American Express Blue Cash Everyday Card

[Sbrav77]

I have recently paid off a decent amount of credit card debt. Approximately $20,000 worth. My overall utilization went from around 31% down to approximately 13%. So far raising my FICO 8 scores from around 692 average up to about a 708 between the 3. MyFico is still showing a 20% utilization as not all the cards are reported yet. On a whim, I did the preapproval app for the American Express Blue Cash Everyday card and was approved. Before my utilization drop, I was denied. I didn't pull the trigger for the hard pull application yet. Would it be beneficial to wait until the other cards are updated and my FICO utilization drops from 20% to 13% before taking the hard pull and tapping? I have one personal loan with Penfed I owe about 18,000 on besides my credit card debt. No other debts reported and an income of about $75,000/year. I live alone so no household income to add in. This would be my first ever American Express card. Also, how easy is it to grow limits once you have your foot in the door.

[GatoradeZeroGuy]

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@Sbrav77 wrote:

I have recently paid off a decent amount of credit card debt. Approximately $20,000 worth. My overall utilization went from around 31% down to approximately 13%. So far raising my FICO 8 scores from around 692 average up to about a 708 between the 3. MyFico is still showing a 20% utilization as not all the cards are reported yet. On a whim, I did the preapproval app for the American Express Blue Cash Everyday card and was approved. Before my utilization drop, I was denied. I didn't pull the trigger for the hard pull application yet. Would it be beneficial to wait until the other cards are updated and my FICO utilization drops from 20% to 13% before taking the hard pull and tapping? I have one personal loan with Penfed I owe about 18,000 on besides my credit card debt. No other debts reported and an income of about $75,000/year. I live alone so no household income to add in. This would be my first ever American Express card. Also, how easy is it to grow limits once you have your foot in the door.

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I would wait for all of your payments to reflect your new utlization before applying.

But look for this language when you apply so even if rejected, there won't be a hard credit pull. There shouldn't be. There might be a double EX+TU pull however.

[OmarGB9]

If you're already preapproved, you're good. Waiting probably wouldn't make a difference except maybe in terms of APR/SL.

And it's fairly easy to grow your cards with Amex as long as you use it responsibly and keep utilization low/PIF.

[Jeffster1]

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@Sbrav77 wrote:

I have recently paid off a decent amount of credit card debt. Approximately $20,000 worth. My overall utilization went from around 31% down to approximately 13%. So far raising my FICO 8 scores from around 692 average up to about a 708 between the 3. MyFico is still showing a 20% utilization as not all the cards are reported yet. On a whim, I did the preapproval app for the American Express Blue Cash Everyday card and was approved. Before my utilization drop, I was denied. I didn't pull the trigger for the hard pull application yet. Would it be beneficial to wait until the other cards are updated and my FICO utilization drops from 20% to 13% before taking the hard pull and tapping? I have one personal loan with Penfed I owe about 18,000 on besides my credit card debt. No other debts reported and an income of about $75,000/year. I live alone so no household income to add in. This would be my first ever American Express card. Also, how easy is it to grow limits once you have your foot in the door.

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Wait for your reports to update and then go for it. Getting in with Amex is well worth the wait. 

[805orbust]

While I think you're good either way, I always err on the side of caution, and would wait. Amex is awesome for raising limits with positive history. My EDP started as an ED at $1000 and is now at $27,000 so yeah, highly recommend. 

[Sbrav77]

I pulled the trigger and was given a starting CL of $1,000. Gonna use it lightly and make sure to pif each month.

[805orbust]

Congrats.  After 7 months you can request an increase and they'll most likely triple that limit. 

[OmarGB9]

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@Sbrav77 wrote:

I pulled the trigger and was given a starting CL of $1,000. Gonna use it lightly and make sure to pif each month.

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If you can afford to, I'd use it heavily and PIF for best results. 

[FinStar]

As the OP has indicated they've been approved, this thread is now locked and closed to new messages.

@Sbrav77 - Congrats on the BCE approval. Feel free to start a new thread in the Approvals section if you wish to do so.