Amex - to app or not?

[Anonymous]

Hi MiFicos, I need help deciding if I should Amex app or not ... your advice would be helfpul.  I finally got an Experian score so I scurried over to the Amex prequal page (even though I'm theoretically in the garden until March 1st) ... and after months of no offers I finally have two "offers": BlueCash Everday and Amex Everday.  CK says I have "very good" chance for both. Here's my status:

- TU 689 EQ 677 EX 708  (TU / EQ just dropped 28  / 37 points 2 days ago when I was approved for a QS1 ... EX dropped 8 points)

- 7 month credit history

- No negs No late pays / Utilization = 2%

- Inquiries: EX 15, TU 3, EQ 3

- 8 accounts: OpenSky secured 500, Primor secured 400, Cap One secured 500, J Crew 1k, William Sonoma Visa 2k, Cap One QS1 500, Target 300, Pottery Barn 750

- 4 of the accounts were opened in the last 2 months.

My question is whether I should go ahead and app now (so they start aging) or wait until 13 inquires drop off Mar. 1st? Would waiting maybe result in a higher CL? 

Also, 29 years ago I defaulted on an Amex Green (300.00). Can I assume that I'm finally off the blacklist because they gave me these two offers?

[CreditInspired]

I would not depend on CK "very good chance" to guage you chances of an approval. I really think you should garden. IMHO, because of your 7-month credit history, inquiries, and toy limits, I do think you should wait 6-12 months before applying. However, if you must see if you pre-qualify for an AmX card, go to AmX's site and do the prequal. 

[Anonymous]

Thanks - I may do that. As I mentioned in my post ... I did the prequalify and was given two offers. 

[AverageJoesCredit]

You could go for it now but if you give it 6 months i think you can give yourself a higher chance of success. I would use your QS1 like heck for next 6 months and then when your ready, recheck the Amex prequals. Keep your utilization low so that hopefully your profile only gets stronger.

Think of it as your Christmas gift/ goal. You can do it. Winter is Coming

[austinguy907]

Consdiering they don't have any 0% offer attached to them I would wait for the time being.  With the lack of offer it's key to keep in mind they'll probably stick you with a CL under $1K.  Just keep your head down and stay away from the pre-quals until you have more time and history under your belt.  Once you start seeing things ramp up with 0% offers then you're in a good position to make the cards work for you for at least the first year and get a substantial boost in your SL when opening new accounts.

[Anonymous]

Thanks Averagejoescredit ... good advise re: QS1 ... I'll hold off on Amex. 

[Anonymous]

Thanks austinguy907 ... I was wondering about that no 0% offer. I'll wait 6 months and check again. 

[Anonymous]

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@Anonymous wrote:

Thanks austinguy907 ... I was wondering about that no 0% offer. I'll wait 6 months and check again. 

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Great choice! Now come hang out with us in the garden!!!