topic Re: I want an AMEX !! in Credit Cards

I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:06:38 GMT

Pretty new to this credit stuff and after having 2 approvals in the past 4 days (Freedom & Discover it), I've really started to give thought to what my next card would be and I would looooveee to add an AMEX to my line up. The question is when ? For now I just had thoughts of gardening it for a while and waiting for my score to go up more ....just dont know how long I should wait it out ...I had very minor bumps in my credit history and as of now I have no derogs and all my current cards are in good standing ...prior to me obtaining the 2 new acqisitions, I had a 70% util rate which should decrease once my two other cards are reported (of course i'll keep paying to bring them the lowest possible). Any suggestions ??? My CS FAKO is 683 .... Thanks in advance.

Re: I want an AMEX !!

myjourney — Tue, 11 Jun 2013 22:10:04 GMT

@Manny121 wrote:
Pretty new to this credit stuff and after having 2 approvals in the past 4 days (Freedom & Discover it), I've really started to give thought to what my next card would be and I would looooveee to add an AMEX to my line up. The question is when ? For now I just had thoughts of gardening it for a while and waiting for my score to go up more ....just dont know how long I should wait it out ...I had very minor bumps in my credit history and as of now I have no derogs and all my current cards are in good standing ...prior to me obtaining the 2 new acqisitions, I had a 70% util rate which should decrease once my two other cards are reported (of course i'll keep paying to bring them the lowest possible). Any suggestions ??? My CS FAKO is 683 .... Thanks in advance.

Congrats on the new cards

IMHO wait at least 6 months and a month after UTL is paid down to under 9%

What other cards do you have limits and balances?

Re: I want an AMEX !!

09Lexie — Tue, 11 Jun 2013 22:15:12 GMT

Wow 70%! Definitely wait until the cards report and then garden them.

Re: I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:28:22 GMT

Thanks ! ...well right now the cards that I have are Bank of Americard limit: 1K ..I owe about $700 ..which im planning to pay down soon ....I have two Cap One cards ..one with a $750 CL and the other 1K CL ....owe about $400 on each ...definately will be lowering those ...and a Macys store card which I owe about $250. My plan is to wait it out a bit and pay down on these cards ...but I had some hope that once my other 2 cards kick in my util will lower ....but I guess my best bet is to garden it out a bit ..ughh

Re: I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:29:44 GMT

Yea ...I guess the best idea is to wait then ...my AMEX card will have to wait about 6 months .....which is not too far ahead.

Re: I want an AMEX !!

myjourney — Tue, 11 Jun 2013 22:31:09 GMT

@Manny121 wrote:
Yea ...I guess the best idea is to wait then ...my AMEX card will have to wait about 6 months .....which is not too far ahead.

Not far at all and a wise choice to wait Amex can be your Christmas gift to yourself

Best wishes

Re: I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:36:48 GMT

Yes ..you're definately right about that...thanks !!

Re: I want an AMEX !!

LS2982 — Tue, 11 Jun 2013 22:36:52 GMT

I would definitely wait 6 months and get the util down below 10% before going with AMEX.

Re: I want an AMEX !!

p- — Tue, 11 Jun 2013 22:39:49 GMT

@Manny121 wrote:
Bank of Americard limit: 1K ..I owe about $700
Cap One cards ..one with a $750 CL and the other 1K CL ....owe about $400 on each
Macys store card which I owe about $250

Here's what the underwriters at Amex will see when you have to recon:

-More than 1 card with a balance

-Multiple new accounts

-High Utilization

-New lines with high limits

This makes it look like you're new to this level of credit and it's getting away from you.

You want them to see:

-Only 1 card with a balance.

-All accounts over 6 months old, most accounts over 1 year

-Utilization totals less than 5% of overall available

-High limit cards established and seasoned.

I would advise patience.

Re: I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:41:19 GMT

Yea ...definately a good point. The excitement of possibly having one was getting my hopes up, but in the long run will be good for me if I wait and lower my util ...To the garden I go for 6 months !!

Re: I want an AMEX !!

myjourney — Tue, 11 Jun 2013 22:42:56 GMT

@Manny121 wrote:
Yea ...definately a good point. The excitement of possibly having one was getting my hopes up, but in the long run will be good for me if I wait and lower my util ...To the garden I go for 6 months !!

Good choice see you there

Re: I want an AMEX !!

p- — Tue, 11 Jun 2013 22:44:17 GMT

@Manny121 wrote:
Yea ...definately a good point. The excitement of possibly having one was getting my hopes up, but in the long run will be good for me if I wait and lower my util ...To the garden I go for 6 months !!

If you want to scratch the itch, you could always hit up Cap1 for some soft increases and product changes once your Util is under control.

Re: I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:48:35 GMT

@p- wrote:
@Manny121 wrote:
Bank of Americard limit: 1K ..I owe about $700
Cap One cards ..one with a $750 CL and the other 1K CL ....owe about $400 on each
Macys store card which I owe about $250
Here's what the underwriters at Amex will see when you have to recon:

-More than 1 card with a balance
-Multiple new accounts
-High Utilization
-New lines with high limits

This makes it look like you're new to this level of credit and it's getting away from you.

You want them to see:
-Only 1 card with a balance.
-All accounts over 6 months old, most accounts over 1 year
-Utilization totals less than 5% of overall available
-High limit cards established and seasoned.

I would advise patience.
Thanks so much for your positive feedback. It's definately the insight I need to get my feet back on the ground and in the garden where i belong. I will definately take this into high consideration.

Re: I want an AMEX !!

Manny121 — Tue, 11 Jun 2013 22:50:33 GMT

@p- wrote:
@Manny121 wrote:
Yea ...definately a good point. The excitement of possibly having one was getting my hopes up, but in the long run will be good for me if I wait and lower my util ...To the garden I go for 6 months !!
If you want to scratch the itch, you could always hit up Cap1 for some soft increases and product changes once your Util is under control.

I will definately consider that ....didn't give thought to that. Thanks again for the advice.

Re: I want an AMEX !!

p- — Tue, 11 Jun 2013 22:52:30 GMT

Manny121 wrote: ...Thanks again for the advice.

Anytime. Good luck.

Re: I want an AMEX !!

Anonymous — Wed, 12 Jun 2013 03:22:17 GMT

Early December will set you up perfectly with Amex if you get approved then.

Re: I want an AMEX !!

Manny121 — Wed, 12 Jun 2013 03:32:53 GMT

@Anonymous wrote:
Early December will set you up perfectly with Amex if you get approved then.

Definately would, especially for all the holidays and a vacation I have planned for the end of that month ...I would love to have one by then ..especially the BCE or maybe Blue Sky !!

Re: I want an AMEX !!

asphaltcowboy — Wed, 12 Jun 2013 03:48:07 GMT

Good choice, welcome to the garden!!

Best of luck to you

Re: I want an AMEX !!

Manny121 — Wed, 12 Jun 2013 04:23:56 GMT

@asphaltcowboy wrote:
Good choice, welcome to the garden!!
Best of luck to you

Thanks....hopefully I dont escape before then ..I'm counting on you guys to hold me back

Re: I want an AMEX !!

myjourney — Wed, 12 Jun 2013 04:26:16 GMT

@Manny121 wrote:
@asphaltcowboy wrote:
Good choice, welcome to the garden!!
Best of luck to you
Thanks....hopefully I dont escape before then ..I'm counting on you guys to hold me back

We shall help you stick with your plan to obtain the card you want but you have to commit and stay on the path