Apply for Amex BCP?

[Anonymous]

Hi all,

I have found this community to be such a great source of knowledge so your advice would be greatly appreciated.

I'm working on paying down cc debt and have been able to make some progress. I'd, however, like to apply for the Amex BCP to be my sort of daily card and to enjoy the grocery/gas reward as well as to take advantage of a small balance transfer. I prequalify for the card according to Amex's website.

I'd like to apply for a mortgage next year (apr-may '16) and want to make sure nothing interferes with that. Do you guys consider applying for the card a good idea given my profile? I don't have a need for the card or the CL but would like to start narrowing down to CCs that serve specific purposes and have marked benefits. Essentially this card would replace my monthly usage of my current Citi card (about ~800 in groceries and gas), which I pay in full every month. The only other application i anticipate making will be in August when a current lease expires and we need to consider options for a new/used vehicle. I have no lates or derogatories in my report. My profile and Fico scores are below.
TU:721 | 1 inquiry last month, 2 additional inquiries in last 24 months
EQ:731 | 1 inquiry last 24 months
EX:727 | 1 recent inquiry, 1 additional inquiry last 24 months


Cards(balance/limit)
Citi Thank You Preferred(0/12600)
Discover (4200/7800)
BOA (5000/6800)
Chase Freedom (1400/2500) like to BT
Comenity Gardner White (1500/6500) would like to BT
Target (0/500)
Amazon store card (0/2900)

Thanks!

[Anonymous]

@Jagyossarian,

Welcome to MYFICO...The BCP will fit your needs based on what you need it for.  You scores are are good and you have less inquiries. The only thing I see that may pose a problem is your balance on Discover and BOA card.  I'd get it down a bit before applying..

[Anonymous]

@Yes-Its-Me,

Thanks for your thoughts. I'm definitely working on paying those balances down. Any idea how long a new account and inquiry might impact a mortgage app? I'd like to apply for a mortgage next April-May and figure I should get any new apps out of the way now or just wait until the mortgage is all closed before applying for anything new.

Thanks.

[newhis]

Many say that at least you need 6 months inq free, others say if you can have 12 months without apps is better.

Some people wait to apply after they close.

If you are working on paying down your cards and don't need new ones, then wait until you close to get those cards.