topic Re: AMEX Blue Approval Odds in Credit Cards

AMEX Blue Approval Odds

scmz — Thu, 29 Aug 2013 02:35:26 GMT

Hi guys-

I have been wanting an American Express for some time, but am unsure whether now is the right time to apply for the card I'd like (Blue Cash Preferred). Here's a bit of my credit profile:

Score: 703 FICO EQ

Credit Accounts:

BoA Credit Card $2,500 Limit/$0 Used

Discover Card $2, 750 Limit /$1118 Used**

Hard Inquiries in last two years: 2

Installment Accounts:

Auto Lease 24 months

Student loans at 20k

Average Age of Accounts: 2 years

Oldest account: 3 years, 10 months

No Negative Items, No Missed Payments, All Accounts in Good Standing

**I have paid of the discover but it doesn't reflect on my report--and likely wont until September 23.

Best guesses on whether I should perhaps wait until the discover shows as being paid off? Fico Simulator seems to think my score will jump to 727-776. I also don't want a lowball limit with AMEX, to be honest.

Thanks!

Re: AMEX Blue Approval Odds

myjourney — Thu, 29 Aug 2013 02:53:12 GMT

@scmz wrote:
Hi guys-
I have been wanting an American Express for some time, but am unsure whether now is the right time to apply for the card I'd like (Blue Cash Preferred). Here's a bit of my credit profile:
Score: 703 FICO EQ
Credit Accounts:
BoA Credit Card $2,500 Limit/$0 Used
Discover Card $2, 750 Limit /$1118 Used**
Hard Inquiries in last two years: 2

Installment Accounts:
Auto Lease 24 months
Student loans at 20k

Average Age of Accounts: 2 years
Oldest account: 3 years, 10 months
No Negative Items, No Missed Payments, All Accounts in Good Standing

**I have paid of the discover but it doesn't reflect on my report--and likely wont until September 23.

Best guesses on whether I should perhaps wait until the discover shows as being paid off? Fico Simulator seems to think my score will jump to 727-776. I also don't want a lowball limit with AMEX, to be honest.

Thanks!

Welcome to the forum

If the Discover is paid off and CR's are updated you stand a better chance of approval but I do have questions.

How long have you had your current cards?

Do you know your EX scores as Amex will surely pull from there in most cases?

Re: AMEX Blue Approval Odds

scmz — Thu, 29 Aug 2013 02:59:02 GMT

Thanks-

Have had the BoA for 3 years, but when they raised my credit limit, oddly enough they closed the account and reopened it with a new credit limit--and sent me a new card with the same number...never understood that. The Discover I have had for a year. I am only 21

Not sure of Experian scores, but have heard AMEX will likely pull them. Can't imagine it would be much different than Equifax?

Re: AMEX Blue Approval Odds

09Lexie — Thu, 29 Aug 2013 03:01:18 GMT

Welcome to the forum. If you can wait for Discover to update your chances are better.

Re: AMEX Blue Approval Odds

myjourney — Thu, 29 Aug 2013 03:02:00 GMT

@scmz wrote:
Thanks-
Have had the BoA for 3 years, but when they raised my credit limit, oddly enough they closed the account and reopened it with a new credit limit--and sent me a new card with the same number...never understood that. The Discover I have had for a year. I am only 21

Not sure of Experian scores, but have heard AMEX will likely pull them. Can't imagine it would be much different than Equifax?

Good history with cards then....Great

IMHO let CR's update and go for it I think you will be approved and I don't say that often unless CR's seem spotless with good history and scores.

Good luck

Re: AMEX Blue Approval Odds

Creditaddict — Thu, 29 Aug 2013 05:51:38 GMT

Please tell me Blue Cash PREFERRED??

Yes, Apply... I say APPROVED!

Re: AMEX Blue Approval Odds

scmz — Thu, 29 Aug 2013 06:02:12 GMT

Preferred, yes. Thanks for the info--I'll wait until discover reports and then apply. Any idea what type of limit I might expect? Hard to say, I know, but rough ideas would be nice

Re: AMEX Blue Approval Odds

09Lexie — Thu, 29 Aug 2013 06:13:46 GMT

It's hard to tell. If approved, familiarize yourself with the 3x CLI sticky. After 60 days, even a $2000 limit could be $6000

Re: AMEX Blue Approval Odds

JonStur — Thu, 29 Aug 2013 12:08:11 GMT

Income may also play a factor in your initial CL if approved. That being said, I also agree that once the PIF show your approval chances should increase...

Re: AMEX Blue Approval Odds

scmz — Thu, 29 Aug 2013 17:01:59 GMT

Thanks for all of the responses, it is really helpful! My income is about $53k. The 61 day CLI is encouraging--just worried AMEX will lowball me because of my age. This card seems better than Gold, so I think I'll pull the trigger once discover reports!

Re: AMEX Blue Approval Odds

scmz — Wed, 11 Sep 2013 01:19:39 GMT

Just wanted to reply and say that I was APPROVED for the BCP with the following:

-Discover paid off

-747 Experian FICO

Feeling good, I decided to ask Discover to raise my limit--and they did. First, they countered with only a $750 increase, but I managed to get 2.5x my current limit after speaking to an analyst.

Thanks everyone!

Re: AMEX Blue Approval Odds

09Lexie — Wed, 11 Sep 2013 01:26:44 GMT

Congrats x2!

Re: AMEX Blue Approval Odds

youngandcreditwrthy — Wed, 11 Sep 2013 04:47:04 GMT

Congrats!! What limit did you get?!? I started with a paltry $3500 and grew it to $24500 in 8 months, plus opened a Delta Gold with a $5500 cl. :-) I'm 24, so it can be done!
Remember: Amex likes high payment to balance ratio,ie try to pif!

Re: AMEX Blue Approval Odds

myjourney — Wed, 11 Sep 2013 04:58:04 GMT

@scmz wrote:
Just wanted to reply and say that I was APPROVED for the BCP with the following:
-Discover paid off
-747 Experian FICO

Feeling good, I decided to ask Discover to raise my limit--and they did. First, they countered with only a $750 increase, but I managed to get 2.5x my current limit after speaking to an analyst.

Thanks everyone!

Congarts

Glad it worked out for you

Re: AMEX Blue Approval Odds

scmz — Wed, 11 Sep 2013 11:33:00 GMT

Stingy limit at 2500 but I'm optimistic about CLI. One question I had is regarding new accounts. I would obviously like to try for they 61 day CLI, but am wondering whether adding a new account just after opening my AMEX will lower my likelihood. I took a hard pull for AMEX and the discover CLI, and would finally like to open a dinning card--but am scared AMEX won't like seeing a new account alongside theirs?? Any experience with that?

Re: AMEX Blue Approval Odds

youngandcreditwrthy — Wed, 11 Sep 2013 12:24:39 GMT

Haha for better or worse, yes.
I opened Discover on the exact same day as Amex, then in February- four months later, I opened a Citi Diamond Preferred. After I got my BCE cl to $24,500 in June, I opened an Amex Delta Gold w 5500 cl - then this past July I opened a mypoints.com Visa, and more recently I opened a BankAmericard.
You might be good to open one or two other accounts, but given the way Amex credit lines grow, you only need to hold off app'ing for maybe 6 months. I had up to 10 inqs on each report, but I'm down to about 5 per report now.
What other cards were you considering? Amex has just really been the least hasslesome to do biz with. They've grown the best as far as cl, and I've had no petty issues with them- unlike Barclay's or Citi, or even US Bank -whomI dont even have a card with. Lol
I think Amex is one of the only issuers that doesn't view have multiple cards with them as risky; they want your business and don't seem to penalize you for it.

Re: AMEX Blue Approval Odds

youngandcreditwrthy — Wed, 11 Sep 2013 12:26:29 GMT

Freedom/Discover IT are good for dining wen the 5% cash rolls around.
I wish Amex had a card that did this. They should add 5% cash to a Blue variety.

Re: AMEX Blue Approval Odds

TheConductor — Wed, 11 Sep 2013 12:57:30 GMT

@scmz wrote:
Thanks-
Have had the BoA for 3 years, but when they raised my credit limit, oddly enough they closed the account and reopened it with a new credit limit--and sent me a new card with the same number...never understood that. The Discover I have had for a year. I am only 21

Not sure of Experian scores, but have heard AMEX will likely pull them. Can't imagine it would be much different than Equifax?

First, congrats on your new card!!

Second, a similar situation to the one above happened to me. BoA had to replace a stolen card for me and they reported it as a new account without the proper age on it.

Since it was one of my oldest accounts, I called them up and requested that they correct the reporting to the CRAs to reflect the true age of my account.

Took a good 60 days, but eventually they did it. So check your reports and see what they are reporting as the opening date of your "new" account. You should be able to get them to backdate it correctly if it is not right currently.

Re: AMEX Blue Approval Odds

takeshi74 — Wed, 11 Sep 2013 14:53:34 GMT

@scmz wrote:

Best guesses on whether I should perhaps wait until the discover shows as being paid off?

If you want the best possible odds, yes. If you think it doesn't matter then go ahead before it reports. I'd always suggest the former when apping.

@scmz wrote:
Thanks-
Have had the BoA for 3 years, but when they raised my credit limit, oddly enough they closed the account and reopened it with a new credit limit--and sent me a new card with the same number...never understood that.

Did they actually close the account? Are you sure they didn't change the tier (Platinum to World, Platinum to Signature, etc)?

@scmz wrote:
Stingy limit at 2500 but I'm optimistic about CLI. One question I had is regarding new accounts. I would obviously like to try for they 61 day CLI, but am wondering whether adding a new account just after opening my AMEX will lower my likelihood. I took a hard pull for AMEX and the discover CLI, and would finally like to open a dinning card--but am scared AMEX won't like seeing a new account alongside theirs?? Any experience with that?

It really depends on your credit. I think I got my CSP after getting my BCP but before the 61 day CLI and had no issues. Not sure if any of my other new cards fell into that timeframe. YMMV. If you want the best possible odds for the CLI then play it safe and app after the CLI. Your call to make.

Re: AMEX Blue Approval Odds

Anonymous — Wed, 11 Sep 2013 14:50:51 GMT

Congrats on the BCP approval and the Discover CLI!