topic Amex app planning in Credit Cards

Amex app planning

Kennie02 — Fri, 27 Jun 2014 16:01:47 GMT

I am no where ready to app for an Amex. But I am trying to plan for the future. I was reading some posts and wondering... Is it still recommended to begin a relationship w/ Amex by getting a Green Amex? Having opened too many cards using the Shopping cart trick I don't wanna open cards I don't need. I honestly would have no use for the charge card. I would like the Costco TE or BCE. I want the gas rewards and get 95% of my gas at Costco.

Re: Amex app planning

TheConductor — Fri, 27 Jun 2014 16:12:32 GMT

With your current scores, I don't see you qualifying for another Amex any time soon. The charge card can be a good way to begin building an Amex relationship while you wait for your scores to improve to the point where you can get a revolver.

But it is by no means necessary. Another option is to simply wait, and garden, until your scores are ready for a card you actually want and need. Plenty of people get Amex revolvers without ever having held an Amex charge account.

Re: Amex app planning

09Lexie — Fri, 27 Jun 2014 18:42:01 GMT

@Kennie02 wrote:
I am no where ready to app for an Amex. But I am trying to plan for the future. I was reading some posts and wondering... Is it still recommended to begin a relationship w/ Amex by getting a Green Amex? Having opened too many cards using the Shopping cart trick I don't wanna open cards I don't need. I honestly would have no use for the charge card. I would like the Costco TE or BCE. I want the gas rewards and get 95% of my gas at Costco.

Amex approvals are not as difficult as perceived. Mid 600 scores have been approved for charge cards, which By the way... Have the same UW criteria. If you want a revolver your chances increase with scores in the 700's.

Let your new accts age at least 6 mos.

Re: Amex app planning

heyarrnold — Fri, 27 Jun 2014 18:45:10 GMT

@09Lexie wrote:
@Kennie02 wrote:
I am no where ready to app for an Amex. But I am trying to plan for the future. I was reading some posts and wondering... Is it still recommended to begin a relationship w/ Amex by getting a Green Amex? Having opened too many cards using the Shopping cart trick I don't wanna open cards I don't need. I honestly would have no use for the charge card. I would like the Costco TE or BCE. I want the gas rewards and get 95% of my gas at Costco.
Amex approvals are not as difficult as perceived. Mid 600 scores have been approved for charge cards, which By the way... Have the same UW criteria. If you want a revolver your chances increase with scores in the 700's.
Let your new accts age at least 6 mos.

+1. When I was approved for the BCP, my scores were in the 680's ^_^

Re: Amex app planning

injustifiiable — Fri, 27 Jun 2014 19:21:34 GMT

@heyarrnold wrote:
@09Lexie wrote:
@Kennie02 wrote:
I am no where ready to app for an Amex. But I am trying to plan for the future. I was reading some posts and wondering... Is it still recommended to begin a relationship w/ Amex by getting a Green Amex? Having opened too many cards using the Shopping cart trick I don't wanna open cards I don't need. I honestly would have no use for the charge card. I would like the Costco TE or BCE. I want the gas rewards and get 95% of my gas at Costco.
Amex approvals are not as difficult as perceived. Mid 600 scores have been approved for charge cards, which By the way... Have the same UW criteria. If you want a revolver your chances increase with scores in the 700's.
Let your new accts age at least 6 mos.
+1. When I was approved for the BCP, my scores were in the 680's ^_^

+2...660's when I was approved for a charge card ...they won't let me have a revolver yet though (I've tried at least three times already)

Re: Amex app planning

red259 — Fri, 27 Jun 2014 19:36:27 GMT

I was approved for PRG and BCP same day without having any prior amex relationship, so having a prior relationship isnt necessary for revolver. Six months prior to that i was denied an amex charge card for lack of revolving accounts. My advice would be to garden and then go straight for the revolver you want. I actually use my PRG card a decent amount, but will be dumping it when the AF comes due.

Re: Amex app planning

baller4life — Fri, 27 Jun 2014 19:44:44 GMT

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Re: Amex app planning

cflowers0115 — Fri, 27 Jun 2014 20:34:08 GMT

I cannot describe my jealousy. AMEX seems to hate the idea of me as a client with a passion.

Re: Amex app planning

heyarrnold — Fri, 27 Jun 2014 20:41:16 GMT

@cflowers0115 wrote:
I cannot describe my jealousy. AMEX seems to hate the idea of me as a client with a passion.

What were your reasons for denial?

Re: Amex app planning

Kennie02 — Mon, 30 Jun 2014 15:09:22 GMT

Thanks for all the replies! Looks like I could be ready in January! But I will wait and see what my scores are and just go for the revolver.

Re: Amex app planning

heyarrnold — Mon, 30 Jun 2014 17:51:52 GMT

@Kennie02 wrote:
Thanks for all the replies! Looks like I could be ready in January! But I will wait and see what my scores are and just go for the revolver.

Great idea! You should be fine by January. I'll also be applying for an Amex then, to get the maximum backdating benefit

Re: Amex app planning

Kennie02 — Mon, 30 Jun 2014 19:24:08 GMT

Good luck on ur app in Jan! I've been seeing a lot of posts talking about the backdating. Not sure what that is so going to look into it a bit more. Do you mind giving me a quick run down though??

Re: Amex app planning

wmweeza — Mon, 30 Jun 2014 19:30:49 GMT

Backdating is basically this: Let's say you open an AMEX this year, it'll have a membership start date of 2014. 5 years from now you apply for another AMEX, it too would have a member start date of 2014, not 2019......any subsequent card with them "Back dates" the MSD to your original year you joined.

So if you apply, as you say you will, in January, your member date would be 2015 for your first card and any subsequent cards. This helps in the future so your AAofA doesn't take a hit if you apply for another AMEX

Re: Amex app planning

heyarrnold — Mon, 30 Jun 2014 19:31:36 GMT

@Kennie02 wrote:
Good luck onur app in Jan! I've been seeing a lot of posts talking about the backdating. Not sure what that is so going to look into it a bit more. Do you mind giving me a quick run down though??

Thank you! You too

Sure.

Amex is the only bank that does what is known as backdating. What this means is that the first time you get an Amex, that will forever be your MSD(Member Since Date). So if you get a card today, June/2014, your MSD will forever be 2014. In the near future, if you ever apply to another Amex, let's say two years from now,2016, instead of the new credit card appearing as if you opened it in 2016, it will report as if you opened it in 2014. So instead of lowering your AAOA, it will increase it in most cases. And that will always be the case 20,30 years from now. Your cards will be backdated to 2014 on all of your credit reports. What will differ is the month. So if you open an account in Jan, it will report as Jan/2014. If you open an account in June, it will report as June/2014. So it's always best to open an account with Amex in January to get the maximum backdating benefit.

Re: Amex app planning

cflowers0115 — Mon, 30 Jun 2014 19:42:01 GMT

@heyarrnold wrote:
@cflowers0115 wrote:
I cannot describe my jealousy. AMEX seems to hate the idea of me as a client with a passion.
What were your reasons for denial?

I have a 7 year old paid repossession that they reference as (derogatory). Falls off early next year. They also reference my credit score, which was actually 685 when I applied for the BCP. I applied for Green with same score two months prior and was also denied for same reasons. That plus the inquiries I previously mentioned before this edit.

Re: Amex app planning

heyarrnold — Mon, 30 Jun 2014 19:41:30 GMT

@cflowers0115 wrote:
I have a 7 year old paid repossession that they reference as (derogatory). Falls
@heyarrnold wrote:
@cflowers0115 wrote:
I cannot describe my jealousy. AMEX seems to hate the idea of me as a client with a passion.
What were your reasons for denial?
I have a 7 year old paid repossession that they reference as (derogatory). Falls off early next year. They reference that, along with my recent inquiries. Which I admit, is high. (10 in last 12 months)

As soon as that falls off, I think you will be good to go! Just no more inquiries Let those age!

Re: Amex app planning

cflowers0115 — Mon, 30 Jun 2014 19:42:56 GMT

@heyarrnold wrote:
@cflowers0115 wrote:
I have a 7 year old paid repossession that they reference as (derogatory). Falls
@heyarrnold wrote:
@cflowers0115 wrote:
I cannot describe my jealousy. AMEX seems to hate the idea of me as a client with a passion.
What were your reasons for denial?
I have a 7 year old paid repossession that they reference as (derogatory). Falls off early next year. They reference that, along with my recent inquiries. Which I admit, is high. (10 in last 12 months)
As soon as that falls off, I think you will be good to go! Just no more inquiries Let those age!

But.. but.. I'm addicted! Plus, I burn easy so being in the garden would be hazardous for my health

Re: Amex app planning

heyarrnold — Mon, 30 Jun 2014 19:45:28 GMT

@cflowers0115 wrote:
@heyarrnold wrote:
@cflowers0115 wrote:
I have a 7 year old paid repossession that they reference as (derogatory). Falls
@heyarrnold wrote:
@cflowers0115 wrote:
I cannot describe my jealousy. AMEX seems to hate the idea of me as a client with a passion.
What were your reasons for denial?
I have a 7 year old paid repossession that they reference as (derogatory). Falls off early next year. They reference that, along with my recent inquiries. Which I admit, is high. (10 in last 12 months)
As soon as that falls off, I think you will be good to go! Just no more inquiries Let those age!
But.. but.. I'm addicted! Plus, I burn easy so being in the garden would be hazardous for my health

LMBO haha. I am also addicted But you can do it! You can also freeze your reports for the time being Just as an extra precaution.