topic Re: When to apply for Freedom and AMEX Plat Morgan Stanley? in Credit Cards

When to apply for Freedom and AMEX Plat Morgan Stanley?

OneMoreCouch — Tue, 04 Feb 2014 22:50:55 GMT

Hi Guys,

Basic background:

Credit score: ~710

Last accounts opened: Chase SP and AMEX BCP (October 2013)

Also Account: Car Lease (Also October 2013)

Last CLI: AMEX BCP 3x CLI: (December 2013)

Oldest Account: WF from 6 years ago

I have no other credit accounts.

With this background, I want to move on to get the Freedom (to combo with CSP) and Platinum Morgan Stanley (I have a MS account and I want the lounge benefits cuz I'll be flying a lot)

When should I do the app spree? And would these 2 cards be the limit to my next app spree? Lastly, should I try to apply for both of them (or more) on the same day?

Thank you!

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

Anonymous — Tue, 04 Feb 2014 23:05:09 GMT

Based on your current profile, IMO, I think you're ready to app for both of those cards (and maybe even a couple more) now. And yes, I would think an app spree over 1-2 days is better in the long run so that your inquiries age off at the same time.

Just as a suggestion, if there's any (Centurion Bank issued) AmEx cards you're interested in, app for 1 first. Then if approved, immediately app for a second since that may result in just 1 HP vs. 2 (if both apps are done the same day).

Good luck & keep us updated!

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

-Wade- — Tue, 04 Feb 2014 23:04:37 GMT

@OneMoreCouch wrote:
Hi Guys,

Basic background:
Credit score: ~710
Last accounts opened: Chase SP and AMEX BCP (October 2013)
Also Account: Car Lease (Also October 2013)
Last CLI: AMEX BCP 3x CLI: (December 2013)
Oldest Account: WF from 6 years ago

I have no other credit accounts.

With this background, I want to move on to get the Freedom (to combo with CSP) and Platinum Morgan Stanley (I have a MS account and I want the lounge benefits cuz I'll be flying a lot)

When should I do the app spree? And would these 2 cards be the limit to my next app spree? Lastly, should I try to apply for both of them (or more) on the same day?

Thank you!

What is your AAoA ??? If i was you i would wait at lease 6 months min. to 1 Yr .... Don't want to many new accounts at 1 time.......Just my 2 cents

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

Anonymous — Tue, 04 Feb 2014 23:07:47 GMT

@Wade64 wrote:
@OneMoreCouch wrote:
Hi Guys,

Basic background:
Credit score: ~710
Last accounts opened: Chase SP and AMEX BCP (October 2013)
Also Account: Car Lease (Also October 2013)
Last CLI: AMEX BCP 3x CLI: (December 2013)
Oldest Account: WF from 6 years ago

I have no other credit accounts.

With this background, I want to move on to get the Freedom (to combo with CSP) and Platinum Morgan Stanley (I have a MS account and I want the lounge benefits cuz I'll be flying a lot)

When should I do the app spree? And would these 2 cards be the limit to my next app spree? Lastly, should I try to apply for both of them (or more) on the same day?

Thank you!
What is your AAoA ??? If i was you i would wait at lease 6 months min. to 1 Yr .... Don't want to many new accounts at 1 time.......Just my 2 cents

Good point.....I didn't think of that. When I saw that their oldest account was 6 years old, I forgot that could still mean their AAoA could still be much less than that.

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

OneMoreCouch — Tue, 04 Feb 2014 23:07:47 GMT

@Fastfoward What do you mean by Centurion Bank Issued Cards?

@Wad64 I don't know how to calculate AAoA but I only have 3 credit cards and a car lease. the WF is from 2008 and the rest are all October 2013

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

-Wade- — Tue, 04 Feb 2014 23:10:43 GMT

@OneMoreCouch wrote:
@Fastfoward What do you mean by Centurion Bank Issued Cards?

@Wad64 I don't know how to calculate AAoA but I only have 3 credit cards and a car lease. the WF is from 2008 and the rest are all October 2013

Really you have too many new accounts ........That's just me now........if you wait and let your score climb you will get better Cl's and APR's

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

-Wade- — Tue, 04 Feb 2014 23:11:41 GMT

@Wade64 wrote:
@OneMoreCouch wrote:
@Fastfoward What do you mean by Centurion Bank Issued Cards?

@Wad64 I don't know how to calculate AAoA but I only have 3 credit cards and a car lease. the WF is from 2008 and the rest are all October 2013
Really you have too many new accounts ........That's just me now........if you wait and let your score climb you will get better Cl's and APR's

also you can pull your report and it will show your AAoA

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

Anonymous — Tue, 04 Feb 2014 23:21:38 GMT

@OneMoreCouch wrote:
@Fastfoward What do you mean by Centurion Bank Issued Cards?

@Wad64 I don't know how to calculate AAoA but I only have 3 credit cards and a car lease. the WF is from 2008 and the rest are all October 2013

Centurion Bank is the main issuer of AmEx cards. However,. not all cards with the AmEx logo means that Centurion issued them. For example, I am not familiar with the AmEx Plat Morgan Stanley cc you're referring to in your OP. Does Morgan Stanley issue this card or is it issued directly through Centurion? Centurion issues many of the AmEx cards out there, but not all of them. So, that is why I specified "Centurion Bank" in my previous post.

As far as I know, when you app for an AmEx card that is issued directly by Centurion, apping for a 2nd one on the same day many times results in just 1 HP.

EDIT: To Wade's point, I agree that you should try to find out your AAoA prior to applying to help maximize your chances for better CLs & terms. Calculating your AAoA is fairly simple too. IIRC, you would take each of your accounts (both open & closed) that are reporting on each of your credit reports & figure out how many months each has been open. Then you would take the total of those months & divide it by the total amount of your accounts (open & closed). That will give you your AAoA (or at least a good general idea).

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

Anonymous — Tue, 04 Feb 2014 23:18:33 GMT

The Morgan Stanley platinum card is issued and serviced by American Express (centurion bank). You also have an extra layer of MS customer service available with that card in case Amex reps are not able to resolve your issues for you.

It's basically like the regular plat card plus some bonus (can't remember specifically what it is) if you spend over 50k in a calendar year.

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

OneMoreCouch — Tue, 04 Feb 2014 23:40:25 GMT

I just pulled a report from Myprivacymatters and there isn't a calculated AAoA there for me.

However, I did calculate it myself and it turns out to be 27 months.

I canceled a banana republic card a while ago, but some of the credit reports are still reporting it. So I made that account worth 3 years old (as stated on my credit report) as opposed to me closing it within 1 year or 1.5 years

@Wade I think after these 2 cards, I'll be set for a while (4 credit cards is already mor than my wallet can carry comfortably). Is this is my case, should i worry about the AAoA?

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

Creditaddict — Tue, 04 Feb 2014 23:53:58 GMT

I would apply for these 2 cards now...

Apply to Amex first, then Chase.

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

Anonymous — Wed, 05 Feb 2014 00:00:51 GMT

@OneMoreCouch wrote:
I just pulled a report from Myprivacymatters and there isn't a calculated AAoA there for me.

However, I did calculate it myself and it turns out to be 27 months.

I canceled a banana republic card a while ago, but some of the credit reports are still reporting it. So I made that account worth 3 years old (as stated on my credit report) as opposed to me closing it within 1 year or 1.5 years

@Anonymous I think after these 2 cards, I'll be set for a while (4 credit cards is already mor than my wallet can carry comfortably). Is this is my case, should i worry about the AAoA?

With an AAoA of 2 years+ and the fact that you have a good score, some history (albeit just a few months) with both Chase & AmEx & low number of inquiries, I think you have a good shot -- especially if your utilization is low & have a good income.

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

OneMoreCouch — Wed, 05 Feb 2014 00:04:36 GMT

Thank you everyone who commented! You guys are the best.

In terms of utilization, I'm not sure what I do for total (As i scarcely use my WF card now) but I consistanly go <50% with Chase.

Probably with the 5000+3000+3900 Credit line, I use about 3-4k a month and I pay it in full monthly.

OMC

Re: When to apply for Freedom and AMEX Plat Morgan Stanley?

-Wade- — Wed, 05 Feb 2014 00:09:25 GMT

@OneMoreCouch wrote:
I just pulled a report from Myprivacymatters and there isn't a calculated AAoA there for me.

However, I did calculate it myself and it turns out to be 27 months.

I canceled a banana republic card a while ago, but some of the credit reports are still reporting it. So I made that account worth 3 years old (as stated on my credit report) as opposed to me closing it within 1 year or 1.5 years

@Anonymous I think after these 2 cards, I'll be set for a while (4 credit cards is already mor than my wallet can carry comfortably). Is this is my case, should i worry about the AAoA?

To me AAoA is important for good scores...........To others they could care less..........MY 2 cents again