topic Re: Hard Inquiries and AMEX in Credit Cards

Hard Inquiries and AMEX

Anonymous — Wed, 19 Sep 2012 04:05:57 GMT

Sorry - this is another "when should I apply" / "will I get approved" thread. But I'll make it quick.

Basically I think I have a really good profile to get an AMEX Blue Cash Preferred execpt for a few recent inquires.

-No baddies, late payments, collection agencies, etc.

-AAoA ~7 years

-Utilzation 7%

-FAKO Score 741 (Credit Sesame) I know this has little impact, but thought I'd throw it on here anyway.

-Good number of revolving accounts

-Student Loans no missed payments

I have three recent inquieries in the last 6 months:

-May for a car loan

-July from Chase Bank for a Freedom

-July from US Bank for a Cash+

I'm worried that if I applied for a BCP soon that I will get denied because of so much credit that I've opened recently. How much does AMEX take this into account? Should I wait until January? Or longer?

Re: Hard Inquiries and AMEX

jamesdwi — Wed, 19 Sep 2012 04:10:13 GMT

@Anonymous wrote:
Sorry - this is another "when should I apply" / "will I get approved" thread. But I'll make it quick.

Basically I think I have a really good profile to get an AMEX Blue Cash Preferred execpt for a few recent inquires.

-No baddies, late payments, collection agencies, etc.
-AAoA ~7 years
-Utilzation 7%
-FAKO Score 741 (Credit Sesame) I know this has little impact, but thought I'd throw it on here anyway.
-Good number of revolving accounts
-Student Loans no missed payments

I have three recent inquieries in the last 6 months:
-May for a car loan
-July from Chase Bank for a Freedom
-July from US Bank for a Cash+

I'm worried that if I applied for a BCP soon that I will get denied because of so much credit that I've opened recently. How much does AMEX take this into account? Should I wait until January? Or longer?

I don't see any reason why you woldn't get approved for BCP, they aren't terribly sensitive on INQ's if you have otherwise good history.

Re: Hard Inquiries and AMEX

bichonmom — Wed, 19 Sep 2012 04:17:33 GMT

@Anonymous wrote:
Sorry - this is another "when should I apply" / "will I get approved" thread. But I'll make it quick.

Basically I think I have a really good profile to get an AMEX Blue Cash Preferred execpt for a few recent inquires.

-No baddies, late payments, collection agencies, etc.
-AAoA ~7 years
-Utilzation 7%
-FAKO Score 741 (Credit Sesame) I know this has little impact, but thought I'd throw it on here anyway.
-Good number of revolving accounts
-Student Loans no missed payments

I have three recent inquieries in the last 6 months:
-May for a car loan
-July from Chase Bank for a Freedom
-July from US Bank for a Cash+

I'm worried that if I applied for a BCP soon that I will get denied because of so much credit that I've opened recently. How much does AMEX take this into account? Should I wait until January? Or longer?

with 2 new accts just 2 mos ago, you might want to wait until dec to app. It will be the same for future backdating. You would probably be approved, but I tend to be a little more conservative when dealing with amex.

Re: Hard Inquiries and AMEX

creditnocash — Wed, 19 Sep 2012 05:24:19 GMT

do you have any other amex's? if so id wait until january for backdating and if you dont get it it will only be a soft pull. if you don't and its something you really want go for it.

from what ive read they are not ones to worry with a few inquries like barclays.

i apped when i had 5 new ones in the past couple months.

but i got barely approved. because my aaoa dropped to 7 months from 2 years.

5 cards and an installment loan(still not reporting)

Re: Hard Inquiries and AMEX

Anonymous — Wed, 19 Sep 2012 12:46:15 GMT

I think you should be fine to be approved for a BCP!

Re: Hard Inquiries and AMEX

Anonymous — Wed, 19 Sep 2012 17:08:03 GMT

Wow, thanks everyone! I can't believe how many helpful answers I got in such a sort amount of time. I think I'm gonna go for it, but I'll wait until October since it's just right around the corner and it will put 3 months between my last inquiries instead of 2. Also I have an old inquiry from two years ago falling off the report completely in October.

I don't have any previous relationship with AMEX - but I'm curious as to the advantage to backdating. Does it have any benefits or does it just look cool to have "Member since '92" on your card?

Also - I bit the bullet and signed up for the free trail from myFico. I was pleasantly surprised that my real score was 758! However, I was surprised to see that there were no inquiries listed. Also my utilization was 12% . I pay the balances in full every month, but I guess I'll have to pay sooner than when the statement closes.

Re: Hard Inquiries and AMEX

jamesdwi — Wed, 19 Sep 2012 17:25:58 GMT

@Anonymous wrote:
Wow, thanks everyone! I can't believe how many helpful answers I got in such a sort amount of time. I think I'm gonna go for it, but I'll wait until October since it's just right around the corner and it will put 3 months between my last inquiries instead of 2. Also I have an old inquiry from two years ago falling off the report completely in October.

I don't have any previous relationship with AMEX - but I'm curious as to the advantage to backdating. Does it have any benefits or does it just look cool to have "Member since '92" on your card?

Also - I bit the bullet and signed up for the free trail from myFico. I was pleasantly surprised that my real score was 758! However, I was surprised to see that there were no inquiries listed. Also my utilization was 12% . I pay the balances in full every month, but I guess I'll have to pay sooner than when the statement closes.

it helps with AAoA, if you apply for a card this year, and your next card comes in 10 years the next card will show up on your credit card report as a 10 year old Helping AAoA a lot.

Re: Hard Inquiries and AMEX

Revelate — Wed, 19 Sep 2012 17:47:17 GMT

@Anonymous wrote:
Wow, thanks everyone! I can't believe how many helpful answers I got in such a sort amount of time. I think I'm gonna go for it, but I'll wait until October since it's just right around the corner and it will put 3 months between my last inquiries instead of 2. Also I have an old inquiry from two years ago falling off the report completely in October.

I don't have any previous relationship with AMEX - but I'm curious as to the advantage to backdating. Does it have any benefits or does it just look cool to have "Member since '92" on your card?

Also - I bit the bullet and signed up for the free trail from myFico. I was pleasantly surprised that my real score was 758! However, I was surprised to see that there were no inquiries listed. Also my utilization was 12% . I pay the balances in full every month, but I guess I'll have to pay sooner than when the statement closes.

If you have sufficient income doesn't sound like you'll have an issue with obtaining a BCP.

As for inquiries, they don't get reported to every bureau, in general they only wind up on one of the three though there are some exceptions. I'm just guessing since you use CS and see the inquiries there, you live somewhere on the West coast . Or at least further than the Mississippi though where the breakpoint is for TU's old stomping grounds to where EX was back in the pre-information age is unknown to me.

In any event, backdating is nothing but goodness as james points out. If either you or Amex has a record of that card from '92, absolutely take advantage of it and get that Member Since date as '92.

Re: Hard Inquiries and AMEX

youngandcreditwrthy — Thu, 20 Sep 2012 16:11:38 GMT

Ive heard on these forums that optimal reported utilization is 9% for your FICO.. so maybe try to make sure your reported util is at 9%...maybe pay a little bit more before the statement cuts as that statement balance is usually the balance reflected on your CRs.

Wish I could get the BCP!

Re: Hard Inquiries and AMEX

RyVision — Thu, 20 Sep 2012 18:33:53 GMT

@Revelate wrote:
@Anonymous wrote:
Wow, thanks everyone! I can't believe how many helpful answers I got in such a sort amount of time. I think I'm gonna go for it, but I'll wait until October since it's just right around the corner and it will put 3 months between my last inquiries instead of 2. Also I have an old inquiry from two years ago falling off the report completely in October.

I don't have any previous relationship with AMEX - but I'm curious as to the advantage to backdating. Does it have any benefits or does it just look cool to have "Member since '92" on your card?

Also - I bit the bullet and signed up for the free trail from myFico. I was pleasantly surprised that my real score was 758! However, I was surprised to see that there were no inquiries listed. Also my utilization was 12% . I pay the balances in full every month, but I guess I'll have to pay sooner than when the statement closes.
If you have sufficient income doesn't sound like you'll have an issue with obtaining a BCP.

As for inquiries, they don't get reported to every bureau, in general they only wind up on one of the three though there are some exceptions. I'm just guessing since you use CS and see the inquiries there, you live somewhere on the West coast . Or at least further than the Mississippi though where the breakpoint is for TU's old stomping grounds to where EX was back in the pre-information age is unknown to me.

In any event, backdating is nothing but goodness as james points out. If either you or Amex has a record of that card from '92, absolutely take advantage of it and get that Member Since date as '92.

I agree with all the responses, the biggie is that your income supports the recent credit and AMEX feels you can handle more. 12% UTIL won't hold you back if the income is there, no worries from what I can see.

Re: Hard Inquiries and AMEX

Anonymous — Thu, 20 Sep 2012 18:40:33 GMT

Thanks everyone.

Let's see. Total income is 65k.

My current credit lines are:

Capital One - 15k

Discover - 14.5k

Chase - 7.5k

Chase - 2.25k

US Bank - 1.5k

Student Loans have about $11,000 to go.

What do you guys think?

Re: Hard Inquiries and AMEX

RyVision — Fri, 21 Sep 2012 06:37:49 GMT

@Anonymous wrote:
Thanks everyone.

Let's see. Total income is 65k.

My current credit lines are:

Capital One - 15k
Discover - 14.5k
Chase - 7.5k
Chase - 2.25k
US Bank - 1.5k

Student Loans have about $11,000 to go.

What do you guys think?

If your recent INQs aren't on EX, I'd think you'd be fine. With a 7 year AAoA and spotless reports and your current cards (Chase and Discover mean something to AMEX, they compete a little); At 65k I think you'd have a very high chance of approval.

Only question I'd have for you would be is the AF for the BCP worth it over the BCE for rewards? I was chicken and just applied for the plain AMEX Blue (was told I could have had any of the Blues but could upgrade after 13 months without even so much as a soft pull if my reports remained consistent).

Re: Hard Inquiries and AMEX

Anonymous — Fri, 21 Sep 2012 11:44:13 GMT

FWIW I app'd and was approved for the Amex Gold Delta, PRG and BCP all within two weeks of having been approved for a Chase Freedom and Sappphire Preferred, so I don't think from the standpoint of recent inquiires there should be too much of a problem. I agree with the other posters that income is a key factor, and from what you've said, you should be fine.

Re: Hard Inquiries and AMEX

Anonymous — Fri, 21 Sep 2012 19:35:12 GMT

I went for it, applied, and got a "pending review."

Boo.

Re: Hard Inquiries and AMEX

CribDuchess — Sat, 22 Sep 2012 00:39:48 GMT

@Anonymous wrote:
I went for it, applied, and got a "pending review."

Boo.

You can check the status of your app here: www.americanexpress.com/applicationstatus

A lot of times, you'll get the 7-10 day pending review message and then if you check the status online, you may see Approved. I hope that's the case for you. Good luck!!

Re: Hard Inquiries and AMEX

Anonymous — Sat, 22 Sep 2012 00:48:11 GMT

Oh awesome - I got approved!! Thanks

Can't wait to see what the limit is, though!

Re: Hard Inquiries and AMEX

CribDuchess — Sat, 22 Sep 2012 00:52:04 GMT

@Anonymous wrote:
Oh awesome - I got approved!! Thanks

Can't wait to see what the limit is, though!

Fantastic!! Congratulations! Just call them up, they will be happy to tell you your starting limit. That's what I did when I got approved for mine.

Re: Hard Inquiries and AMEX

Anonymous — Sat, 22 Sep 2012 00:52:46 GMT

@Anonymous wrote:
Oh awesome - I got approved!! Thanks

Can't wait to see what the limit is, though!

Congrats!!!

Re: Hard Inquiries and AMEX

SnackTrader — Sat, 22 Sep 2012 01:24:18 GMT

@Anonymous wrote:
Oh awesome - I got approved!! Thanks

Can't wait to see what the limit is, though!

Congratulations! I bet the limit will be just fine given the limits on your other cards.

Thanks for providing all of this info. As someone who plans on applying for the BCP in January, I really appreciate knowing more about the situations of others with the BCP.

Re: Hard Inquiries and AMEX

Anonymous — Sat, 22 Sep 2012 15:30:27 GMT

@SnackTrader wrote:

Thanks for providing all of this info. As someone who plans on applying for the BCP in January, I really appreciate knowing more about the situations of others with the BCP.

Sure no problem! I wish that this forum had individual threads for each card where people could put their profile and if they got approved or denied.

Also I called them - and got a limit of 15k. I'm ASTOUNDED.