topic Re: Should I app again? in Credit Cards

Should I app again?

travisp33 — Sat, 19 Oct 2013 00:52:33 GMT

10/7 - App for BCP deined fico too low, not enouh revolving (EX 645 reported from AMEX)

10/7 - App NFCU cash rewards, approved 25k. (EQ 659 reported from NFCU)

10/7 - App Walmart, approved for store card, recon CLI upped to 5k.

10/15 App NFCU Car loan - Approved but not used yet

10/16 App NFCU Overdraft LOC, Approved 15k.

10/17 Recieve Amex "preselected" offer for green - 25k bonus, 0 fee.

TU has 6 HP's

EQ and EX each have 2

Walmart has posted to all CRAs, nothing from NFCU has at this point.

Not much on the wishlist except for the SPG amex, which I won't qualify for. Wouldn't mind a 0% BT offer. OTher than that just wondering if there is anything easy I should be picking up to help overall util or good bonuses I might qual for on rewards type cards. After this spree Im off to the garden and DW will spree since I am BT'ing all of her debt to me.

Should I recon AMEX on the BCP? I haven't reconed them yet.

Ok, simply put - success feels good and I want MORE!

Re: Should I app again?

FinStar — Sat, 19 Oct 2013 00:57:51 GMT

It seems your recent growth has been commendable, yet if you have already achieved this large growth recently, is there a need for more or just a want?

AMEX recons are usually not very successful especially since not much would have changed since you applied.

Re: Should I app again?

09Lexie — Sat, 19 Oct 2013 00:59:22 GMT

No. Let's be clear, NFCU is very generous and forgiving with credit profiles. The recent approvals are a huge achievement but based on your credit profile, apping now would not be beneficial. Let the Walmart and NFCU help build a nice foundation for you.

You apped and were denied for an Amex on the 7th and are thinking about apping again?

Re: Should I app again?

FinStar — Sat, 19 Oct 2013 01:02:13 GMT

@09Lexie wrote:
No. Let's be clear, NFCU is very generous and forgiving with credit profiles. The recent approvals are a huge achievement but based on your credit profile, apping now would not be beneficial. Let the Walmart and NFCU help build a nice foundation for you.

You apped and were denied for an Amex on the 7th and are thinking about apping again?

OP - Success also comes with a compass for fiscal responsibility and capacity associated with amassing such large amounts of credit in a relatively short period.

Re: Should I app again?

travisp33 — Sat, 19 Oct 2013 01:06:02 GMT

@09Lexie wrote:
No. Let's be clear, NFCU is very generous and forgiving with credit profiles. The recent approvals are a huge achievement but based on your credit profile, apping now would not be beneficial. Let the Walmart and NFCU help build a nice foundation for you.

You apped and were denied for an Amex on the 7th and are thinking about apping again?

Not apping AMEX again per-sae, just having a call to the recon department.

And yes, this is want - as in want as much limit as possible to drive util % down. Just thinking there have to be some other cards for scores in this range.

Re: Should I app again?

travisp33 — Sat, 19 Oct 2013 01:04:39 GMT

And where is youngandcreditworthy when I need someone with a more aggressive outlook? lol

Re: Should I app again?

09Lexie — Sat, 19 Oct 2013 01:08:22 GMT

What is your util? I would think the $25k would be a big help.

Young will surely chime in with his opinion. If you want to app you really don't need to wait ...go ahead and pull the trigger.

Re: Should I app again?

FinStar — Sat, 19 Oct 2013 01:10:41 GMT

@travisp33 wrote:
@09Lexie wrote:
No. Let's be clear, NFCU is very generous and forgiving with credit profiles. The recent approvals are a huge achievement but based on your credit profile, apping now would not be beneficial. Let the Walmart and NFCU help build a nice foundation for you.

You apped and were denied for an Amex on the 7th and are thinking about apping again?
Not apping again per-sae, just having a call to the recon department.

And yes, this is want - as in want as much limit as possible to drive util % down. Just thinking there have to be some other cards for scores in this range.

Everyone has different goals but IMHO, whether young provides his view or not, your chances of success for AMEX reconsideration are slim to none. We'll also let others with vast AMEX experience to chime in.

As with anything, it's your own credit and free to manage it however you see fit. So, you can always try your luck with other cards and see where it leads...YEMV.

Re: Should I app again?

Anonymous — Sat, 19 Oct 2013 01:11:08 GMT

I agree with finstar and lexie. You ought to just leave it as is for now. Appealing your Amex denial will just result in more unnecessary HPs with low odds of approval.

However, if you want to be aggressive and gamble, which sounds like what you want to do regardless of what others are going to say, go ahead. There's nothing wrong with gambling per say, just that lexie and finstar are advising you to maximize your odds of approval, rather than to take a chance and gamble. Anyone can gamble as much as they want. It's just a matter of whether they can afford to lose.

Re: Should I app again?

09Lexie — Sat, 19 Oct 2013 01:15:18 GMT

The procedure for reconning with Amex is faxing a copy of your credit report to the Media Dept ( number in backdoor sticky), include a cover page with your reference number, note the errors on the credit report they pulled have been corrected -as illustrated in the faxed cr.

They do not do 'recons' like Chase or Barclays

Good luck!

Re: Should I app again?

travisp33 — Sat, 19 Oct 2013 01:22:37 GMT

I seem to be underestimating the risks here. What are they? Pulls? Im off to the garden anyway.

Re: Should I app again?

youngandcreditwrthy — Sat, 19 Oct 2013 03:32:21 GMT

Haha! I'm here!
Amex is a recon even I wouldn't attempt as it wouldn't likely be fruitful.
Maybe wait 3-6 months and try again. It took me FIVE YEARS to FINALLY get BCE, then Amex flooded me with credit! I'm more satisfied with Amex than just about any creditor, ever.
They will hp you to death like Chitibank though for recon is what the word on the street is. Hahaha!
If you do want another card though, try Chase Freedom or Slate. Chase is great with Recons! But I'd do it before any big balances post to your CRs.
Maybe let that big $25k limit report with $0 balance, then app, then take care of those balances. Order of ops is important as your creditors will be softing you regularly.

Re: Should I app again?

travisp33 — Sat, 19 Oct 2013 04:08:23 GMT

BOOM!

Ok, so should I go for the AMEX green pre-selected offer? now, or after NFCU posts?

Also my impression is freedom is easier than slate? thoughts?

Re: Should I app again?

09Lexie — Sat, 19 Oct 2013 04:11:56 GMT

It's obvious you want to app for the Amex even though you were advised against -young said no too.

If your NFCU hasn't posted, you are showing exactly what cc's on your report?

Re: Should I app again?

Themanwhocan — Sat, 19 Oct 2013 05:24:49 GMT

There are many risks here.

You already just quadrupled your total credit limit. You need to show responsible usage of that before trying to grab even more.

Your Credit scores weren't all that high to begin with. Now multiple HP's have pulled the scores down, and as the new credit cards report to the credit bureaus, the scores will drop further.

You have a lot of new credit cards. Thats another reason credit card applications are denied.

Your average age of accounts has plummeted.

Etc... If you show usage of those cards for 6-12 months, you scores will recover and increase, and you will be in great shape to apply for more cards with great starting limits. if you only show usage for 6-12 days, well... Good luck with that plan. You'll need it.

Re: Should I app again?

travisp33 — Sat, 19 Oct 2013 06:04:56 GMT

@09Lexie wrote:
It's obvious you want to app for the Amex even though you were advised against -young said no too.

If your NFCU hasn't posted, you are showing exactly what cc's on your report?

I don't think I was clear. There was the BCP which I asked if I should recon, and everyone said no. I agree.

There was a seperate pre-selected offer for Amex Green that arrived alongside the decline letter for Bcp. Why should I turn down this pre-selected offer?

My file is thin with revolvers, granted - but I have strong income and very strong installment history.

Re: Should I app again?

09Lexie — Sat, 19 Oct 2013 06:08:49 GMT

You were clear. That's why I stated that it was clear you wanted to app. I'll ask the question again, what's currently reporting on your CR's?

Re: Should I app again?

FinStar — Sat, 19 Oct 2013 06:10:37 GMT

Go for it then.

Re: Should I app again?

travisp33 — Sat, 19 Oct 2013 06:13:17 GMT

@Themanwhocan wrote:
There are many risks here.

You already just quadrupled your total credit limit. You need to show responsible usage of that before trying to grab even more. Only one of which has posted. Why not grab more limit before it does, if avail?

Your Credit scores weren't all that high to begin with. Now multiple HP's have pulled the scores down, and as the new credit cards report to the credit bureaus, the scores will drop further. The pulls were bunched on TU. Only 2 on EX and EU TOTAL in the past 2 years. 2 pulls have dropped my score?

You have a lot of new credit cards. Thats another reason credit card applications are denied. Maybe but a denial is nothing more than a pull, no?

Your average age of accounts has plummeted. Not even close. I have over 20 accounts with AAoA around 9 years. 2 new accounts <> "plummet"

Etc... If you show usage of those cards for 6-12 months, you scores will recover and increase, and you will be in great shape to apply for more cards with great starting limits. if you only show usage for 6-12 days, well... Good luck with that plan. You'll need it.

Sorry, I still dont get it. Help me understand?

Scenarios:

1.) I go off to the garden as is. YAY!

2.) I do 1-2 selective apps on cards known to hit EX or EQ where I only have 2 HPs now.

Options:

- Denied. I go to the garden with 3 HPs on EQ and EX each instead of 2.

- Approved. I go to the garden with a bigger total limit and more to garden.

Not trying to be arguementative, just trying to understand, because I dont get it

Re: Should I app again?

09Lexie — Sat, 19 Oct 2013 06:17:44 GMT

What's is your current reported util? Baddies?

Amex Charge does not report a CL so I'm unclear as 'why not grab more limit before it does' means?