AMEX or Garden?

[Anonymous]

Hey everyone,

I don't know if this post qualifies to be here, but here goes:

I started to re-build my credit and have come far a little bit.

I started at upper 500's and am now in the mid 600's. 

Credit Karma: Starting score: 582 (TU as of 12/14) 637 (TU as of 1/15) and 676 (EQ as of 1/15)

Experian FICO: 580 (as of 12/14) and now 621 (as of 1/29/15)

I still have my closed Barclay's reporting a balance that will come off as I PIF.

I will complete my Installment loan of $5,000 by end of March '15.

I have multiple late payments (This is a major derog) - Last one being 9 months old

I have one collection reporting with a balance on EX (This will come off as I paid OC and they have agreed to delete it), one paid CO (PIF)

I have about EX: 10 EQ:6 TU: 8 of which by 5/22 of this year they should drop to EX: 6 EQ: 3 and TU: 2

Total Util is under 10% for all my CCs but somehow the Barclay's balance is still hurting my Util %. 

I recently got approved for a CapOne QS1 MC with a $1,000 limit (1/15/15).

That's my profile and I have substantial income to pay off my debts now and am in the process of cleaning up. I have been dying to get an AMEX Everyday or BCE or any AMEX card for about two years now. I applied last year and got denied but at that time my score was about 582 (FAKO) so, I gave up. But now, I am re-building my credit and I see lenders being more forgiving and giving generous CLI's so thought I might give AMEX a shot. I'm not going to apply immediately, but sometime in June I'd like to apply for these cards:

IU

AMEX Everyday

AU (Wifey has FAKO's in lower 800's no derogs)

Chase Marriott Premier Rewards

CSP

AMEX Gold

What do you think my approval odds are?

[Anonymous]

@Amuthan,

If I were in your shoes, I'd garden more and not apply.

[TRC_WA]

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@Anonymous wrote:

I have multiple late payments (This is a major derog) - Last one being 9 months old

I have one collection reporting with a balance on EX (This will come off as I paid OC and they have agreed to delete it), one paid CO (PIF)

I have about EX: 10 EQ:6 TU: 8 of which by 5/22 of this year they should drop to EX: 6 EQ: 3 and TU: 2

What do you think my approval odds are?

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0%.

[Anonymous]

Definitely garden. If your EX score is at minimum 680 in June you might want to give Amex a try if the collection has been deleted

[Anonymous]

Thanks guys! I'll see if I can get my EX score to go up and wait till I hit the 700 mark to apply for an AmEX! 

[Anonymous]

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@Anonymous wrote:

Thanks guys! I'll see if I can get my EX score to go up and wait till I hit the 700 mark to apply for an AmEX! 

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Good decision and don't be sad.  Gardening will pay off.

[Anonymous]

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@Anonymous wrote:

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Good decision and don't be sad.  Gardening will pay off.

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It better pay off! It is so hard to stay in the garden!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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Good decision and don't be sad.  Gardening will pay off.

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It better pay off! It is so hard to stay in the garden!

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I know

[Anonymous]

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@Anonymous wrote:

Hey everyone,

I don't know if this post qualifies to be here, but here goes:

I started to re-build my credit and have come far a little bit.

I started at upper 500's and am now in the mid 600's. 

Credit Karma: Starting score: 582 (TU as of 12/14) 637 (TU as of 1/15) and 676 (EQ as of 1/15)

Experian FICO: 580 (as of 12/14) and now 621 (as of 1/29/15)

I still have my closed Barclay's reporting a balance that will come off as I PIF.

I will complete my Installment loan of $5,000 by end of March '15.

I have multiple late payments (This is a major derog) - Last one being 9 months old

I have one collection reporting with a balance on EX (This will come off as I paid OC and they have agreed to delete it), one paid CO (PIF)

I have about EX: 10 EQ:6 TU: 8 of which by 5/22 of this year they should drop to EX: 6 EQ: 3 and TU: 2

Total Util is under 10% for all my CCs but somehow the Barclay's balance is still hurting my Util %. 

I recently got approved for a CapOne QS1 MC with a $1,000 limit (1/15/15).

That's my profile and I have substantial income to pay off my debts now and am in the process of cleaning up. I have been dying to get an AMEX Everyday or BCE or any AMEX card for about two years now. I applied last year and got denied but at that time my score was about 582 (FAKO) so, I gave up. But now, I am re-building my credit and I see lenders being more forgiving and giving generous CLI's so thought I might give AMEX a shot. I'm not going to apply immediately, but sometime in June I'd like to apply for these cards:

IU

AMEX Everyday

AU (Wifey has FAKO's in lower 800's no derogs)

Chase Marriott Premier Rewards

CSP

AMEX Gold

What do you think my approval odds

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Yeah...get the Barclay and collection(s) showing on your credit report situated.  They will do wonders to your score.  

As for the Amex, I totally understand how you are feeling(find my early posts/threads).  I wanted to get an Amex to validate my entrance into the world of good credit.  But, after nervously holding off, I became settled in the notion that patience is best.  

My advice would be to garden, fix that which needs fixing and garden until you are beyond 700s.   That way you are in a position to win..  

I went from the low 600s to 750s in less than 35 days...my story while slightly different, has the same components; wanting an Amex. 

[TRC_WA]

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@Anonymous wrote:

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@Anonymous wrote:

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Good decision and don't be sad.  Gardening will pay off.

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It better pay off! It is so hard to stay in the garden!

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No it's not... you just gotta be motivated to improve your credit profile.  A great way not to succeed at that task is to repeatedly apply for credit you don't need.

I was instantly approved for 4 new accounts in December (Nordstrom, Amex, Discover, Sallie Mae)... after gardening a year.  Then I bought a new car in January.

Now I'm gardening another year... don't need any more credit... no need to app.