topic Re: Need Advice on AMEX Please! in Credit Cards

Need Advice on AMEX Please!

tehpud — Wed, 19 Jun 2013 17:57:29 GMT

Hey Everyone!

First off - this community is fantastic, supportive and productive. I want to express my appreciation to you all. Now to my question.

I started off my journey to repair and improve my credit a few years ago. A year ago, in April, my mother added me to her AMEX Platinum Account. It was with the attempt to improve my credit. However, it doesn't really help my credit from what I gather. Because it is her account and i'm a user; the ultimate responsibility is hers. She has the ability with her card to carry a balance and she carries a low one. I rarely use the card to avoid mixing of accounts.

When I apply for credit, in the past, the creditor was not able to use my AMEX account as part of the deciding factor. I also noticed that on SOME credit reports, it calculates the carrying balance on the AMEX as part of my UTL. I have a very low UTL in the 9/10% range, even with the balance she carries.

My question to you all is the following. Should I call AMEX and ask to remove myself from her card and apply for my own? Should I completely close my portion of the account? Should I keep it?

If I change to a different product, they will need to run a new App on me. I recently posted some great changes to my credit. If you could please review and let me know if it's worth applying for that would be awesome.

In May/June:

Approved for Amazon Store Card @ $700 limit. /// Got CLI in 06/18 to $2,100 limit. 3x.
Approved for New Car financing with cosigner for 1.8% financing through Chase
Paid off old car (still shows on credit until they update)
Approved for Chase Amazon Visa @ $1000 limit
Platinum Visa BoA card // got CLI from $500 -> $2000, then from $2000 -> $5000 on the same pull done.

I have currently, 2 baddies from the past in 2008, both are disputed (regarding the ex). I have 1 late payment that I sent a Goodwill to BoA to clear. It is on the card I just got from $500 to $5000 listed above. The late payment was back in 2010.

AAoA - 3.8 years old, UTL currently @ 12%, I carry over low low balances or Pay in Full.

Current scores are listed in my siggy. Sorry for the overload, but I need to figure out what to do with this AMEX and/if I should take the advantage of being somewhat in the door with them and applying or not. The AMEX I would apply for would be the Blue Cash Everyday. I want a flyer card like the United Mileage Plus, but I don't know if i'm able to get approved for it.

Your opinions would be greatly appreciated.

///////////////// UPDATE///////////////

I just spoke with 1 of the baddies. It is getting a PFD and reports only on EQ. Will be PFD'd early July when letter arrives and payment processes.

Re: Need Advice on AMEX Please!

Anonymous — Wed, 19 Jun 2013 17:43:29 GMT

When I first applied for BCE, amex denied me and said my Trans score (713 that they pulled) wasn't high enough.
Maybe that's an indication of where you stand with them currently?

Re: Need Advice on AMEX Please!

tehpud — Wed, 19 Jun 2013 17:58:09 GMT

I thought AMEX primarily pulls EX?

I have seen quite a few approvals lately with lower scores and some lesser AAoA and credit owned.

Re: Need Advice on AMEX Please!

dodfire — Wed, 19 Jun 2013 18:00:31 GMT

@tehpud wrote:
I thought AMEX primarily pulls EX?

I have seen quite a few approvals lately with lower scores and some lesser AAoA and credit owned.

If you are borderline on approval they will pull all 3

Re: Need Advice on AMEX Please!

Anonymous — Wed, 19 Jun 2013 18:00:49 GMT

AMEX is known to triple pull too. They did that with me twice. And the first time (denial) they cited my Trans Union FICO as a reason.

YMMV

Re: Need Advice on AMEX Please!

tehpud — Wed, 19 Jun 2013 18:36:39 GMT

Thanks - so any advice on what to do?

Re: Need Advice on AMEX Please!

dodfire — Wed, 19 Jun 2013 18:47:00 GMT

I suggest that you let the updates happen that you spoke of along with the removal before you apply.

Your other accounts are very new it would probably be best to give those 6mos of age.

As far as your AU status on your mothers account, it probably is not helping your approval chances much, but you will get the benefit of backdating with AMEX.

Re: Need Advice on AMEX Please!

tehpud — Wed, 19 Jun 2013 18:57:56 GMT

@dodfire wrote:
I suggest that you let the updates happen that you spoke of along with the removal before you apply.
Your other accounts are very new it would probably be best to give those 6mos of age.
As far as your AU status on your mothers account, it probably is not helping your approval chances much, but you will get the benefit of backdating with AMEX.

Thank you for the reply! I agree with you. I should let my baddie drop, let some inquiries drop (2) and let the new accounts sit nice until december and revisit this topic.

Re: Need Advice on AMEX Please!

bmd0224 — Wed, 19 Jun 2013 20:25:12 GMT

You should be ok to open a CHARGE card with them like Green, Gold, or PRG. Since those are PIF then it's less risk for Amex. Give it a shot!

Re: Need Advice on AMEX Please!

HiLine — Wed, 19 Jun 2013 20:26:36 GMT

@bmd0224 wrote:
You should be ok to open a CHARGE card with them like ~~Green, Gold, or~~ PRG. Since those are PIF then it's less risk for Amex. Give it a shot!

IFYP

Re: Need Advice on AMEX Please!

takeshi74 — Wed, 19 Jun 2013 21:11:26 GMT

You have severel new accounts and dreogatory stuff. Sit and tend to what you have for now. Being an AU probably isn't hurting you.