Applying for new AMEX soon?

[Anonymous]

Hey guys!! So just this month (Dec 4), I was approved for a AMEX PRG, Discover It, and a CLI on my BankAmericard. I got an AMEX PRG due to it's easier access for first time applicants since it is a charge card. The card and AMEX's customer service have been phenomenal and I would like to keep my foot in the door with them for as long as I live, haha. However, there is only one problem that I have--- I know in two years the annual fee of $175 is going to kick in. I don't use the card enough to dominate the cost of the AF. From reading from my fellow FICO'ers on here, I have came across the topic of American Express "backdating" in Jan 2015 for recently new cardholders. 

Since I know I am going to keep am AMEX card in my wallet and inevitably I am going to get rid of my PRG, would it be a wise decision to apply for the Blue Cash Everday OR Everyday after January 15? Or shall I wait a few months and apply later on next year? I kind of want to go ahead and get in the garden to prepare for 2015 (as I want to get a Chase Freedom), but I know I'll eventually have to app for the BCE or Everyday before my AF hits. 

Current stats about me: 

19 years of age 

4 inquiries on Experian, 2 transunion (1 or 2 on Equifax)

6 months of established credit history with 2% utilization reporting 

NO BADDIES.  

[CreditCuriosity]

I have the opposite theory of you....  Charge Card got turned down and Revolver was approved.... I believe depending on the revolver in my Case the delta was easier then the charge card for whatever reason..  Declinced Green Card two months ago, applied for Delta 15 days ago approx. approved, applied for green card denied again lol....  With that being said I will get a charge card in Jan/Fed of next year as I know I will have most likely high enough internal score for it.  So people saying Charge Cards are easier then Revolvers really have no solid proof imo and others as well, just a theory since they can cut you off anytime on a charge card, but they can do just the same with a revolver as well...  

Whenever you choose to do the ED or EDP or whatever you will be fine IMO....You probably would be approved now(obviouslyyou don' want to do it now though due to backdating), but if you give it a few months your internal score is being built up and you might get a better limit if you are in no hurry meaning Jan 1st or 2nd and wait until feb/march?  Just my take on the situation.  Regardless I am 99% sure you will get approved for ED or BCE or whatever when you decide to apply, just the amount is the question.

Hope this helps at least from my recent take and experince with AMEX

[Anonymous]

So you are saying I could go ahead and apply now with a good possibility of approval?

I mean, just really how important is "backdating?" Does it affect your AAoA or something? If it is something in relating to extending and showing a longer credit history, it is definitely worth the wait. 

[CreditCuriosity]

Yes if you wait until January you will get 1 extra yeard of backdating... Basically the new card lets say you opened it Jan 2nd will show Jan of 2014 vs Jan of 2015.. Which will help your AAOA... Basically your AAOA is probaby 3 or 4 months I am guessing after your two new approvals?  Cause prior you just broke 6 months and those two deffinetly took it down... So adding an AMEX in Jan or whatever with give you an extra 2 years of credit history in essence helping your AAoA..  Someone else please chime in if I am not explaining it right.  Do not apply now although you would most likely get approved... wait until at least the new year and hopefully longer to build your internal score.

[ojefferyo]

Wait till Jan/Feb then apply, you'll get the card

[Anonymous]

I do believe you are correct there as I just did a quick glance of reading about AMEX's backdating on the FICO forums.

Why are folks saying app after January 15? What's special after that day? Why not app on Jan 1? 

[09Lexie]

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@Anonymous wrote:

I do believe you are correct there as I just did a quick glance of reading about AMEX's backdating on the FICO forums.

Why are folks saying app after January 15? What's special after that day? Why not app on Jan 1? 

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They are probably saying app after Jan 2015; there is nothing significant about the date, just the year

[Anonymous]

Oh, okay! I see now. January 1 it is for me!

I'm wondering if those new inquiries are going to be a problem to AMEX whenever I put my app in. 

Speaking of applying, I still can not decide if I should go with the Blue Cash Everyday or just the Everyday. Someone was mentioning how the BCE lets you transfer your MR points over from your PRG or something? 

I don't necessarily travel. Only thing I put on my CC's are restaurants, department store shopping, and gasoline. 

[kdm31091]

If you do not travel, the Blue Cash Everyday is the better choice IMO. The Everyday earns MR points that are more useful for travel than anything else from what I've read. I think for non-travel redemptions the BCE would win out.

[Anonymous]

The choice of other card also depends what you do with what you earn on the PRG.   When you cancel that card, all unreedemed MR points will be lost, if you don't have a card such as the Everyday.   (With the Everyday, you keep them all).

How important that is depends on how much you value MRs.   If you are just redeeming for gift cards for example (which from a purist point of view is a total waste) then it doesn't matter, just redeem all the points before you close the PRG.   But if you find them useful for travel, get the ED (or EDP) to preserve the points and to allow you to earn more.

BCE is a pretty useless card for rewards (Sallie Mae is better) but if you need a free card for backdating, it's OK.   I would always go with the ED personally, as it has potential to be useful,