topic Re: Can I qualify for an AMEX? in Credit Cards

Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 19:17:03 GMT

History:

2 Auto loans - Chase 2.5 yrs and Wells Fargo 6 months [transferred from Cap1 to get lower interest rate] - on time no late's ever with Cap1, Wells and Chase all on time as well and no late's ever

Total of 9 Revolver/Cc's - PayPal SC 1.5 yrs $2.4k, Cap1 1.7 yrs $2.5k, Orchard/Cap1 1.5 yrs. $2.5k, Cap1 6 months $2.5k, Kohls 1.7 yrs $1k, Walmart 7 months $2k,
CreditOne 1 yr $650, Barclay NFL 6 months $1.4k, Target 6 months $200

No mortgage - renting for 7 yrs while rebuilding

1 bad - med bill judgement 2 years old that was satisfied and updated on CR's as paid/satisfied 3/13

7 hp's within last two years 4 of which are 6 months and 1 only one month old

Walmart TU is 707 as of 5/13 with 18-20% utilization - utilization will be at or close to 0% when I want to apply at end of this month

Annual Salary $52k with combined household being $90k[includes wife] - we have joint checking

No liquid assets

Length of time at current job 1.8 yrs

All revolver/cc's paid on time and always pay more than minimum

Had high utilization at holidays almost 90% ($4k of credit lines) CL's were low - have been given plus $4k in CLI's in last 30 days - the most recent HP I mentioned earlier was for the CLI from Barclays NFL

All three CR's are pretty much identical(pulled all 3 in April 2013) although my only "real" recent FIFO reference is Walmart TU - once again a 707 although I expect it to go up with the utilization going from 18% to less than 1% - all statements will generate in the next 1-2 days and I'm hoping when the statements generate all revolvers/cc's will report within a week or so

I am planning a recon with Barclay's and PayPal SC in the next week or so since I wasn't given the full CLI I requested - utilization at the time of request for CLI was between 30% - 40% across all accounts - the only way I'll try to get an additional CLI is if they guarantee a soft pull

Well, there you have it. I know I should age accounts and wait for HP's to fall off but I just don't want to wait another 6 months to 2 yrs before I get a prime cc. However, if I don't have a least a fair chance then I guess I'll don't have much choice. Don't worry about hurting my feelings. I'm pretty thick skinned so please...tell it like it is but if there is hope I'd like to have some. I've always been good when dealing with people on the phone if that makes any difference. My plan is to call in my app instead of using the on-line.

Re: Can I qualify for an AMEX?

zerobacan — Sun, 19 May 2013 19:35:37 GMT

First Amex will look up your Experian CR... how is that one?

I see you just paid the collection as 3/13? that might get you a denial.

Re: Can I qualify for an AMEX?

Anonymous — Sun, 19 May 2013 19:40:39 GMT

Hmmmm. Although YMMV, I was instantly approved for the Blue Sky with a relatvely slim history, low AAoA, My highest limit was $2,500 and my UTIL was well over 50% at that time. My Experian was a 707. It seems like you may have a decent shot but as always, YMMV!!

Re: Can I qualify for an AMEX?

mcf — Sun, 19 May 2013 19:41:16 GMT

Its definitely a YMMV with amex, but you look like your on the right path for sure! so good luck and honestly you never know unless you try. Its a tough thing to hear but you wont be happy until you complete your wallet! Im a bad influence haha..

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 19:44:42 GMT

I'm not really sure about Experian FICO. The only was to get a real one is by applying for something. What I do know is all my credit reports could qualify as identical triplets. There is literally little to nothing different between the three and all three only show the 1 med bill judgement which once again is actually 2 years old but paid in full as of 3/13.

Re: Can I qualify for an AMEX?

Anonymous — Sun, 19 May 2013 19:45:24 GMT

Which card do you want, just out of curiosity?

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 19:47:58 GMT

Sorry...mean't to say...the only way to get a real Experian FICO that I know of is to apply for something.

Re: Can I qualify for an AMEX?

mcf — Sun, 19 May 2013 19:49:43 GMT

I went the route of PRG then using same hit for the delta.. i got the prg but a wait on the delta... Just my experience. I had read it was easier that route. Is it factual probably not.lol

Re: Can I qualify for an AMEX?

pizzadude — Sun, 19 May 2013 19:50:44 GMT

I'm fairly certain that the judgment will be a show stopper with AMEX. Major derogatory items will make it difficult to get approved.

Re: Can I qualify for an AMEX?

mcf — Sun, 19 May 2013 19:54:26 GMT

yeh maybe just because the DOLA would show as 3/13 paid.. or satisfied.. so maybe. i dont know how that works.. all my baddies were 3 yrs old..

maybe try and get it vacated. does that work or is a such thing lol.. im not alwayer, i did play one on tv once.

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 19:54:21 GMT

Really want a charge card with rewards...the minimum would be AMEX Gold. I have quite a few monthly reg bills that from what they say already accept AMEX. I'm currenly paying them with my debit. It only makes sense to try for something that gets me rewards for doing the same thing.

Re: Can I qualify for an AMEX?

Anonymous — Sun, 19 May 2013 20:00:08 GMT

Got yahh. I personally do not understand charge cards, Ive gotten to where i pay my credit cards in full anyway and I'm satisfied with my rewards! And I refuse to get a card with an annual fee. Im cheap. Lol. But maybe it will be easier to get an AMEX charge card instead of a revolver though. That seems to be the case anyway...

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 20:03:09 GMT

I've read...once again "read" that a charge card could help round out my credit profile. Source: Credikarma mentions that a charge card would make for a better "mix of credit".

Re: Can I qualify for an AMEX?

Anonymous — Sun, 19 May 2013 20:08:45 GMT

Really??? I didn't know that! You're gonna give me the itch to exit the garden!! hahahha!

Re: Can I qualify for an AMEX?

pizzadude — Sun, 19 May 2013 20:15:32 GMT

You should ignore the scoring advice from CK ~ it won't necessarily help your FICO score.

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 20:16:54 GMT

LOL...going to get accused of being an enabler or at least a co-dependent!

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 20:29:54 GMT

For the moderator: the main reason I'm looking at a charge like AMEX Gold is great rewards without having to worry about utilization. I've got close to $2k a month in reg bills that I'm paying with debit. Why not pay with the AMEX charge and get the rewards without having to worry about utilization. After building with AMEX 1-2 years I'll try for the BCP. Am I looking at this wrong?

Re: Can I qualify for an AMEX?

webhopper — Sun, 19 May 2013 20:37:09 GMT

@nvrgvupnvrsrndr wrote:
For the moderator: the main reason I'm looking at a charge like AMEX Gold is great rewards without having to worry about utilization. I've got close to $2k a month in reg bills that I'm paying with debit. Why not pay with the AMEX charge and get the rewards without having to worry about utilization. After building with AMEX 1-2 years I'll try for the BCP. Am I looking at this wrong?

This is exactly the reason why I opened up Amex Zync back in 2012.

We don't like the idea of accumulating debt, so the charge card makes us pay in full which is nice + get rewards.

I travel quite a bit for work, the NPSL comes in handy, as does the fact that the charges do not count against my overall utilization % I can charge 10k with no issues on my PRG.

After using the Zync for 10 months, I applied for a business Amex Lowes card and got a crazy 22k limit for a business that grosses only 24k per year because they know me now and value my spending and paying style. The Lowes card gets me 2% in rewards and 5% discount, so 7% savings

DH is currently rebuilding his credit after a foreclosure from 2010. He is AU on 2 Amex Charge cards which report to his credit, and was recently approved for his own PRG which will be downgraded to Sr. Rewards Green before the AF is due. He is also AU on my Discover and my Chase Amazon card. He has 2 NFCU CCs of his own, a Platinum and a Flagship.

There can be much worse ways to build / rebuild credit than with an Amex charge card. IMO its worth the fee.

Re: Can I qualify for an AMEX?

nvrgvupnvrsrndr — Sun, 19 May 2013 21:05:17 GMT

Webhopper: If you get a chance will you please read my original post here and give me your thoughts regarding my credit profile/chances. By the way, how do you highlight someone else's reply so as to show your replying to their comment? Also, are moderator's here considered to be kind of credit guru's?

Re: Can I qualify for an AMEX?

indiolatino61 — Sun, 19 May 2013 23:07:46 GMT

Good luck to you!