topic App Spree Time..? in Credit Cards

App Spree Time..?

Anonymous — Sat, 28 Jul 2012 21:41:45 GMT

Alright So i've been on the road to rebuilding my credit since the beginning of this year. I have one card that I currently use, Cap One (AF) with a $500CL. Other than that I have a BestBuy store card that gets used rarely with a $1000CL,and an Express Store Card with a $250CL that I NEVER used, not even sure why I applied. You can see my currenty score below in my sig. My question is when is it time to start ditching these low CL rebuilder cards and start applying for something a little better that I can actually use and completley abandon my Debit Card? I haven't had a Credit inquiry in over a year.. At this point all my card have a 0 balance, Cap one was paid off this morning actually

My monthly spending limit is somewhere in the $1000 a month range, depending on if I travel and what not. My ultimate goal is to acquire an Amex Gold and be done with credit however I don't think my credit will get me there yet. I'd just really like to get away from using my debit card altogether.

Re: App Spree Time..?

jsickz32 — Sat, 28 Jul 2012 23:11:36 GMT

i was approved for a amex bce and green with a ex score of 676 and from what ive read here if you qualify for the green you pretty much qualify for all of them...just go for it. some people say you need history with amex to be a approved for their more prime cards but i didnt have any and was approved..

Re: App Spree Time..?

Anonymous — Sat, 28 Jul 2012 23:28:07 GMT

If you want the Amex Gold, I think you should just go ahead and go for it. I think you stand a good chance of approval. Amex charge cards aren't actually that hard to qualify for.

Re: App Spree Time..?

Creditaddict — Sat, 28 Jul 2012 23:41:22 GMT

with 667 Barclay is good option too.

I would not however call Express or Best Buy Store card Rebuilder Cards!

Express can grow to $2,740.00

Best Buy can go over $30,000!

But I agree with Amex Gold, and if instant approval then go for a revolver of choice, won't effect you if not approved.

Re: App Spree Time..?

Anonymous — Sat, 28 Jul 2012 23:52:18 GMT

Amex has a link on their site that'll let you see if any pre-approvals exist.

Re: App Spree Time..?

Creditaddict — Sat, 28 Jul 2012 23:54:16 GMT

@Anonymous wrote:
Amex has a link on their site that'll let you see if any pre-approvals exist.

For Amex they don't really seem to be very good to base your decision on.

Re: App Spree Time..?

android01 — Sun, 29 Jul 2012 00:33:24 GMT

@Anonymous wrote:
Alright So i've been on the road to rebuilding my credit since the beginning of this year. I have one card that I currently use, Cap One (AF) with a $500CL. Other than that I have a BestBuy store card that gets used rarely with a $1000CL,and an Express Store Card with a $250CL that I NEVER used, not even sure why I applied. You can see my currenty score below in my sig. My question is when is it time to start ditching these low CL rebuilder cards and start applying for something a little better that I can actually use and completley abandon my Debit Card? I haven't had a Credit inquiry in over a year.. At this point all my card have a 0 balance, Cap one was paid off this morning actually

My monthly spending limit is somewhere in the $1000 a month range, depending on if I travel and what not. My ultimate goal is to acquire an Amex Gold and be done with credit however I don't think my credit will get me there yet. I'd just really like to get away from using my debit card altogether.

Why don't you let your history age and apply when your score is over 700? You'd have a lot more options fior better cards and higher CLs and lower APRs. What's the rush? You've been rebuilding for all of seven months now.

Re: App Spree Time..?

Anonymous — Sun, 29 Jul 2012 01:30:01 GMT

I've actually recieved two letters in the mail for amex green & gold. I've also done the Amex pre-selector eariler today and it said I was pre-selected for Gold, Green, and Blue.

Just trying to get a card that I can actually utilize, no rush

Re: App Spree Time..?

Repo-ed — Sun, 29 Jul 2012 01:28:32 GMT

@android01 wrote:
@Anonymous wrote:
Alright So i've been on the road to rebuilding my credit since the beginning of this year. I have one card that I currently use, Cap One (AF) with a $500CL. Other than that I have a BestBuy store card that gets used rarely with a $1000CL,and an Express Store Card with a $250CL that I NEVER used, not even sure why I applied. You can see my currenty score below in my sig. My question is when is it time to start ditching these low CL rebuilder cards and start applying for something a little better that I can actually use and completley abandon my Debit Card? I haven't had a Credit inquiry in over a year.. At this point all my card have a 0 balance, Cap one was paid off this morning actually

My monthly spending limit is somewhere in the $1000 a month range, depending on if I travel and what not. My ultimate goal is to acquire an Amex Gold and be done with credit however I don't think my credit will get me there yet. I'd just really like to get away from using my debit card altogether.
Why don't you let your history age and apply when your score is over 700? You'd have a lot more options fior better cards and higher CLs and lower APRs. What's the rush? You've been rebuilding for all of seven months now.

It's the plan/route I'm taking.

Go here to see where you stand against others (YMMW)

www.whogavemecredit.com

Re: App Spree Time..?

android01 — Sun, 29 Jul 2012 03:11:37 GMT

@Repo-ed wrote:
@android01 wrote:
@Anonymous wrote:
Alright So i've been on the road to rebuilding my credit since the beginning of this year. I have one card that I currently use, Cap One (AF) with a $500CL. Other than that I have a BestBuy store card that gets used rarely with a $1000CL,and an Express Store Card with a $250CL that I NEVER used, not even sure why I applied. You can see my currenty score below in my sig. My question is when is it time to start ditching these low CL rebuilder cards and start applying for something a little better that I can actually use and completley abandon my Debit Card? I haven't had a Credit inquiry in over a year.. At this point all my card have a 0 balance, Cap one was paid off this morning actually

My monthly spending limit is somewhere in the $1000 a month range, depending on if I travel and what not. My ultimate goal is to acquire an Amex Gold and be done with credit however I don't think my credit will get me there yet. I'd just really like to get away from using my debit card altogether.
Why don't you let your history age and apply when your score is over 700? You'd have a lot more options fior better cards and higher CLs and lower APRs. What's the rush? You've been rebuilding for all of seven months now.
+1

It's the plan/route I'm taking.

Go here to see where you stand against others (YMMW)
www.whogavemecredit.com

Good plan!

Re: App Spree Time..?

Revelate — Sun, 29 Jul 2012 18:19:38 GMT

@android01 wrote:
@Anonymous wrote:
<snip>

My monthly spending limit is somewhere in the $1000 a month range, depending on if I travel and what not. My ultimate goal is to acquire an Amex Gold and be done with credit however I don't think my credit will get me there yet. I'd just really like to get away from using my debit card altogether.
Why don't you let your history age and apply when your score is over 700? You'd have a lot more options fior better cards and higher CLs and lower APRs. What's the rush? You've been rebuilding for all of seven months now.

Because he's pretty much qualified for the Gold now, and that's one of his goal cards. It's in the OP's best interest to just establish it and be done with it.

I agree, in time he'll probably want additional options, but an Amex charge card compared to what he has now is a huge step forward on a number of fronts, and additional tradelines can be established later if he so desires. When it comes down to it, it's mathematically in one's best interest (as far as FICO goes) to establish tradelines that you want to keep ASAP, and on the assumption you have a reasonable chance of approval, it should be taken unless there's a mitigating factor.

OP has a good shot based on what he described is his profile (current revolving tradelines > 1 year age), Amex's sending him letters, and the pre-approval link on the Amex site. "Rebuilding" for seven months is something of a misnomer in his case, as he actually started his positive history earlier than that. Also his positive history is a bit on the thinnish side anyway, so for all those reasons in my opinion OP should apply for the Gold now and then re-evaluate in six months or a year or so what he might want longer term.

Re: App Spree Time..?

Anonymous — Mon, 30 Jul 2012 18:55:45 GMT

App'd over the weekend for green and got
Approved!

Re: App Spree Time..?

Creditaddict — Mon, 30 Jul 2012 20:26:26 GMT

@Anonymous wrote:
App'd over the weekend for green and got
Approved!

Green AND Gold?

Why, they are the same card - Gold will have better rewards but otherwise...

Re: App Spree Time..?

Anonymous — Mon, 30 Jul 2012 20:36:20 GMT

just green, wasn't sure how my chances were with gold..

Re: App Spree Time..?

Creditaddict — Mon, 30 Jul 2012 21:20:25 GMT

@Anonymous wrote:
just green, wasn't sure how my chances were with gold..

Green, Gold, Plat. = SAME

Zync - Originally thought pretty much same but then they started rolling out the Fixed Credit Lines and Pre-Pay, etc.

Re: App Spree Time..?

Revelate — Tue, 31 Jul 2012 01:12:36 GMT

@Creditaddict wrote:
@Anonymous wrote:
just green, wasn't sure how my chances were with gold..
Green, Gold, Plat. = SAME
Zync - Originally thought pretty much same but then they started rolling out the Fixed Credit Lines and Pre-Pay, etc.

Even without the counter-offers Zync has more lax underwriting criteria. it's never been the same since they introduced it AFAIK, was designed for near-thin files (students) and others with limited history. Folks with 620's have been approved for a Zync, having a really tough time remembering may approvals sub 650 for one of their higher charge cards.

Re: App Spree Time..?

havlow — Thu, 23 Aug 2012 07:15:45 GMT

I got approved for an AMEX Gold PR with the scores in my signature about two weeks ago. I got a pre-approval letter in the mail, hadn't apped in over 3 years and figured why not? The link they sent me didn't seem to work so I called and spoke to a CSR and was approved over the phone and the card was rushed to me via UPS. I travel about 4-5 times a year and I figure the 30,000 miles after 1000 dollars spent on the card is a pretty good deal for someone with my scores.