How soon is too soon to apply for AMEX again? Other BT options?

[Anonymous]

Hi everybody,

AMEX sent me a preapproved offer in mid January for their Everyday card. I applied online and was denied due to low credit score (650 at the time) and multiple collection accounts. As of this month, both my EXP and TU reports are clean and I have a 714 EXP credit score. I want to apply for a new credit card and transfer a balance from one of my Cap1 cards since I'm paying so mucn interest. I am concerned that I may be jumping the gun too early since I have high utilization (42% out of 12.5k) with the big balance coming from Cap 1 @ 3.8k/6.5k. I'm planning to pay off the balance within 12-15 months. Should I just pay down the balance first or do you think AMEX would approve me? If not, how long do you think I should wait before reapplying with AMEX? Also, if anybody has other BT recommendations, I'd greatly appreciate it! Unfortunately I am on Chase and Citibank's burn list, but any other recommendations would be great.

[Anonymous]

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@Anonymous wrote:

Hi everybody,

@Anonymous sent me a preapproved offer in mid January for their Everyday card. I applied online and was denied due to low credit score (650 at the time) and multiple collection accounts. As of this month, both my EXP and TU reports are clean and I have a 714 EXP credit score. I want to apply for a new credit card and transfer a balance from one of my Cap1 cards since I'm paying so mucn interest. I am concerned that I may be jumping the gun too early since I have high utilization (42% out of 12.5k) with the big balance coming from Cap 1 @ 3.8k/6.5k. I'm planning to pay off the balance within 12-15 months. Should I just pay down the balance first or do you think AMEX would approve me? If not, how long do you think I should wait before reapplying with AMEX? Also, if anybody has other BT recommendations, I'd greatly appreciate it! Unfortunately I am on Chase and Citibank's burn list, but any other recommendations would be great.

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You would probably be approved for the ED card but your 42% utilization may very well affect your credit limit and Amex really is not known for giving out big limits to start with so if you were approved there may not be much room to be a BT on the card.  Someone may have a suggestion for a good BT card but the three normally recommended are from Chase, Citi and CapOne so you might be in a tough position. Discover is another one but a small limit might be an issue there as well.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hi everybody,

@Anonymous sent me a preapproved offer in mid January for their Everyday card. I applied online and was denied due to low credit score (650 at the time) and multiple collection accounts. As of this month, both my EXP and TU reports are clean and I have a 714 EXP credit score. I want to apply for a new credit card and transfer a balance from one of my Cap1 cards since I'm paying so mucn interest. I am concerned that I may be jumping the gun too early since I have high utilization (42% out of 12.5k) with the big balance coming from Cap 1 @ 3.8k/6.5k. I'm planning to pay off the balance within 12-15 months. Should I just pay down the balance first or do you think AMEX would approve me? If not, how long do you think I should wait before reapplying with AMEX? Also, if anybody has other BT recommendations, I'd greatly appreciate it! Unfortunately I am on Chase and Citibank's burn list, but any other recommendations would be great.

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You would probably be approved for the ED card but your 42% utilization may very well affect your credit limit and Amex really is not known for giving out big limits to start with so if you were approved there may not be much room to be a BT on the card.  Someone may have a suggestion for a good BT card but the three normally recommended are from Chase, Citi and CapOne so you might be in a tough position. Discover is another one but a small limit might be an issue there as well.

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Thank you for the advice Irish80! I'm going to try and resist my itchy fingers from applying lol You have a really good point on the credit limit though. No point if I can't get a high limit so I'll have to pay the Cap1 down a bit.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Hi everybody,

@Anonymous sent me a preapproved offer in mid January for their Everyday card. I applied online and was denied due to low credit score (650 at the time) and multiple collection accounts. As of this month, both my EXP and TU reports are clean and I have a 714 EXP credit score. I want to apply for a new credit card and transfer a balance from one of my Cap1 cards since I'm paying so mucn interest. I am concerned that I may be jumping the gun too early since I have high utilization (42% out of 12.5k) with the big balance coming from Cap 1 @ 3.8k/6.5k. I'm planning to pay off the balance within 12-15 months. Should I just pay down the balance first or do you think AMEX would approve me? If not, how long do you think I should wait before reapplying with AMEX? Also, if anybody has other BT recommendations, I'd greatly appreciate it! Unfortunately I am on Chase and Citibank's burn list, but any other recommendations would be great.

---

You would probably be approved for the ED card but your 42% utilization may very well affect your credit limit and Amex really is not known for giving out big limits to start with so if you were approved there may not be much room to be a BT on the card.  Someone may have a suggestion for a good BT card but the three normally recommended are from Chase, Citi and CapOne so you might be in a tough position. Discover is another one but a small limit might be an issue there as well.

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Thank you for the advice Irish80! I'm going to try and resist my itchy fingers from applying lol You have a really good point on the credit limit though. No point if I can't get a high limit so I'll have to pay the Cap1 down a bit.

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You're very welcome.  Hang in there and work on getting those balances down and you'll be in a better position to get whatever Amex you want.  Good job on the credit score improvement and good luck.

[Anonymous]

So itchy hands won, but good results! I'm going to wait off on AMEX per your advice, so I decided to apply for Discover It. I couldn't believe my eyes when I saw my computer screen because they approved me for $10,500! That's my biggest credit line now. =D I am still in disbelief, but wow! Checked my scores earlier today and these were my stats: EXP 723 (jumped up again this morning), TU 707, and EQ 670.

[Anonymous]

My Amex CL was just 6k and I had 3K on it. (furniture) and it was time to ask for a 3xcli so I went for it anyway and got it!  I figure if they don't know me by now............................

[KSK1912]

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@Anonymous wrote:

So itchy hands won, but good results! I'm going to wait off on AMEX per your advice, so I decided to apply for Discover It. I couldn't believe my eyes when I saw my computer screen because they approved me for $10,500! That's my biggest credit line now. =D I am still in disbelief, but wow! Checked my scores earlier today and these were my stats: EXP 723 (jumped up again this morning), TU 707, and EQ 670.

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If your EX has jumped to 723 i would not wait for the Amex app. Even if you bring your cap one balances down, in 12 months, by apping for amex now, you will have a 1 year old account already, and you have the possibility of having 2 3X cli's and can make a $2K approval up to $18K And also if you are paying interest on your Cap One cards for that balance you have, you can move some of it to Amex for 12 months no interest BT. Good Luck and keep us posted if you decide to app.

[Anonymous]

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@KSK1912 wrote:

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@Anonymous wrote:

So itchy hands won, but good results! I'm going to wait off on AMEX per your advice, so I decided to apply for Discover It. I couldn't believe my eyes when I saw my computer screen because they approved me for $10,500! That's my biggest credit line now. =D I am still in disbelief, but wow! Checked my scores earlier today and these were my stats: EXP 723 (jumped up again this morning), TU 707, and EQ 670.

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If your EX has jumped to 723 i would not wait for the Amex app. Even if you bring your cap one balances down, in 12 months, by apping for amex now, you will have a 1 year old account already, and you have the possibility of having 2 3X cli's and can make a $2K approval up to $18K And also if you are paying interest on your Cap One cards for that balance you have, you can move some of it to Amex for 12 months no interest BT. Good Luck and keep us posted if you decide to app.

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Which AMEX should I apply for? Can't really decide between Everyday or BCE. I'm going to balance transfer both my Cap1 to Discover, so I'll prob use AMEX for everyday spending and PIF each month.

[KSK1912]

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@Anonymous wrote:

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@KSK1912 wrote:

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@Anonymous wrote:

So itchy hands won, but good results! I'm going to wait off on AMEX per your advice, so I decided to apply for Discover It. I couldn't believe my eyes when I saw my computer screen because they approved me for $10,500! That's my biggest credit line now. =D I am still in disbelief, but wow! Checked my scores earlier today and these were my stats: EXP 723 (jumped up again this morning), TU 707, and EQ 670.

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If your EX has jumped to 723 i would not wait for the Amex app. Even if you bring your cap one balances down, in 12 months, by apping for amex now, you will have a 1 year old account already, and you have the possibility of having 2 3X cli's and can make a $2K approval up to $18K And also if you are paying interest on your Cap One cards for that balance you have, you can move some of it to Amex for 12 months no interest BT. Good Luck and keep us posted if you decide to app.

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Which AMEX should I apply for? Can't really decide between Everyday or BCE. I'm going to balance transfer both my Cap1 to Discover, so I'll prob use AMEX for everyday spending and PIF each month.

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I have the BCE but i think, if i am not mistaken, Everyday is a little better card than the BCE. And you may have better luck at a higher SL with the Everyday. If you want just the simple cash back for statement credit, then BCE is good. If you are in to travel points, MR points and such, than Everyday is a good card, and both have no AF. Let us know the outcome if you app. Good Luck.

[Anonymous]

Applied for the Everyday AMEX and approved!!! 

SL at 2k (ya, definitely not enough for my BTs) and 0% until 07/2016 and 17.24APR after. Going to read up on the 3x CLI so I can plan this accordingly. Now off to the garden I go! LOL Thanks for the help and encouragement everybody!