cancel
Showing results for 
Search instead for 
Did you mean: 

Should I apply for AMEX BCE or wait?

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Member

Should I apply for AMEX BCE or wait?

Last month I was at experian 630 FICO with a perfect report aside from utilization (which has no memory afaik) - It was at 99%. Not one late/missed payment or anything bad. I've paid off thousands of dollars of CC debt in the last 6 weeks (have 3 cards total), however not all of it has reflected on experian yet. Experian shows I'm still at 70% utilization and simulators say I'll be around 740 once my true utilization updates. Currently at 642 EXP with prequalifaction for BCE and everyday (no intro offer included, however I'm told I can just go incognito and get the offer). Would I be better off waiting until experian gets my new balances? I'm prequalified now but I would like to be sure. I applied for BCE on April 3rd and they told me to wait 30 days before trying again. I know prequal does a soft pull.. what does that mean? Can a soft pull see updated balances? My other cards should update their balances to experian in 3-4 weeks. How good are my approval odds? Thank you

Message 1 of 20
19 REPLIES 19
Established Contributor

Re: Should I apply for AMEX BCE or wait?

It's not a race.... just wait until everything updates and you get your higher scores.

 

Not only will you likely be approved but, you'll have a higher CL as well.

500K+ TCL / 800+ FCOs
Message 2 of 20
Community Leader
Super Contributor

Re: Should I apply for AMEX BCE or wait?


@swing_shot wrote:

Last month I was at experian 630 FICO with a perfect report aside from utilization (which has no memory afaik) - It was at 99%. Not one late/missed payment or anything bad. I've paid off thousands of dollars of CC debt in the last 6 weeks (have 3 cards total), however not all of it has reflected on experian yet. Experian shows I'm still at 70% utilization and simulators say I'll be around 740 once my true utilization updates. Currently at 642 EXP with prequalifaction for BCE and everyday (no intro offer included, however I'm told I can just go incognito and get the offer). Would I be better off waiting until experian gets my new balances? I'm prequalified now but I would like to be sure. I applied for BCE on April 3rd and they told me to wait 30 days before trying again. I know prequal does a soft pull.. what does that mean? Can a soft pull see updated balances? My other cards should update their balances to experian in 3-4 weeks. How good are my approval odds? Thank you


Welcome to the forums! 

 

Wait till everything updates. Even if you were approved right now, your high utilization would be reflected in higher APR and most likely lower SL, as your CR currently appears more risky to a lender. 

 

 

EX 753 EQ 773 TU 752
Message 3 of 20
Valued Contributor

Re: Should I apply for AMEX BCE or wait?


@swing_shot wrote:

Last month I was at experian 630 FICO with a perfect report aside from utilization (which has no memory afaik) - It was at 99%. Not one late/missed payment or anything bad. I've paid off thousands of dollars of CC debt in the last 6 weeks (have 3 cards total), however not all of it has reflected on experian yet. Experian shows I'm still at 70% utilization and simulators say I'll be around 740 once my true utilization updates. Currently at 642 EXP with prequalifaction for BCE and everyday (no intro offer included, however I'm told I can just go incognito and get the offer). Would I be better off waiting until experian gets my new balances? I'm prequalified now but I would like to be sure. I applied for BCE on April 3rd and they told me to wait 30 days before trying again. I know prequal does a soft pull.. what does that mean? Can a soft pull see updated balances? My other cards should update their balances to experian in 3-4 weeks. How good are my approval odds? Thank you


 

The adverse action notice you received from Amex for your April 3 app, should state the date of the credit report Amex used in considering your application.  That's useful information to have since it tells you the date when Amex does its monthly soft pull update.

 

Once Experian updates all your new balances, wait until the date Amex updates before reapplying.  

 

In other words, if the Amex letter stated that it used an Experian report dated March 25, 2019 wait until the 25th or later of the month Experian updates all your new balances to ensure that Amex also has the latest balances and credit scores.





Message 4 of 20
Member

Re: Should I apply for AMEX BCE or wait?

Thank you! Is that date that AMEX has when they do their hard pulls, or just soft pulls? Doesn't it do a hard pull for the actual app itself? I thought that if you apply and they do a hard pull then it will get the most up to date information that experian has no matter what.

Message 5 of 20
Established Contributor

Re: Should I apply for AMEX BCE or wait?

The date on the letter is when you have to start the clock.  If you apply again before the 30 days is up they'll just auto reject as a duplicate app w/o pulling a fresh CR.

500K+ TCL / 800+ FCOs
Message 6 of 20
Member

Re: Should I apply for AMEX BCE or wait?

According to the letter (sent to me april 3rd), my FICO score from EXP was 630 "on april 3rd." Seems like they get the score when you apply, is that correct?

Message 7 of 20
Established Contributor

Re: Should I apply for AMEX BCE or wait?

yes, but when they deny you they won't pull a new score for at least 30 days if you were to app again.  

 

So, just wait out the refresh on your UTIL pay down to get better stats on the approval.  

500K+ TCL / 800+ FCOs
Message 8 of 20
Member

Re: Should I apply for AMEX BCE or wait?

Oh, that makes sense. Thanks for the info! So to clarify, when I see the experian app report my new balances AND it has been 30+ days since April 3rd (which it has), I'm good to apply again and amex will do a hard pull and see the new score?

Message 9 of 20
Established Contributor

Re: Should I apply for AMEX BCE or wait?

That's 100% correct.

 

And you'll have a shiny new Amex in the mail within 7 days.

 

Then 61 days after approval you have the potential to have 3X the approval amount via the 1st CLI.

500K+ TCL / 800+ FCOs
Message 10 of 20
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.