Amex Delta Gold Odds

[Anonymous]

I just received an offer for 50k bonus miles for applying to a Gold Delta Skymiles card. I wanted to apply for this card as my first Amex card for quite some time, but I wanted to wait another week or so for my score to rise, but now I'm worried that this offer is temporary (as they usually offer only 30k). Similarly, I wanted to, as a second card with the same inquiry, apply for the premier rewards gold, which I got an offer of 50k bonus points for. 

I have no collections, neither closed nor open, but I did have 8 charge-offs in the last few years that are all settled. The only problem is one of them reported last month as only a partial payment, which they are going to correct to a 0 balance and settlement on the 18th. Other than that, I opened 8 new accounts (3 store, 2 secured cards, and 3 regular cards) in the last 6 months. The regular cards have $300, $500 and $3000 limits, while the secured and store are all $300. No late payments on these and all paid in full with a current 22% uti (but that's only that high because of that settled card that only reflected a partial payment still showing a 58% uti and inflating my overall uti). Other than that card, uti is around 8%. This doesn't matter, but the charge-offs were due to a medical issue. My income now is $100k+

Most importantly, my score right now is 651 fico 8 on Experian. Once that final charge-off reflects the 0 balance and the settlement, I won't have any outstanding negatives and my utilization will fall considerably, probably boosting my store to 680-690 per Experian fico simulator. But, that'll be in 3-5 days (they always report as of the 18th, but it might take a day or two after that date to reflect it). Shouild I wait and potentailly lose this offer or is my current credit picture good enough to get approved for at least that Gold Delta and preferably the Premier Rewards Gold as well (two accts for one inquiry)? 

Other than approval odds, any recommendations if I should wait for other reasons or any other suggestions? I really appreciate it. 

[Anonymous]

As a side note, the card from Amex that I truly wanted is the SPG, but that apparently has higher approval odds, so I figured that the aforementioned combo would at least get me in the door and allow me to sign up for the SPG with some Amex history in a few months. Would that help or is it best to first app for SPG? 

[Anonymous]

You should be good for the delta but not sure on the SPG. I was recently approved for the delta card with a 619 EX Fico 8.

[Anonymous]

You should be good for the Delta Gold.  I got it easily with a 602 when I applied with a recent collection that had just cleared. It was a low limit @ $1000, but it seemed to open the door to other cards with higher limits. Not sure of the SPG, but I've been told once you get one Amex and remain in good standing, the others are easier.

[itspnutbutterkellytime]

I JUST applied for the Delta Gold with an EX fico of 659 and similar profile as yours and was denied. I was after the 50k miles as well. These were the reasons listed for the denial:

"Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)

Minimal or low credit limits. (Experian)

Number and type of accounts opened recently. (Experian)

Length of time accounts have been established. (Experian)"

[forestgreenrover]

1. Don't bank on simulators.

2. 8 lines in 6 months and you're going after 9 and 10 with an eye already on 11? I wouldn't recommend it. I'm not saying you won't get approved, but if it were me, I definitely wouldn't go for it. Just seems like too much activity in too short a window.

3. I'd circle back in a few months to see if they're offering that miles bonus around the holidays. By then, all of the new accounts will at least have aged a bit more. 

[Anonymous]

I really appreciate everyone's input. I'm sorry for not getting back earlier. So, I just decided that night to pull the trigger and I got approved for both. SL on the Delta was $1000 and the PRG is a charge card, so no clue what the internal limit is yet. That settled card that still shows a 58% uti should be coming off in the next day or two, and my uti should fall to 8%, so I'm presuming my score should rise. 

I have a few questions.. One, if I close 2 cards (store cards), will they still be counted as part of the new accounts in respect to me applying for future cards? That brings me to my second question. I had a goal to apply for two other cards that I have wanted. One is the Barclays Aviator, which pulls Transunion. Are my odds good for that one with a current Fico of 651 and a presumable moderate increase when that last charge-off reflects the settlement? The second card is the Amex SPG, which I know has higher qualifications than the Delta. That's why I wanted to get the Delta, to get in with Amex. How long do you recommend I wait and charge these two Amex cards I received before applying for the SPG? Lastly, any ideas on how much my score will rise when this last charge-off finally reflects the settlement? My uti should drop from 22% to 8% and it'll stop reporting and no longer show a past-due balance. I have no other charge-offs with balances and no collections accts. 

After that, I'm going to hit the garden. I currently have 7 inq on Experian and 4 on both Equifax and Transunion. 

Thanks Again.