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I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

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New Member

I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

I am excited, this is my first post. Looking forward to any and all of your advice, please. I will be traveling for work frequently and I hope to be able to get a premier travel card in the near future (preferably AMEX Platinum). Other cards I hope to have are the AMEX Gold and CSP. Could you please review my credit info below and advise what you think my next step should be? am I actually ready to apply for one of the aforementioned cards? I believe my achillis tendon is my short history of estabilished credit. Creditcards.com show pre-approval on Chase Sapphire PRF (they are also one of their clients though). Nothing on AMEX  pre-qulaify site. 

 

Discover  IT - 2K-CL (1yr 1 month opened) - Never Late - maintain a 0%-7% utilization. 

HELOC - 50K - CL (Open June 2019) - Never Late - 9k balance due to initial withdrawal requirement. 

Home Loan/Mortgage - 198K (Open June 2019)

A $400 baddy from 4 years ago that I paid off and will be DELETED by end of September '19. Note: This is now indicating as 0 balance and CLOSED in all 3 bureaus but DELETION will be by the end of month (per collection agency letter). I expect my score(s) to increase then. 

 

Current total Utilization: 19% (from HELOC)

Fico 8 Scores: EX: 640 - EQ: 649 - TU: 650

Bank Card Fico 9 Scores: EX: 723 - EQ: 729 - TU: 725 ( unfortunately, I dont think many lenders are using this scoring method yet). 

 

If you reccomend applying for another card other than the ones mentioned, how long after would you say I can apply for one of the AMEX or Chase. Lastly, any tips to increase scores are also very welcome. 

 

In adavance, thank  you everyone for your advice. Very much appreciated!!!! 

Ed 

9 REPLIES 9
Super Contributor

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

If you're not in a hurry, I would wait for next month and see what happens with your Fico 8 scores... Experian especially... then try Amex prequal again.

 

Chase has a prequal tool as well, but I'd still wait for that negative item to be removed.

 

Good luck!

11/01/19 Fico 8: EX 726, EQ 721, TU 747.
11/08/19 Fico 9: EX 733, EQ 740, TU no idea...
Zero percent financing is where the devil lives...

Firmly in the garden until the next pre-approval arrives!
Message 2 of 10
Community Leader
Senior Contributor

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

Hello and welcome to myFICO

 

Is the Disco card your only CC?  If yes, I think Chase is out of the question at this moment in time due to your very thin credit profile and history.

 

Just because there’s no AmX prequal doesn't necessarily mean you won’t be approved but because of your scores and thin file, the amount may be a toy limit. JMO

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 10
New Member

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

tcbofsde, thank you very much for your reply. I appreciate your advice. I feel the same. I rather wait until the only negative item in my credit is entirely deleted. I don’t really have a rush. Although I am taking a family vacation early November and it would have been great if I could benefit from a travel card for those expenses. I am going to check in branch with Chase. It says online that I opted out of offers but I don’t recall doing that. Thank you again for your input.
Message 4 of 10
New Member

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

Hello CreditInspired,

Thanks for the welcome. I appreciate your reply.

Yes, the Discover is my only cc. As far as revolving credit it’s the discover plus the HELOC. But cc only discover. I know my weakest point is the history of my credit, Any advice as to which other card I should go for as the next step? Ideally I’d like to avoid hard inquiries on sub par cards but I do realize at the same time that I have to build a stronger foundation. Thanks again for your input.
Message 5 of 10
Established Contributor

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?


@CreditInspired wrote:

Hello and welcome to myFICO

 

Is the Disco card your only CC?  If yes, I think Chase is out of the question at this moment in time due to your very thin credit profile and history.

 

Just because there’s no AmX prequal doesn't necessarily mean you won’t be approved but because of your scores and thin file, the amount may be a toy limit. JMO


Totally agree. Might want to get one of their Freedom or Freedom Unlimited cards for 6 months to a year first as well.


AU




Starting Score: 651
Current Score: 683
Goal Score: 751

Take the myFICO Fitness Challenge
Message 6 of 10
Frequent Contributor

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

Definitely wait and see what those Fico 8’s are going to do, I had one 6 year and some change collection fall off this month and saw a 54 point boost, now, that may or may not happen for you but it definitely won’t be a reason for denial. The CSP has a 5k minimum limit and I think it’s been said chase doesn’t want to be your first... YMMV the CFU is a part of ultimate rewards so if and when you get the CSP they’ll interchange. As I’ve said before I have a hard time with the Amex platinum AF but if the travel spend you’re planning on doing makes it worth it then go for it! I’m just more comfortable with the CSP’s 95/year af.

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 3.5k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 7 of 10
New Member

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

Thanks SEAlifer, I’ll look into both of those cards. I know building a relationship (in this case) with Chase helps. Appreciate your input.
Message 8 of 10
New Member

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

Thanks addicted_to_credit. Btw, I think I am also becoming addicted to credit. I’m constantly on my credit monitoring apps. Speaking of that. I noticed a similar boost on my vantage scores (although I know they are important to lenders) but Fico 8 has yet to move an inch. Hopefully once the deletion goes through. I know what you mean about the AMEX Platinum AF, but I foresee my traveling in the near future would justify it. That said, I know the CSP is a great card and that AF is very reasonable too. I’ll also look into the CFU. TAHNKS AGAIN!
Message 9 of 10
New Member

Re: I would appreciate your input..... am I ready for a AMEX Gold/Platinum or CSP?

I meant that I know vantage scores are NOT important to lenders.
Message 10 of 10
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