Finally Leaving the nest approval odds

[Anonymous]

@chasing750 I checked the cards I would prequalify for with Amex. The Amex everyday, everyday preferred, and magnet showed up for me. Should I apply before or after removing myself as an AU on the high utility cc? I was leaning towards apply afterwards. I’ve read other forums and it seems Amex pays attention to the utility. also, i was also looking into getting a travel rewards charge card later down the line with Amex 

[Anonymous]

Thank you all for you input. I signed up to pull my reports eq 714 tu 664 exp 710... prequalified for Amex everyday, everyday preferred, magnet cash, BofA casback rewards, discover it cash back, chrome and cash back. No preapprovals for Chase. 

My my plan was to apply for BofA cash rewards because of the banking relationship and the additional casback rewarded, now. Remove myself as an AU from the high utility cc once approved. Then attempt to apply for Amex everyday preferred. I would like an Amex charge card with as well but I’m not sure of the qualification. I’ve been reading the approval requirements are lower than Catherine traditional credit 

[Caught750]

It's up to you but I tend to go the safe route. Amex prequals with a set APR are pretty solid. If I were you I'd go for Amex EDC then app PRG (50K SUB) immediately after. It's likely that you'd get PRG, or platinum for that matter, on the same HP. I'm not very conservative in opening new accounts though so I'd go to Discover right after lol.

Hopefully someone else can chime in on opening all 3 and give you a different view point to consider. I opened my Discover and first two Amex cards within 30 days of each other. With a young file your scores may take a hit or having 3 revolving accounts in your name may balance it out.

[Anonymous]

I had a thin file.  A couple of Cap1 cards and AUs on my wife's cards (1 Cap1, 1 Amex and 1 Barclays - all with little util).  I prequaled for AMEX ED and apped for it on the spot.  Once I had the AMEX I immediately went to Discover and prequaled and apped for it as well.  All of this within 30 minutes and while my wife was napping so she couldn't stop me. :-)  Both cards were $10k SL.

I had no idea I could get a charge card from AMEX or I would have done the PRG as I use it quite a bit.  One caution about the Platinum is the AF.  It's a wopper!  You really want to make sure the benefits outweigh the $550.  And surf the Web as there is a 100k SUB link floating around and may be on AMEX's Website as well.  I got it yesterday just checking my Yahoo email (I didn't do it I can't justify the AF, but that's just me).

Regarding HPs with AMEX my experience has been once and done.  As always YMMV.

[jdbkiang]

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@Anonymous wrote:

Thank you all for you input. I signed up to pull my reports eq 714 tu 664 exp 710... prequalified for Amex everyday, everyday preferred, magnet cash, BofA casback rewards, discover it cash back, chrome and cash back. No preapprovals for Chase. 

My my plan was to apply for BofA cash rewards because of the banking relationship and the additional casback rewarded, now. Remove myself as an AU from the high utility cc once approved. Then attempt to apply for Amex everyday preferred. I would like an Amex charge card with as well but I’m not sure of the qualification. I’ve been reading the approval requirements are lower than Catherine traditional credit 

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If you were to do this, you'd have to be careful. BEcause once you remove yourself as AU, your file becomes super thin, and it'd take at least several months of reporting from your Cash Rewards card to have a good shot at Amex again. I honestly think going for Amex right now, before anyone else would be fine because their pre-quals are pretty reliable. And in the rare event that they do deny you, you can still go for the BofA cash rewards. Also, make sure you do the math between ED and EDP to make sure the AF is actually worth your spend. If after applying and being approved for an ED card, then you could still apply for the BofA Cash Rewards. How sure are you that the BofA pre-qual is an actual prequal with a set APR? They are notorious for giving out "false" pre-quals. 

[Anonymous]

Update. Denied Amex ED because of high util, lack recent cc account info and high ratio to loan (student loan) amount (50%). I see I have to wait at least 30 days to apply. I was However approved for BofA cashback rewards. 3k SL.

High util cc will be removed in 3 weeks. Loan amount will be reduced to 40% next report. Is it worth reapply in a month or 2?

[Caught750]

In two to three months check pre approvals again but yes I believe it is. I'm sorry about Amex and congrats on BoA.

[jdbkiang]

Make sure you double check preapprovals before you apply. Also, it doesn’t hurt to try to recon it.

[Anonymous]

@chasing750 Thanks! Excited this journey. Now I have a new goal. Thank you for all of your input.

[Anonymous]

@jdbkiang i am Unfamiliar with what recon exactly means. I’ve seen the term. What exactly would i need To do and when?