Hello,
About 2 months ago, I was pre-qualified for the Chase Sapphire Preferred. I was 5/24 exactly when I applied, and I was approved for $7,000 with an APR of 22.99%.
Since I was approved for the CSP, I wanted to get the AMEX Gold card. I wanted to get a charge card for a while, and the Gold made the most sense to my spending for groceries and restaurants ('m pre-approved as well). Also, transferring those points to travel partners is a big plus for me.
But since I was approved over 5/24, I'm afraid that applying for the AMEX Gold wiil increase the possibilty of an AA from Chase. (And getting all of my accounts shut down).
How long should I wait to apply for the AMEX Gold Card? Need input from the community so I can stop getting tempted. 
Here's my data points:
Discover it 5%: 1 year and 4 months
Apple Card (Goldman Sachs): 1 year
Hilton Aspire: 1 year
Costco Anywhere Visa: 7 months
Freedom Unlimited: 6 months
Chase Sapphire Preferred: 2 months
*I also have a banking relationship with Chase that's a year old: I use it as direct deposit for my paycheck.
Experian 719
Inquiries: (9 Inquiries/ 24 months) (6 Inquiries/ 12 months) (1 Inquiries/ 6 months)
Utilization: 13%
Equifax 732
Inquiries: (4 Inquiries/ 24 months) (1 Inquiries/ 12 months) (0 Inquiries/ 6 months)
Utilization: 13%
TransUnion 732
Inquiries: (3 Inquiries/ 24 months) (0 Inquiries/ 12 months) (0 Inquiries/ 6 months)
Utilization: 8%
*I also don't have any negatives on my report or any loans.
I would wait until the card is at least 6 months old, possibly until the Discover hits 2 years if you can.
The Costco card gets you 3% on restaurants already (compared to 4% with the Gold) and the Apple card could probably tide you over at 2% for most of the grocery shopping depending on where you go right? Don't see any urgency for getting the Gold under those circumstances unless you could really use those credits, but then you're looking at near $1k in annual fees. I'd make sure you're getting enough use out of each card to justify those costs compared to no AF cards that might get you a better net gain.
The Costco card gets you 3% on restaurants already (compared to 4% with the Gold) and the Apple card could probably tide you over at 2% for most of the grocery shopping depending on where you go right? Don't see any urgency for getting the Gold under those circumstances unless you could really use those credits, but then you're looking at near $1k in annual fees. I'd make sure you're getting enough use out of each card to justify those costs compared to no AF cards that might get you a better net gain.
as of 1/1/23
@ccquest wrote:
I would wait until the card is at least 6 months old, possibly until the Discover hits 2 years if you can.
The Costco card gets you 3% on restaurants already (compared to 4% with the Gold) and the Apple card could probably tide you over at 2% for most of the grocery shopping depending on where you go right? Don't see any urgency for getting the Gold under those circumstances unless you could really use those credits, but then you're looking at near $1k in annual fees. I'd make sure you're getting enough use out of each card to justify those costs compared to no AF cards that might get you a better net gain.
The Amex gold is going to be used for travel points and mostly for groceries. Also, I rarely use the Costco card for restaurants since I get more value using the Sapphire Card for extra travel points. I use Costco mainly for gas or when I go shopping at Costco. Also, I use my Apple Card in places where Chase would be too stingy and decline any transaction (Mostly at Laundromats), or where Apple Pay present.
I also ran through some point calculators and my value on the Gold Card outweighed the annual fee
But 6 months sounds good (I heard that's when they usually do another review). I can wait for the card, I just didn't want to get too confident and apply right away.
@MomoMango wrote:Chase Sapphire Preferred... approved for $7,000 with an APR of 22.99%.
Since I was approved for the CSP, I wanted to get the AMEX Gold card ... made the most sense to my spending for groceries and restaurants ('m pre-approved as well). Also, transferring those points to travel partners is a big plus for me. But since I was approved over 5/24, I'm afraid that applying for the AMEX Gold wiil increase the possibilty of an AA from Chase. (And getting all of my accounts shut down). How long should I wait to apply for the AMEX Gold Card?
Discover it 5%: 1 year and 4 months
Apple Card (Goldman Sachs): 1 year
Hilton Aspire: 1 year
Costco Anywhere Visa: 7 months
Freedom Unlimited: 6 months
Chase Sapphire Preferred: 2 months
Experian 719
Inquiries: (9/24) (6/12) (1/6)
Equifax 732
Inquiries: (4/24) (1/12) (0/6)
TransUnion 732
Inquiries: (3/24) (0/12) (0/6)
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@MomoMango wrote:
@ccquest wrote:
I would wait until the card is at least 6 months old, possibly until the Discover hits 2 years if you can.
The Costco card gets you 3% on restaurants already (compared to 4% with the Gold) and the Apple card could probably tide you over at 2% for most of the grocery shopping depending on where you go right? Don't see any urgency for getting the Gold under those circumstances unless you could really use those credits, but then you're looking at near $1k in annual fees. I'd make sure you're getting enough use out of each card to justify those costs compared to no AF cards that might get you a better net gain.
The Amex gold is going to be used for travel points and mostly for groceries. Also, I rarely use the Costco card for restaurants since I get more value using the Sapphire Card for extra travel points. I use Costco mainly for gas or when I go shopping at Costco. Also, I use my Apple Card in places where Chase would be too stingy and decline any transaction (Mostly at Laundromats), or where Apple Pay present.
I also ran through some point calculators and my value on the Gold Card outweighed the annual fee
But 6 months sounds good (I heard that's when they usually do another review). I can wait for the card, I just didn't want to get too confident and apply right away.
Definitely wait and six months would be the absolute minimum recommendation. Here's my observations.
For one, these are not normal times (coronavirus pandemic) and lenders have all tightened underwriting criteria. What you saw others post about with data points for approval on the forums just six months ago will often no longer apply. Consequently, it's a little more risky for any of us to be applying for new credit right now, regardless of the strength of profile and regardless of which lender. There have been enough data points posted on My Fico across the entire credit industry that the economic effect is pretty much universal. In light of this, and knowing that the economic effects of the pandemic will probably last much longer than six months, I would give it *at least* that long and then reassess what is actually going on at that time.
Second, I can tell you for a fact that AMEX preapprovals are not iron-clad. I was preapproved for the GOLD card in May and then denied. Preapprovals don't look at everything in your credit file that could be considered.
Third, I can tell you that AMEX specifically is one of the lenders who have tightened up their lending since they denied me relative to other data points (see number 4.)
Fourth, I can tell you that AMEX has become much more sensitive to new accounts. My denial was based on too many new accounts, and that was with a prior satisfactory AMEX relationship. You have a signficant number of new accounts. My new accounts were at a level that other My Fico members reported they had previously exceeded but still gotten approved by AMEX. Some of my new accounts were right at the cusp of reporting as new or aging off, but at worst case I was 3/6, 7/12, 9/24. Yes, that is a little bit higher than your 5/12 but not by much. I also had the benefit of multiple prior AMEX cards in good standing, 35+ year credit history, credit scores well over 800, dozens of aged and open accounts, high income, and low debt ratio. But none of that mattered to AMEX when I exceeded their new account ratio. For a thinner file, the limits on new accounts might be much lower. So once again, if nothing else, I would wait for six months (regardless of coronavirus) just to allow new accounts to age well beyond one year.
Fifth, you've been extremely active in setting up new credit, regardless of these uncertain economic times. Six cards in less than two years and five cards in one year is a LOT of credit-seeking on a new file. (Yes, I added more than that, but a thicker, more aged file can get away with more credit-seeking than new files without adverse impact.) You're smart to be recognize that Chase can be sensitive to credit-seeking. So a new AMEX app could easily jeopardize that prized new CSP. That's a nice add, especially for your credit age. Chase will love you a lot more if you just be satisfied with them for awhile before you go looking to add more credit. I would play it safe and garden. Ideally, with all the cards you've added, I would suggest gardening for at least one year before new applications.
When you do apply, it sounds like the GOLD card will fit you nicely. Right now, the CITI/Costco card earns you 3% in cash while the CSP earns you only 2% (or 2.5% on the UR portal.) Depending on transfer partners, you could earn up to about 2x points which is about a 4% return, but your actual mileage may vary depending on how you choose to redeem. So in some cases, the Costco card could actually be superior in earnings. If you later upgrade that CSP to a CSR, you'd earn 3% in cash, 4.5% on the UR portal and up to 6% in value if transferred to partners. It's a great card. For dining and groceries, that GOLD card however has the edge if you do intend to transfer the points the partners. While the cash value on MR points is much lower than Chase's cash rate on UR, the GOLD could earn you up to 8% on restaurants and groceries (4 points x 2.0% value), depending on redemption.
*The Gold's earning rate is not 4%. It is 4 points per dollar spent. The cash redemption value is only about 6/10 of a cent each, so 4 points is worth 2.4%, less than the Citi-Costco's 3%. However, in travel value, points can be worth up to 2 cents each, so that is a whopping 8% return, much better than Citi-Costco's.
Here is a link to my denial thread of AMEX Gold if you're interested in more data points and feedback.
https://ficoforums.myfico.com/t5/Credit-Card-Applications/AMEX-wants-my-business/td-p/6025410
Good luck on whatever you decide!
Thank You so much for the detailed reply!
I'm going to stay in the garden for a year now, or at least until I'm under 5/24. I was very hesitant in applying, but now my app itch is gone.
It's also has been on my mind for about a week, glad I posted about it! Was waiting for an informative post like yours!
Since I don't have anyone in real life who's into credit; like this community is, I can't really get any opinions. I'm glad a someone with your credit experience (especially with AMEX) was able to give a me a full rundown. I don't have much experience in credit and especially during this pandemic, I'm afraid of making a bad decision.
After reading your post, I feel very lucky to have the CSP during this time. I have been applying regardless of the conditions for credit lending. It's reckless of me, but I've been fortunate enough not to hurt myself. But I need to stop while I'm ahead and relax in the garden.
@MomoMango wrote:Thank You so much for the detailed reply!
I'm going to stay in the garden for a year now, or at least until I'm under 5/24. I was very hesitant in applying, but now my app itch is gone.
It's also has been on my mind for about a week, glad I posted about it! Was waiting for an informative post like yours!
Since I don't have anyone in real life who's into credit; like this community is, I can't really get any opinions. I'm glad a someone with your credit experience (especially with AMEX) was able to give a me a full rundown. I don't have much experience in credit and especially during this pandemic, I'm afraid of making a bad decision.
After reading your post, I feel very lucky to have the CSP during this time. I have been applying regardless of the conditions for credit lending. It's reckless of me, but I've been fortunate enough not to hurt myself. But I need to stop while I'm ahead and relax in the garden.
You're very welcome and I'm glad to help! Yes, our little community is very helpful and I have also gained a lot from the outstanding community knowledge here! I appreciate being able to pass along some of what I can to help others also.
For a new credit profile, you've done quite well! You're in with Chase, AMEX, CITI, Discover, and Goldman Sachs, so that is five of the largest banks or lenders in the country! And the cards you have are pretty good for a younger, thinner profile. Not knowing when to stop building is a common newcomer mistake, so I'm glad we stopped you when we did. Tend to your great accounts for the next year or two, use them all regularly and show responsibility. They will all grow and lead to even better cards and limits!
Enjoy those great cards! 
The Gold can come later.