topic Blue Cash Preferred from AMEX, should I apply? in Credit Cards

Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:10:14 GMT

Hi all! I am not sure if I will be accepted for this card, although I would love to have it. Here is my credit info.

- 704 Equifax Score

- 74% credit utilization

- Newest account was opened 1 Year, 3 Months ago.

- 0 inquires in the last year.

- Average age of accounts is 5 years.

- 0 missed payments.

- Have been an AMEX card member for 2 1/2 years with a no preset limit that has been approved for as high as $10,000.

I am waiting another 2 weeks until my total debt ($19,541) will decrease by $3,200.

What do you think my chances are if I apply in 2 weeks? The MyFICO Score Simulator says my score will be a 724.

Re: Blue Cash Preferred from AMEX, should I apply?

trumpet-205 — Sat, 13 Oct 2012 20:15:09 GMT

Let the utilization fall under 30% and you are good to go.

Re: Blue Cash Preferred from AMEX, should I apply?

webhopper — Sat, 13 Oct 2012 20:17:26 GMT

Your utilization is too high for amex. American express does not like customers who carry balances. I agree with trumpet 205.... pay down balances and you'll be set for an approval.

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:17:52 GMT

There is no way I will be able to pay off another 35% to bring it down below 30%. Do you think I could still be accepted based on being a member of Amex and no inquires or colelctions on my record?

Re: Blue Cash Preferred from AMEX, should I apply?

webhopper — Sat, 13 Oct 2012 20:20:22 GMT

Do you mean no way ever? Or no way in the short term?
I truly believe that your utilization will not be acceptable to amex. Although since you are a current member it wont hurt to apply since it should be a soft pull only if you are denied.

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:20:34 GMT

It's always worth a try since no hp if denied since you have amex. If they say no pay down what you can and try again in January to get the extra age.

Re: Blue Cash Preferred from AMEX, should I apply?

webhopper — Sat, 13 Oct 2012 20:22:00 GMT

Keep in mind that they will base their decision off of your most recent account review. So wait until after their soft pull to apply; otherwise they will not consider the additional portion you have paid down.

Re: Blue Cash Preferred from AMEX, should I apply?

webhopper — Sat, 13 Oct 2012 20:22:45 GMT

+1 January would be a great time to apply

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:23:59 GMT

+111 to roxy
Just do it in 2 weeks. No harm in getting denied. Apply back in January with good until and you will surely get it.

Re: Blue Cash Preferred from AMEX, should I apply?

trumpet-205 — Sat, 13 Oct 2012 20:25:16 GMT

Yes, when you apply another AMEX card they use most recent SP, which is typically one month late compared to your credit report at the time.

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:27:17 GMT

I did hear that recently (that Amex members get a soft pull if declined).

My credit utilization ratio should go sown to 61% after paying down the $3,200.

Can anyone post their utilization rates that got accepted for this card? Thanks to everyone who is replying to this post. The info is all very helpful!

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:29:22 GMT

Do they consdier your Amex profile and recent credit report or just the AMEX?

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:30:19 GMT

I got accepted 3 months ago with 10% util and 749 ex.

Also, couple of weeks ago, I requested the 3cli and got it. Util was around 5-6% but they used an older sp

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sat, 13 Oct 2012 20:31:34 GMT

Congrats!

Is there anyone who has gotten accepted with a utilization rate above 60%?

Re: Blue Cash Preferred from AMEX, should I apply?

adavis425 — Sat, 13 Oct 2012 23:24:39 GMT

@Anonymous wrote:
I did hear that recently (that Amex members get a soft pull if declined).

My credit utilization ratio should go sown to 61% after paying down the $3,200.

Can anyone post their utilization rates that got accepted for this card? Thanks to everyone who is replying to this post. The info is all very helpful!

I was at 10% when I got this card about a month ago. I think you should go for it. Util is a bit high, but worse case you get denied and it's a SP. If that happens just try again in January.

Re: Blue Cash Preferred from AMEX, should I apply?

drew11 — Sat, 13 Oct 2012 23:43:50 GMT

I also want this card but am waiting, as should you, until January. By then your accounts will have aged more, you will have spent the next ~3 months focused on bringing down your utilization, and your BCP will be backdated to its fullest potential. Don't hurt your internal score with Amex by getting denied now just because you can't wait 3 months and by January you will almost certainly be accepted!

Re: Blue Cash Preferred from AMEX, should I apply?

SnackTrader — Sun, 14 Oct 2012 00:18:07 GMT

Keep us updated if you decide to apply!

Re: Blue Cash Preferred from AMEX, should I apply?

koalablue — Sun, 14 Oct 2012 01:25:47 GMT

Your score will go down with Amex if you apply for another card with them and get denied?

Re: Blue Cash Preferred from AMEX, should I apply?

Anonymous — Sun, 14 Oct 2012 01:33:16 GMT

@Anonymous wrote:
I did hear that recently (that Amex members get a soft pull if declined).

My credit utilization ratio should go sown to 61% after paying down the $3,200.

Can anyone post their utilization rates that got accepted for this card? Thanks to everyone who is replying to this post. The info is all very helpful!

I was approved for the BCE with a $2k limit in July of this year with 33% overall utilization. My highest limit card at the time was $4,500 and it had a $3,647 (81%) balance. I didn't get approved for the best APR, and I believe one of the reason codes cited balances.

EDIT: Amex internal score (Experian) was 720. I believe the BCE and BCP have the same underwriting requirements.

Re: Blue Cash Preferred from AMEX, should I apply?

RyVision — Sun, 14 Oct 2012 02:24:45 GMT

@Anonymous wrote:
Congrats!

Is there anyone who has gotten accepted with a utilization rate above 60%?

Yup. But income and history with them can play a part I think. I had AMEX back in the late 80's, which I closed in the early 90's, got Zync 2011, finally given my old member since date, then approved for BLUE in May. What they said for my EX was a lot lower than I ever would have expected them to approve, but my history is spotless, highest card 15k, no mortgage or car loans showing (last car loan was over 12 years ago at least. They usually ask assets and tend to like proof of at least the low 6 figures. I think my UTIL at the time was around the 60% area and told them I usually had higher UTIL as I take advantage of 0% as much as possible (just like AMEX would).