Looking at the Amex EDP

[Anonymous]

Hello everyone,

First post here, although I've been lurking for years. Thanks for all the help.

I've currently got an Amex Zync (NPSL) that I've had since 2010 when I was in college.

I currently only have one other CC from my local CU which I've had since 2007, but the utilization is fairly high at 85%. ($2800/$3500)

I use my Zync for a good portion of my monthly expenses (AU uses it too) and typically average at least $1k a month on it, highest statement over the past year was $2.7k.

I've amassed a pretty decent number of MR points (~50,000) but the Zync no longer has any decent bonuses and it's not in the real MR program. I'd like the EDP because it will move my points to the real program and I'd qualify every month for the 30+ swipes giving 1.5x MR points bonus. I eventually want to use these points for travel.

Is it worth me trying to apply? I believe I read that current members only get SP if denied, I don't want a HP if I'm going to get denied.

Income: $42k ($105k with AU who is currently on my Zync and would be on the EDP)

Scores: TU 701, EQ 701 (both FAKO from CK), no clue on EX

AAoA: 6 years 2 mo

Inq: 0

Util: 85%

Bad: 1 open collection ($85, fighting with old apartment, never received any bill and want it off my CR)

I just recently had 6 120+ "lates" removed from TU and EQ after I disputed and they were all deleted because they were incorrect and never late (6 student loan accounts). I assume that they're also on my EX report but Experian is garbage and won't let me pull my report online, it always gives me an error. I'm waiting for it in the mail but that's taking forever. I know that AmEx pulls EX nearly 125% of the time, so I know that's not good in their eyes but they haven't cancelled my card and I just found out those have been on my report for nearly 2.5 years. I've never missed a single payment on any of my accounts and have been set with Autopay on Amex for a long time, no problems.

Lastly, I checked Chase's Pre-qual tool and it shows me pre-qualified for the Freedom, Slate and CSP. I'd hope if Chase is figuring they'd most likely give me one of those that AmEx would give me an EDP.

Sorry for the long post everyone, just wanted to know what people thought.

Thanks again for the help!

[CreditCuriosity]

Get your utilization down then apply.. Just my 2 cents.  You might get approved but if you get your utilization down on your CU card say < 30 % you are going to get a better Staring line and most likely a better APR%.  Don't know if they would approve you with 85% utilization, that is near maxed..   Yes most Amex apps are SP if you are logged onto there site then declined, but if approved then HP's.  As stated I would really work on getting the utilization down and reporting < 30% then app and you will be alot happier with the outcome

[Anonymous]

Thanks for the response.

Honestly I've been debating whether to go for another AmEx or app for the Slate, transfer the balance from my CU card to it and try and pay that down ASAP without interest. My only reservation is that after paying down that balance, the Slate doesn't seem like that great of a card and like I said I still want a different AmEx. I know I could easily just PC to the PRG but the $175 annual fee doesn't seem worth it when I could just pay half that and be happier with the perks of the EDP.

[CreditCuriosity]

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@Anonymous wrote:

Thanks for the response.

Honestly I've been debating whether to go for another AmEx or app for the Slate, transfer the balance from my CU card to it and try and pay that down ASAP without interest. My only reservation is that after paying down that balance, the Slate doesn't seem like that great of a card and like I said I still want a different AmEx. I know I could easily just PC to the PRG but the $175 annual fee doesn't seem worth it when I could just pay half that and be happier with the perks of the EDP.

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Honestly I am not sure of your financial status or how much you make or have in the bank, etc..  Even if you could throw 1k or so at your current card and get that dang utilization down, then go for the ED or EDP.  The slate is a worthless card IMO unless you do need a good BT card.  One of the problems with the Slate or any BT card is when you typically need it you a person is at 75-99% utilization type of scenario and if you get approved you get usually a pretty awful limit of say $500 which makes the BT card basically worthless, so I would advise against going that route.   As stated above try to just pay 1k if doable towards your CU card then go for the ED or EDP that you really want..  I just wouldn't suggest applying for AMEX with a 85% utilization as most likely it will be a denial or a bad CL and a bad APR%, just my opinion.  

[kdm31091]

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@CreditCuriousity wrote:

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@Anonymous wrote:

Thanks for the response.

Honestly I've been debating whether to go for another AmEx or app for the Slate, transfer the balance from my CU card to it and try and pay that down ASAP without interest. My only reservation is that after paying down that balance, the Slate doesn't seem like that great of a card and like I said I still want a different AmEx. I know I could easily just PC to the PRG but the $175 annual fee doesn't seem worth it when I could just pay half that and be happier with the perks of the EDP.

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Honestly I am not sure of your financial status or how much you make or have in the bank, etc..  Even if you could throw 1k or so at your current card and get that dang utilization down, then go for the ED or EDP.  The slate is a worthless card IMO unless you do need a good BT card.  One of the problems with the Slate or any BT card is when you typically need it you a person is at 75-99% utilization type of scenario and if you get approved you get usually a pretty awful limit of say $500 which makes the BT card basically worthless, so I would advise against going that route.   As stated above try to just pay 1k if doable towards your CU card then go for the ED or EDP that you really want..  I just wouldn't suggest applying for AMEX with a 85% utilization as most likely it will be a denial or a bad CL and a bad APR%, just my opinion.  

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Agree with the above in that it's worthless to go for a pure BT card when your util is so high because you will not get the limit you need.

Better to get the util down and then go for a card you actually want; can try for one with a 0% period if needed that is not an otherwise useless card.

[CreditCuriosity]

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@kdm31091 wrote:

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@CreditCuriousity wrote:

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@Anonymous wrote:

Thanks for the response.

Honestly I've been debating whether to go for another AmEx or app for the Slate, transfer the balance from my CU card to it and try and pay that down ASAP without interest. My only reservation is that after paying down that balance, the Slate doesn't seem like that great of a card and like I said I still want a different AmEx. I know I could easily just PC to the PRG but the $175 annual fee doesn't seem worth it when I could just pay half that and be happier with the perks of the EDP.

---

Honestly I am not sure of your financial status or how much you make or have in the bank, etc..  Even if you could throw 1k or so at your current card and get that dang utilization down, then go for the ED or EDP.  The slate is a worthless card IMO unless you do need a good BT card.  One of the problems with the Slate or any BT card is when you typically need it you a person is at 75-99% utilization type of scenario and if you get approved you get usually a pretty awful limit of say $500 which makes the BT card basically worthless, so I would advise against going that route.   As stated above try to just pay 1k if doable towards your CU card then go for the ED or EDP that you really want..  I just wouldn't suggest applying for AMEX with a 85% utilization as most likely it will be a denial or a bad CL and a bad APR%, just my opinion.  

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Agree with the above in that it's worthless to go for a pure BT card when your util is so high because you will not get the limit you need.

Better to get the util down and then go for a card you actually want; can try for one with a 0% period if needed that is not an otherwise useless card.

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I know my ED has a 0% promo period for 15 months I beieve?  I believe the EDP does as well..  So ya if you can get your utilization in check apply and since you have a long relationship with amex, you will be golden, just got to get your utilization in check!

[seanny]

Besides the advice you have already received, if I were you I would wait until the collection is settled and removed from your reports.  Although you may be approved easier because of your existing relationship with Amex, you don't want to give them the slightess reason to decline you and it's nearly impossible to recon with them.  So get the utilization down to at least 30%, resolve the collection, pull a copy of your EX, check it for accurately and if everything looks good - apply.  Good luck!