topic Re: AMEX BCP - Best Time To Apply in Credit Cards

AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 03:15:03 GMT

About a month ago I applied for the BCE and was declined. I would rather have the bcp anyway. Currently have zync (early late 06/12) and gold (middle 08/12).

I was declined for:

-average of your payments in relation to outstanding debt on amex account(s)

-monthly payments in relation to outstanding debt on credit account

-length of being a amex custermer too short

In relation to their first reason. Why? I like to keep the balance low for when they report to the agencys. Therefore I make multiple payments a month instaed of one big one when my statement cuts. Do they see multiple payments of ($150-$300) on a $800 bill a bad thing? They are all done wayyy beofore I need to. It sounds like they just want you to rack your bill up then make one payment???

My TU score is 720 and my eq score is 690.

I would LOVE the bcp as I shop at supermarkets all the freakin time. It just makes sense to me. I know I can apply evey 31 days? and it will just result in a sp as I am already an amex customer, but given their reasons should I just wait 6 months? I don't want to raise any flags......

THX

Re: AMEX BCP - Best Time To Apply

iMacDrew — Wed, 22 Aug 2012 03:34:56 GMT

you could apply every 30 days since its soft if denied or Jan. for max backdating. its up to you how soon you want it after working on your discrepencies

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 03:48:01 GMT

You don't want to apply every 30 days even though you can without any obvious harm. Personally, I think a rejection brings down your internal AMEX score even though it has no effect on FICO. Looks at the reasons given. One of them is that you haven't been an Amex customer long enough. You have barely started your relationship with them so no real time to build payment history so probably not enough to overcome what would be a sub approval FICO score. If you can wait, wait till Jan to get the max backdating. If you can't wait, I would wait 90 days and try making the big payment vs lots of small ones.

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 04:01:48 GMT

One of the many theories regarding Amex is that they don't like multiple payments during a billing cycle as it might show someone can't manage credit well (i.e. they don't trust themselve's to wait till the end of the billing period and making one "large" payment). I agree that it may be dumb (especially for those with low limits) but Amex has lots of "different" policies.

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 04:04:06 GMT

The version I heard is that the Amex Internal score likes large payments. Not sure much that it is one big payment, but obviously if you wait till cycle is done, you can make a big payment.

Re: AMEX BCP - Best Time To Apply

trumpet-205 — Wed, 22 Aug 2012 05:00:55 GMT

The first reason has to do with the fact that you are making frequent small payments. AMEX internal risk score does not like it. AMEX would much prefer you to make a single large payment.

The third reason is what it is. You need to wait. I highly recommend at least a year. When I had Zync back then I tried to app for BCE at 6, 8, and 12 months. All came out to be denied for one reason: length of being an AMEX custermer too short.

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 05:15:32 GMT

Thank you for the replies.

Well crap, here I am trying to get a relationship going with them and it sounds like I am off to a so so start. I can always pay what I put on there. However the $ is not always in the checking account I have linked with them. Therefore, I put a few hundred in from each paycheck and put a payment in. I could put more, but did not think it was necessary as the statement does not close for 20 days in some cases!! Oh well, sounds like I just need to pay 95% of the balance a few days before the statement closes; the balance when they close the statement and give me the bill due date message that way the balance reported to the agencies is low.

It sounds unwise to apply until early next year, so that is when I will do so....

Any other suggestions?

THX

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 05:28:34 GMT

You have Amex charge cards. The amount of balance reporting does not matter. One of the beauties of Amex charge card. $1 or $1 million dollar balance hurts fico the same. Only exception is old fico 98 model which hardly anyone uses so just pay by due date.

Re: AMEX BCP - Best Time To Apply

CreditMuppet — Wed, 22 Aug 2012 13:55:43 GMT

@Anonymous wrote:
Thank you for the replies.

Well crap, here I am trying to get a relationship going with them and it sounds like I am off to a so so start. I can always pay what I put on there. However the $ is not always in the checking account I have linked with them. Therefore, I put a few hundred in from each paycheck and put a payment in. I could put more, but did not think it was necessary as the statement does not close for 20 days in some cases!! Oh well, sounds like I just need to pay 95% of the balance a few days before the statement closes; the balance when they close the statement and give me the bill due date message that way the balance reported to the agencies is low.

It sounds unwise to apply until early next year, so that is when I will do so....

Any other suggestions?

THX

Its AMEX. PIF once a month. Making multiple small payments like that I think demonstrates that you have no confidence you can make your payments. Remember that your payment's are anaylsed by computer systems which likely weigh single large payments higher than lots of multiple smaller payments, you are not impressing anyone by doing it that way.

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 17:52:15 GMT

Good to know.

I will just pif once the staement cuts from now on when it comes to my charge cards.

Does chase, bofa, discover, etc look at this the same way when it comes to their revolvers? Or is making payments on what you owe ok with them?

THX

Re: AMEX BCP - Best Time To Apply

ACsteel — Wed, 22 Aug 2012 17:59:38 GMT

If it is a charge card I suggest all outstanding charges are PIF every month and you can make sure it's totally paid off (meaning you never get a balance) by paying all outstanding before your statement closing date (try to lay off using it a week before the statement close for any surprise charges that may pop up last minute).

Also I will disagree with many of the comments here suggesting paying a few times is not good, I have been doing that b/c sometimes I'm not sure if I'm going to use my card again so in my spare time I will pay off an outstanding charge just to be on top of the game, and AMEX has very much appreciated that (evidently and verbally), so much that they been raising my spending ability every few days right after the payments. Now I can't contest AMEX prefers one solid payment, but to say AMEX doesn't appreciate many payments is not accurate.

Also can anyone else confirm that once you get approved for an AMEX you have to wait a year to be approved for another or your denial reason would be "amex customer to short of time", that doesn't sound right.

Re: AMEX BCP - Best Time To Apply

jsickz32 — Wed, 22 Aug 2012 18:05:12 GMT

@angelclaudio.
I was approved for bce then a week later applied for green and SPG, green approved but SPG denied. Reason short amount of time with amex. A month later i applied for PRGOLD and approved and on 9/12 i will go for the SPG again.

Re: AMEX BCP - Best Time To Apply

jsickz32 — Wed, 22 Aug 2012 18:07:57 GMT

@saggy1
I dont think it matters if you make big payment or multiple payments. They dont care as long as they get their money period.

Re: AMEX BCP - Best Time To Apply

ACsteel — Wed, 22 Aug 2012 18:13:48 GMT

@jsickz32 OK good to hear that confirmation, I'm strongly considering in September to apply for BCP and then Garden for the next couple of years. Hope it's approved so I can just move on to the flowers and the bushes, fingers crossed...

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 18:18:04 GMT

@Anonymous wrote:
Good to know.

I will just pif once the staement cuts from now on when it comes to my charge cards.

Does chase, bofa, discover, etc look at this the same way when it comes to their revolvers? Or is making payments on what you owe ok with them?

THX

Not as much data on them. In terms of FICO scoring for all revolvers (including AMEX), your reported balance (usually your statement balance) is what is reported to credit bureaus and is used in utilization calculations. In terms of whether or not these non-AMEX lenders frown on lots of small payments for their internal scoring, it is hard to say.

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 18:57:32 GMT

@jsickz32 wrote:
@angelclaudio.
I was approved for bce then a week later applied for green and SPG, green approved but SPG denied. Reason short amount of time with amex. A month later i applied for PRGOLD and approved and on 9/12 i will go for the SPG again.

I know this is off topic but what's the point of having a green & PRG? Green doesn't come with a signup bonus and only earns 1 pt/$1. Once the 1 st year ends you're going to have 2 AFs for no reason.

Re: AMEX BCP - Best Time To Apply

jsickz32 — Wed, 22 Aug 2012 19:01:37 GMT

@lilnyc well i got the PRgold and was gona PC the green to the zync but when i called they told how i would be downgrading to the zync and blah blah blah so i kept it....the AFs dont bother me to be honest.

Re: AMEX BCP - Best Time To Apply

ACsteel — Wed, 22 Aug 2012 19:11:39 GMT

@lilnyc so why not cancel the green all together? AAoA?

Re: AMEX BCP - Best Time To Apply

Anonymous — Wed, 22 Aug 2012 19:17:44 GMT

@jsickz32 wrote:
@Anonymous well i got the PRgold and was gona PC the green to the zync but when i called they told how i would be downgrading to the zync and blah blah blah so i kept it....the AFs dont bother me to be honest.

it actually makes sense to PC/ downgrade (or whatever Amex wants to call it) from Green to Zync for the bonus categories. Since you have have a PRG the points you would earn on the Zync would be full MR points. The free eco pack adds a ton of double points at more places than you would think- fresh direct, ikea, trader joe's, whole foods, fairway, a bunch of veg restaurants, etc. Even if you add some of the other packs it would likely be less than the $95 AF on the Green & you would earn 2-3 pts/$1 on certain purchases.

Re: AMEX BCP - Best Time To Apply

jsickz32 — Wed, 22 Aug 2012 19:24:11 GMT

@lilnyc i know but for now i like seeing green next to gold in my wallet so im keeping it and ill pc it to zync down the road. Ive never been to any of those places you mentioned so..