topic Re: Should I app for an amex charge in Credit Cards

Should I app for an amex charge

Anonymous — Sat, 17 May 2014 20:06:23 GMT

Hello all
I am trying to rebuild but my Fako says I have too many recent inquiries and my utilization is a little high. I'm not sure when to app. Also when I pay down my balances, how can they know my util is low?

Re: Should I app for an amex charge

Anonymous — Sat, 17 May 2014 20:27:26 GMT

So is it too soon to apply? My oldest card is a year old and my other two is six months in. All in good standing no late payments on them,

Re: Should I app for an amex charge

parakleet — Sat, 17 May 2014 20:48:54 GMT

How many inqs (on each CRA) do you have? Utilization is determined by what's reported to the CRA. Typically the monthly statement balance is reported to the CRA by creditors. Inqs stay on your reports for two years but they stop affecting your score after 12months. They have less effect after 6mos as we'll.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 00:19:54 GMT

Exp annual report says 8negs and 7 positives.

Re: Should I app for an amex charge

mongstradamus — Sun, 18 May 2014 00:23:32 GMT

@Anonymous wrote:
Exp annual report says 8negs and 7 positives.

8 negatives sounds like an lot how recent were these negatives? I would just garden an bit and work on getting rid of negatives either via GW letter or PFD. Also if util is high you should work on reducing those to around 30% at least. After you do all that , i would pull your fico score, so you know where you stand. Then you can decide what kind of cc you want to get.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 00:23:34 GMT

All unpaid COs, unpaid judgement (270$) JCP (605$) Orchard Bank (1050$). They sold to Midland and LNV Funding which counts as four negs from 2006. First Premier CO (412$) from 2012.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 00:26:21 GMT

Should I try the amex pre-qual page to see if I could get a basic charge card? Or call the invite from Discover IT they sent me last week? Is the amex pre-qual page a hard pull?

Re: Should I app for an amex charge

mongstradamus — Sun, 18 May 2014 00:30:19 GMT

Pre qual pages are usually SP. The only time you will ever get HP is when you have to enter your entire ssn and income and stuff like that.

Re: Should I app for an amex charge

learningcredit101 — Sun, 18 May 2014 00:42:03 GMT

You should try and pay down your balances, and wait till the inquiries fall off because AMEX is very finicky about inqs.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 02:46:16 GMT

I feel impatient now, should I go and try the amex pre-qual? Household income is$85k and I read on a forum someone got approved for a gold charge at 583 score.

Re: Should I app for an amex charge

Luscher — Sun, 18 May 2014 03:02:51 GMT

if you don't mind burning a HP then sure! The only way you know if you will get approved is to apply. I am kinda wondering what the outcome will be too. GL!

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 03:12:43 GMT

No. Stop.

How many inquiries do your have now? If the report says you have too many inquiries, the logical next step would be to stop applying for more credit. You want 6 months between apps/inqs and no more than 4-6 in a 2 year period.

Your energy should be focused on paying down your balances until util is less than 10% or you're able to PIF every month. It makes no sense to get a charge card if you can't pay your balance off monthly.

Re: Should I app for an amex charge

LearningMoreAboutCredit — Sun, 18 May 2014 04:12:34 GMT

@Anonymous wrote:
No. Stop.

How many inquiries do your have now? If the report says you have too many inquiries, the logical next step would be to stop applying for more credit. You want 6 months between apps/inqs and no more than 4-6 in a 2 year period.

Your energy should be focused on paying down your balances until util is less than 10% or you're able to PIF every month. It makes no sense to get a charge card if you can't pay your balance off monthly.

AMEX is not as sensitive to INQ's as they are to recent negative information (collections, chargeoffs, recent BK's). So, concentrate on cleaning up your reports while you lower overall/individual utilization (<30%, but lower is better (1-9% optimal)). Once you have those under control, your scores will improve and better your chances for approval.

Good luck on your journey...remember, obtaining good credit is a marathon, not a sprint.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 03:23:08 GMT

Okay I understand about PIF. I should do that, my last hp was in February. Now how could they still report the 2006 negs from JCP and Orchard? Is it because of it being sold to those CAs?

Re: Should I app for an amex charge

android01 — Sun, 18 May 2014 03:35:37 GMT

@Anonymous wrote:
Okay I understand about PIF. I should do that, my last hp was in February. Now how could they still report the 2006 negs from JCP and Orchard? Is it because of it being sold to those CAs?

The negatatives you mentioned remain on your CR's for 7 years unless you negotiate with the OC's or CA's and get something removed. Depending on your baddies actual month they should be falling off soon if they date to 2006.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 04:17:26 GMT

So my hhi of $85k should be good and I'll pay the balances down. The credit report I would leave the 2006 baddies alone cause they might date recent. Does that amex site soft pull will be a bad move? Maybe I should work on a good credit mix with Discover IT, they sent me an invite.

Re: Should I app for an amex charge

09Lexie — Sun, 18 May 2014 05:34:26 GMT

@Anonymous wrote:
So my hhi of $85k should be good and I'll pay the balances down. The credit report I would leave the 2006 baddies alone cause they might date recent. Does that amex site soft pull will be a bad move? Maybe I should work on a good credit mix with Discover IT, they sent me an invite.

Welcome to the forum.

Pull your CR's from annualcreditreport.com to ascertain the dates your derogs will fall off.
Pay down your current util by at least 20%
For any remaining derogs that are not due to fall off soon, try to do PFDs
For the derogs that are paid (if any) write GW letters

I have never heard of an Amex approval less than 600. Amex will more than likely decline your app based on the 8 negs, the HHI is irrelevant if the credit is poor.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 05:41:29 GMT

Thanks for the advice. I will garden for now and work on my report. At least I have new low end cards that's reporting good for us now.

Re: Should I app for an amex charge

Anonymous — Sun, 18 May 2014 08:16:55 GMT

Are most of your COs, from 2006? Those should fall off 7-71/2 years, then that should really help your report. If I were you, I would work on cleaning up your report & not worry about more credit right now. Then maybe some of the inqs would fall off.