topic Re: Advice needed for Fast CLI or BCP in Credit Cards

Help needed for BCP / AMEX app(UPDATE WITH RESULTS )

DavidZeng — Tue, 24 Dec 2013 02:45:26 GMT

Hi guys, I just started building my credit, just got approved for Chase Freedom $600 and Discover It $500 dollars with thin files just before Thanksgiving. My goal for 2014 is to join the AMEX club, is it possible to achieve that?

Currently I am a engineering grad student and will graduate May 2014.

After lurking around a few weeks, I know the AMEX is not in favour of students,

but I really want to join the AMEX club next year, May I have some advice about that?

I also need to improve my single card CL to 2000 dollars at least, and I do shop a lot of groceries around 400-500 dollars per month just for myself. So my wish card would be a BCP, if BCP will be hard to get for me, any other alternatives?

Thanks guys!

UPDATE: ON Dec 20, 2013, just after my Chase freedom with 1 dollar balance reported to EX, DIscover still not reported as new TL to EX, I applied for AMEX GREEN and BCP,

both instantly approved and BCP with 2000 CL(AND REALLY ONLY 1 HP FOR 2 cards! Thank you guys!), only 25 days since I got my first two credit cards here in US~ now I am with the AMEX! THANK YOU SO MUCH GUYS!

Re: Advice needed for Fast CLI or BCP

Anonymous — Sat, 07 Dec 2013 05:11:22 GMT

You could try applying for a charge card now, and then try your luck again for the BCP in the coming year. Once you are an Amex member, its sp if declined, hp if approved for future Amex apps. Your member since date will also reflect 2013 for future cards. Most importantly, it's also a good way to get your foot into the door.

Re: Advice needed for Fast CLI or BCP

djc1puno — Sat, 07 Dec 2013 05:13:41 GMT

@Anonymous wrote:
You could try applying for a charge card now, and then try your luck again for the BCP in the coming year. Once you are an Amex member, its sp if declined, hp if approved for future Amex apps. Your member since date will also reflect 2013 for future cards. Most importantly, it's also a good way to get your foot into the door.

+1...charge card would be the way to go first IMHO

Re: Advice needed for Fast CLI or BCP

DavidZeng — Sat, 07 Dec 2013 05:16:40 GMT

I forgot to mention, I perhaps accidently had about 5-6 HP since my first try to apply for CC on April or May this year,and very recently I think there may be 4, I heard AMEX is quite INQ senstive, And I just try to pull my EX report, but even the FICO can not generate a score yet, do I stand a chance to AMEX? If I don't have a score now, Were my previous HP filed?

Re: Help needed for BCP / AMEX app

chwebb1 — Sat, 07 Dec 2013 05:18:18 GMT

For what it's worth, I'm a graduate student, and I have an Amex BCE. But I also got my first credit card in high school, and was just approved for my BCE in June. Would you believe that I applied to Amex thinking that I could get it as my first card back in 2008? You live and learn.

Re: Advice needed for Fast CLI or BCP

djc1puno — Sat, 07 Dec 2013 05:19:50 GMT

inqs only count on FICO for the first 12 months...i would sit on the cards you have now and develop a good history with each...then maybe mid to fall next year try for amex charge card...it's a great way to get yourself in the door w amex

Re: Advice needed for Fast CLI or BCP

DavidZeng — Sat, 07 Dec 2013 05:20:03 GMT

But before thanksgiving I applied for Cap 1, Chase Freedom, DIscover It, and got denied for Cap, approval for other two, And a few days ago I accidently fall in the trap of Paypal Bill Me later and Perhaps generate a HP, should I give amex green a try now?

Re: Advice needed for Fast CLI or BCP

09Lexie — Sat, 07 Dec 2013 05:22:00 GMT

How many inq's?

Re: Advice needed for Fast CLI or BCP

djc1puno — Sat, 07 Dec 2013 05:22:57 GMT

@DavidZeng wrote:
But before thanksgiving I applied for Cap 1, Chase Freedom, DIscover It, and got denied for Cap, approval for other two, And a few days ago I accidently fall in the trap of Paypal Bill Me later and Perhaps generate a HP, should I give amex green a try now?

you can try...it is your HP personally i would develop history first...amex likes to see history

Re: Advice needed for Fast CLI or BCP

DavidZeng — Sat, 07 Dec 2013 05:26:14 GMT

Acutally I can not tell from the reports, since all three agencies can not even generate a score now, but according to my count, it is probabily 2 inqs on April 2013, 2inqs Sep 2013, 3 before thanks giving.

Re: Advice needed for Fast CLI or BCP

DavidZeng — Sat, 07 Dec 2013 05:28:20 GMT

I thought about add another HP, since recently my HPs are really intense, one more HP will as well fall off around the same time period in the future? But if the chance is almost 0, I won't pull the trigger.

Re: Help needed for BCP / AMEX app

DavidZeng — Sat, 07 Dec 2013 05:33:59 GMT

Actually I got my first credit card on 18 with bank pre-approved back in 2008 as well (hand-shake) with a quite great credit limit due to my family's long term relationship with that bank, but not in U.S..

Re: Advice needed for Fast CLI or BCP

djc1puno — Sat, 07 Dec 2013 05:35:22 GMT

@DavidZeng wrote:
I thought about add another HP, since recently my HPs are really intense, one more HP will as well fall off around the same time period in the future? But if the chance is almost 0, I won't pull the trigger.

that is true, david...if you can live w that extra hp, go for it! you might as well see how you stack now and perhaps work on certain parts of your CRs if you are denied...gl

Re: Advice needed for Fast CLI or BCP

DavidZeng — Sat, 07 Dec 2013 05:38:00 GMT

Thanks for your advice, I may think about it~: But the credit limit for my current cards are too low. I'd like to kill my self for the transactions to appear and pay the balance. Just need a decent limit.

Re: Advice needed for Fast CLI or BCP

djc1puno — Sat, 07 Dec 2013 06:35:53 GMT

@DavidZeng wrote:
Thanks for your advice, I may think about it~: But the credit limit for my current cards are too low. I'd like to kill my self for the transactions to appear and pay the balance. Just need a decent limit.

i understand your concerns...sometimes its just best to let the ones you have now grow, show positive history, and lots of patience! you'll be better rewarded for it later

Re: Advice needed for Fast CLI or BCP

djc1puno — Sat, 07 Dec 2013 06:37:59 GMT

...and don't worry about the cls either...show positive history and the banks will trust you with higher limits...i know it can be a pain now with low limits, but you'll get there...thats what the garden area is for...growing what you have

Re: Advice needed for Fast CLI or BCP

jamesdwi — Sun, 08 Dec 2013 03:09:06 GMT

@Anonymous wrote:
You could try applying for a charge card now, and then try your luck again for the BCP in the coming year. Once you are an Amex member, its sp if declined, hp if approved for future Amex apps. Your member since date will also reflect 2013 for future cards. Most importantly, it's also a good way to get your foot into the door.

Charge card first, good to lock in your membership year. I don't think AMEX is going to consider any card with a $500 limit a prime card, $500 limits from prime lenders are a sign, ok we gave you a chance, but we really don't trust you yet, give it 6 months or a year of history before you make any more chances in the prime lenders. Of course getting a good paying job will help things along as well.

Re: Advice needed for Fast CLI or BCP

FinStar — Sun, 08 Dec 2013 03:30:38 GMT

@jamesdwi wrote:
@Anonymous wrote:
You could try applying for a charge card now, and then try your luck again for the BCP in the coming year. Once you are an Amex member, its sp if declined, hp if approved for future Amex apps. Your member since date will also reflect 2013 for future cards. Most importantly, it's also a good way to get your foot into the door.
Charge card first, good to lock in your membership year. I don't think AMEX is going to consider any card with a $500 limit a prime card, $500 limits from prime lenders are a sign, ok we gave you a chance, but we really don't trust you yet, give it 6 months or a year of history before you make any more chances in the prime lenders. Of course getting a good paying job will help things along as well.

And what djc1puno mentioned in the above posts.

Re: Help needed for BCP / AMEX app

DavidZeng — Tue, 24 Dec 2013 02:32:44 GMT

Re: Advice needed for Fast CLI or BCP

DavidZeng — Tue, 24 Dec 2013 02:46:51 GMT

Thank you for your advice, now I am with AMEX and got my BCP! THANK YOU!