topic Re: AMEX BCE short credit history in Credit Cards

AMEX BCE short credit history

Anonymous — Wed, 17 Apr 2013 18:29:33 GMT

I was wondering when I should be able to apply for the AMEX BCE?

I had a PNC secured CC as my first CC for 18 months and I closed it in February because of the annual fee. I received a Chase Freedom with CL $3000 in February and DCU platinum Visa with CL $500 in March. This would put my revolving AAOA around 7 months [ (18+2+1)/3=7 ]? I always PIF but this month I let 13% UTI report.

I also have 6 deffered student loans reporting as $19,500 but "pays as agreed". Credit Karma says my overall AAOA is 1.42 yrs with oldest open line of credit being 2.58 years.

My gross monthly income is about $550 right now but will become $2080 when I start my summer internship in may. Am I allowed to apply with an annual income of $24,960 ($2080 times 12 months) even though I will only be making that pay for the summer?

No baddies on any of my reports, 2 inquiries on TU and 1 on EQ.

Thanks for all your help!!!

Re: AMEX BCE short credit history

Anonymous — Wed, 17 Apr 2013 19:01:16 GMT

Forgot to add that my EQ FICO was 720 before the applications for the freedom and DCU credit card. I am not sure what it is now.

Re: AMEX BCE short credit history

09Lexie — Wed, 17 Apr 2013 19:02:50 GMT

Amex usually pulls exp but could pull all 3. IMO, you should wait until you are actually working.

Re: AMEX BCE short credit history

Anonymous — Wed, 17 Apr 2013 19:04:33 GMT

I would advise against stating that your gross annual is 24k. bump it up 10% more than what you filed for taxes last year. If you're FR'd, and you stated 24k, you can't prove it.

On the other hand, your chances of getting an FR are low, so the risk is up to you.

Re: AMEX BCE short credit history

migliogiorni — Wed, 17 Apr 2013 23:00:15 GMT

I would wait till you've had a yr with your Freedom. Amex revolvers are tough to get with little history. You'd have a much better chance with a revolver but I don't see you justifying the AF. GL nice starting limit with the Freedom btw.f

Re: AMEX BCE short credit history

migliogiorni — Wed, 17 Apr 2013 23:02:41 GMT

I said you'd have a better chance with a revolver and I meant charge card. lol...long day for meef.....

Re: AMEX BCE short credit history

Anonymous — Wed, 17 Apr 2013 23:08:24 GMT

You cannot calculate that as your annual income if you already know you will be working there for just 3 months. This is considered as fraud.

Re: AMEX BCE short credit history

LS2982 — Wed, 17 Apr 2013 23:16:59 GMT

@migliogiorni wrote:
I would wait till you've had a yr with your Freedom. Amex revolvers are tough to get with little history. You'd have a much better chance with a revolver but I don't see you justifying the AF. GL nice starting limit with the Freedom btw.f

I agree with this. Also you don't want to fudge numbers and get FR'ed.

Re: AMEX BCE short credit history

Anonymous — Wed, 17 Apr 2013 23:49:56 GMT

I just approved the Blue Cash Preferred with 3.5K limit

My AAOA only 3 months, the oldest card history only 6 months

So you might be fine !! I guess !! LOL

Re: AMEX BCE short credit history

unc0mm0n1 — Fri, 17 May 2013 15:22:37 GMT

@Anonymous wrote:
You cannot calculate that as your annual income if you already know you will be working there for just 3 months. This is considered as fraud.

I get the gist of what you're saying but I'm not sure if the CC's agree with you. Last year when i was reconing for an AMEX BCE card over the phone. The operator asked what my annual income was. I gave her a number based upon my summer income and my GI bill housing allowance and my job during the school year. She tole me I could only put my estimated yearly salary off what I currently make (which was GI Bill and part time job) a month times 12. Maybe she was wrong or didn't know what she was talking about but the way she made it sound was whatever your income is currently (clearly barring one time payments or bonuses) extrapolated out for the year is how you get annual salary.

Re: AMEX BCE short credit history

Anonymous — Fri, 17 May 2013 17:39:15 GMT

I think you will be fine, I got approved and had a aaoa of 3 months because I got approved for 4 new cards a month or two beforehand.

Re: AMEX BCE short credit history

broseph23 — Fri, 17 May 2013 18:23:36 GMT

I think you have an okay shot at a revolver; much better chance at a charge card. I say app for the green first, if you're approved, immediately app for BCE. If you're denied for green, then you should wait until your Freedom is a year old before you apply again. As for your income question, I think it is fine. Make sure you put student-employed for the income source, most lenders understand that student income will be low and varies. They'll weigh your credit much more than your income. That's just my opinion, but a good one I think

Good luck!