topic When to apply for Amex BCP after PRG in Credit Cards

When to apply for Amex BCP after PRG

Anonymous — Tue, 24 Dec 2013 21:20:14 GMT

Thanks everyone (especially rlx01) for all the help in:

http://ficoforums.myfico.com/t5/Credit-Cards/CSP-denied-due-to-short-history-AMEX/m-p/2667415#M762040

I just got Amex PRG approved online and locked in the member since date!!! I understand that subsequent applications will now be a soft pull. How does that work? If I now just apply online for BCP, will that not be a HP?

Also, if I get BCP, and later on cancel PRG (say in 1 year, before the $175 fee kicks in), what does that do to my average age of credit?

Re: When to apply for Amex BCP after PRG

LearningMoreAboutCredit — Tue, 24 Dec 2013 21:30:01 GMT

@Anonymous wrote:
Thanks everyone (especially rlx01) for all the help in:
http://ficoforums.myfico.com/t5/Credit-Cards/CSP-denied-due-to-short-history-AMEX/m-p/2667415#M762040

I just got Amex PRG approved online and locked in the member since date!!! I understand that subsequent applications will now be a soft pull. How does that work? If I now just apply online for BCP, will that not be a HP?

Also, if I get BCP, and later on cancel PRG (say in 1 year, before the $175 fee kicks in), what does that do to my average age of credit?

SP if denied, HP if approved. Your MSD will be the same as original app (PRG). To maximize your MSD on BCE, apply in Jan 2014...BCE will appear on reports as opened 01/2013, therefore, giving you an additional 11-12 months (math is off today ) PRG is a charge card which means you pay balance in full every month. BCE is a revolver which you can pay minimum but PIF is encouraged. AAoA will improve with successful BCE app. Closed positive accounts will report up to 10 years after closure...HTH

ETA: If you app for both cards today, it can result in 2 HP's.

Re: When to apply for Amex BCP after PRG

DavidZeng — Tue, 24 Dec 2013 23:45:13 GMT

If you got PRG, you can app for BCP on the same day! If both approved only 1 HP( 1 HP on EX for two cards!)

I tested it just a few days ago when I got instant apporved for Green, I app for BCP at once, Bang, Instant 2000(no additional HP for this).

Re: When to apply for Amex BCP after PRG

Fico2Go — Wed, 25 Dec 2013 00:15:39 GMT

I also Did a PRG and BCP back to back on 12/02/2013. Both approved. Only 1 EX HP.

Re: When to apply for Amex BCP after PRG

armbenderc — Wed, 25 Dec 2013 01:00:58 GMT

@LearningMoreAboutCredit wrote:
@Anonymous wrote:
Thanks everyone (especially rlx01) for all the help in:
http://ficoforums.myfico.com/t5/Credit-Cards/CSP-denied-due-to-short-history-AMEX/m-p/2667415#M762040

I just got Amex PRG approved online and locked in the member since date!!! I understand that subsequent applications will now be a soft pull. How does that work? If I now just apply online for BCP, will that not be a HP?

Also, if I get BCP, and later on cancel PRG (say in 1 year, before the $175 fee kicks in), what does that do to my average age of credit?
SP if denied, HP if approved. Your MSD will be the same as original app (PRG). To maximize your MSD on BCE, apply in Jan 2014...BCE will appear on reports as opened 01/2013, therefore, giving you an additional 11-12 months (math is off today ) PRG is a charge card which means you pay balance in full every month. BCE is a revolver which you can pay minimum but PIF is encouraged. AAoA will improve with successful BCE app. Closed positive accounts will report up to 10 years after closure...HTH

ETA: If you app for both cards today, it can result in 2 HP's.

This is correct. Wait till January, you will get it backdated to 01/2013

Re: When to apply for Amex BCP after PRG

rlx01 — Wed, 25 Dec 2013 02:58:36 GMT

If you want 2 cards for (probably) 1HP: do it right now.

If you want AAoA increase in lieu of another HP: do it in January (choose this option.

Re: When to apply for Amex BCP after PRG

Anonymous — Thu, 26 Dec 2013 21:38:20 GMT

Thanks everyone!

Sorry for reviving, I didn't check "Email me when someone replies" so I thought nobody's replying to me

Just to make sure I understand correctly:

(1) When you apply for an amex card, do you get the month of application, but the year of MSD? So if I apply now for BCP, I'll get 12/2013, but if I apply in Jan, I'll get 1/2013. This is super weird!!!

(2) If I apply and don't get BCP then it's just a SP because I'm an Amex member. How do they know that I'm an Amex member? Through the SSN? How long until I'm "in the system"?

(3) If I apply in Jan and do get BCP, it *is* an HP.

(4) If I apply now (2 days since previous app), and I get BCP, it *might* be an HP.

(5) AAoA win due to (1) is more important for my credit than the HP win due to (3)-(4), given that I want to apply for CSP soon.

Re: When to apply for Amex BCP after PRG

jamesdwi — Thu, 26 Dec 2013 21:47:54 GMT

@armbenderc wrote:
@LearningMoreAboutCredit wrote:
@Anonymous wrote:
Thanks everyone (especially rlx01) for all the help in:
http://ficoforums.myfico.com/t5/Credit-Cards/CSP-denied-due-to-short-history-AMEX/m-p/2667415#M762040

I just got Amex PRG approved online and locked in the member since date!!! I understand that subsequent applications will now be a soft pull. How does that work? If I now just apply online for BCP, will that not be a HP?

Also, if I get BCP, and later on cancel PRG (say in 1 year, before the $175 fee kicks in), what does that do to my average age of credit?
SP if denied, HP if approved. Your MSD will be the same as original app (PRG). To maximize your MSD on BCE, apply in Jan 2014...BCE will appear on reports as opened 01/2013, therefore, giving you an additional 11-12 months (math is off today ) PRG is a charge card which means you pay balance in full every month. BCE is a revolver which you can pay minimum but PIF is encouraged. AAoA will improve with successful BCE app. Closed positive accounts will report up to 10 years after closure...HTH

ETA: If you app for both cards today, it can result in 2 HP's.
This is correct. Wait till January, you will get it backdated to 01/2013

+1 backdating goodness rocks. Lessens the impact of a new TL, a second INQ is a small ding, 11 months of backdating could be big all depends on your file.

Re: When to apply for Amex BCP after PRG

09Lexie — Thu, 26 Dec 2013 21:56:22 GMT

@Anonymous wrote:
Thanks everyone!

Sorry for reviving, I didn't check "Email me when someone replies" so I thought nobody's replying to me

Just to make sure I understand correctly:
(1) When you apply for an amex card, do you get the month of application, but the year of MSD? So if I apply now for BCP, I'll get 12/2013, but if I apply in Jan, I'll get 1/2013. This is super weird!!! Yes, as long as you are the primary. ACMs do not get backdating on their CRs
(2) If I apply and don't get BCP then it's just a SP because I'm an Amex member. How do they know that I'm an Amex member? Through the SSN? How long until I'm "in the system"? Once you are approved, technically you're in the system. It is rare but a few have encountered HP's on declines
(3) If I apply in Jan and do get BCP, it *is* an HP. yes
(4) If I apply now (2 days since previous app), and I get BCP, it *might* be an HP. Probably will, ESP since there was a delay of 48 hours
(5) AAoA win due to (1) is more important for my credit than the HP win due to (3)-(4), given that I want to apply for CSP soon.

Re: When to apply for Amex BCP after PRG

Marcos8 — Thu, 26 Dec 2013 22:11:06 GMT

Does anyone with both BCP and PRG feel that the catagories compete too much to justify both?

Re: When to apply for Amex BCP after PRG

09Lexie — Thu, 26 Dec 2013 22:50:48 GMT

@Marcos8 wrote:
Does anyone with both BCP and PRG feel that the catagories compete too much to justify both?

Not in the least bit for me. The BCP is capped and the PRG I use as a secondary card for groceries/gas but its main purpose is for travel.

Re: When to apply for Amex BCP after PRG

newUser0 — Thu, 26 Dec 2013 22:58:29 GMT

Wow... AoA is really wierd here.

So, If he Applies in Jan 2015, then still will he be backdated to Jan 2013 ??

Re: When to apply for Amex BCP after PRG

09Lexie — Thu, 26 Dec 2013 23:07:32 GMT

@newUser0 wrote:
Wow... AoA is really wierd here.

So, If he Applies in Jan 2015, then still will he be backdated to Jan 2013 ??

Yes, Amex is nice with this feature.

Re: When to apply for Amex BCP after PRG

newUser0 — Thu, 26 Dec 2013 23:16:14 GMT

Wow! Thanks for the update!

I really wonder how come other lenders don't care about this? If All lenders start doing this my AoA will never decrease

Re: When to apply for Amex BCP after PRG

heyitsyeh — Fri, 27 Dec 2013 20:25:01 GMT

Only if you stick with the same lenders

I'm planning on doing the same thing as you did, except with a Costco card instead of a BCP