful for managing utilization.

Not sure what my EX is showing specifically, but it'll be 3 HPs or less. Why is an AmEx charge card useful for managing utilization?

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 16:24:06 GMT

@RyVision wrote:
If your reports are clean (as in spotless), your scores good and have a few decent TLs with those higher CLs and a few years AAoA, as well as income to support it all, you might get it now. You would most probably get Zync no problem if you want in for back dating and to start a relationship with AMEX. I agree with others that the UTIL will probably hurt more than INQ's when going for a revolver with AMEX. You could possibly apply for both on the same day and only take one HP for the 2 apps though.

I recently got AMEX Blue after having Zync around 8 months, with a few cards with high UTIL (similar situation), 2 INQ's previous 6 months with a 3rd nearing the 12 months mark (AMEX only pulled EX).

One thing about it though, if AMEX "knows" you for nearly 6 months before the Chase nears it's max, they'll pay less attention to it.

Hope that helps a bit.

My CR is spotless, and my FICO scores are generally 780-800. I dont' see how a Zync would fit into my spending, so would rather go straight for BCE.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 16:24:41 GMT

@Anonymous wrote:
@ILBrian wrote:
How many HPS do you have now? maybe you should apply now before it maxes?

3 HPs. I'm thinking about doing that now. Has AmEx offered better than $100 for a $1k spend before?

I got the same offer back in March. I know it's recent, but it's what I know at least.

And if you have your doubts based on INQ's, just for Zync now and get the BCE in January.

It's roughly the same plan, just give or take 3 months.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

RyVision — Fri, 01 Jun 2012 16:33:17 GMT

@Anonymous wrote:
@RyVision wrote:
If your reports are clean (as in spotless), your scores good and have a few decent TLs with those higher CLs and a few years AAoA, as well as income to support it all, you might get it now. You would most probably get Zync no problem if you want in for back dating and to start a relationship with AMEX. I agree with others that the UTIL will probably hurt more than INQ's when going for a revolver with AMEX. You could possibly apply for both on the same day and only take one HP for the 2 apps though.

I recently got AMEX Blue after having Zync around 8 months, with a few cards with high UTIL (similar situation), 2 INQ's previous 6 months with a 3rd nearing the 12 months mark (AMEX only pulled EX).

One thing about it though, if AMEX "knows" you for nearly 6 months before the Chase nears it's max, they'll pay less attention to it.

Hope that helps a bit.

My CR is spotless, and my FICO scores are generally 780-800. I dont' see how a Zync would fit into my spending, so would rather go straight for BCE.

It probably wouldn't, I got the Zync first for my back dating before it would be harder to do so (before AMEX started seriously messing with back dating policy that is), my AMEX MSD is 1989 and didn't want to lose it.

From what info you've given in this thread (esp with spotless reports), I'd think you'd be better off going for the BCE now verses the other option with the Chase maxed out, for the same reasons I mentioned above. They may not start you with as high a CL as you'd like or expect but you can request a CLI of up to 3x after 61 days of having it.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 16:34:06 GMT

Amex charge card balances aren't figured into util calculations for pretty much all current fico scoring models. Only the old fico 98 scoring models, like the tu fico score sold here, take it into account by using the high balance as limit. this can be useful when you are managing your util to maximize fico such as during the mortgage process.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 17:54:55 GMT

Thanks for the input everyone. Given this info, I'll probably app for the BCE in mid-June, that way I receive it just when my Freedom's 5% grocery bonus expires.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Fri, 01 Jun 2012 22:27:57 GMT

Personally I would consider apping for BCP instead. There should be a $150 signup bonus for it. Even with the AF, the difference is only $25. With the bonus categories, for most people it would make up the difference in AF. In a year, you can downgrade to BCE before new AF hits.

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Sat, 02 Jun 2012 21:03:27 GMT

@Anonymous wrote:
Personally I would consider apping for BCP instead. There should be a $150 signup bonus for it. Even with the AF, the difference is only $25. With the bonus categories, for most people it would make up the difference in AF. In a year, you can downgrade to BCE before new AF hits.

I've been thinking about that. Is it easy to PC to BCE if need be? Should I wait for a better BCP sign-up bonus?

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

RyVision — Sun, 03 Jun 2012 03:08:08 GMT

@Anonymous wrote:
@Anonymous wrote:
Personally I would consider apping for BCP instead. There should be a $150 signup bonus for it. Even with the AF, the difference is only $25. With the bonus categories, for most people it would make up the difference in AF. In a year, you can downgrade to BCE before new AF hits.
I've been thinking about that. Is it easy to PC to BCE if need be? Should I wait for a better BCP sign-up bonus?

After having the BCP the required length of time (12+ months). If you're in good standing etc (which I doubt would be of any concern), AMEX will grant a PC from BCP to BCE with a simple phone call, no HP or or any other issues to worry about 99.9% of the time. It's essentially the same card with different (lower) rewards and no AF is all. If you use BCP enough to justify the AF however, you could end up staying with it (some people no doubt find they more than pay for the AF with the rewards).

[EDIT]: Forgot to mention, I haven't noticed any better bonus offer for some time for BCP and don't expect to. Others could have more info on that but you also have your application timing to consider (the Chase card balance etc).

Re: Applying for AmEx BCE w/Maxed Out Freedom Card

Anonymous — Sun, 03 Jun 2012 03:51:50 GMT

@Anonymous wrote:
@Anonymous wrote:
Personally I would consider apping for BCP instead. There should be a $150 signup bonus for it. Even with the AF, the difference is only $25. With the bonus categories, for most people it would make up the difference in AF. In a year, you can downgrade to BCE before new AF hits.
I've been thinking about that. Is it easy to PC to BCE if need be? Should I wait for a better BCP sign-up bonus?

I wouldn't wait. $150 bonus is good. As you don't have AMEX, you want to get your member date set sooner than later.