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Should I apply for AMEX BCE or wait?

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Member

Re: Should I apply for AMEX BCE or wait?

Wow, didn't know that. I've heard of the 3x CLI but not sure how it works honestly. You mean within 61 days? or after 61 days?

Message 11 of 20
Valued Contributor

Re: Should I apply for AMEX BCE or wait?


@swing_shot wrote:

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.


My error.  I mistakenly assumed you were already an Amex member so getting the BCE would only be a soft pull.  Ignore what I said earlier. 

 

Check your Experian report to ensure that all your credit accounts have been updated to the new balances, then 30 days after your previous application you can reapply.  Its possible that some of your credit accounts might not have reported the new balances to the credit bureau; if that's the case I would wait until they all have updated before reapplying.





Message 12 of 20
Member

Re: Should I apply for AMEX BCE or wait?

Will do. Thanks again. If you aren't an AMEX customer already, and it does a soft pull for a prequalification, what info does it pull?

Message 13 of 20
Member

Re: Should I apply for AMEX BCE or wait?

One other question. My student loan account now shows "closed" on my report as I just graduated and will begin paying it soon. This significantly dropped my average age of accounts, since the loan WAS 4 years old. Will AMEX see that I had a loan that was old? Or does it just look at AAoA. My average age is only a little over a year now.

Message 14 of 20
Valued Contributor

Re: Should I apply for AMEX BCE or wait?

If you're a customer and they like you additional applications tend to be a SP for approvals.  In some instances though they will HP for additional new accounts.  (very seldom like 0.00001%)

 

When you pre-qual it's a SP and should be EXperian since that's where 99% of their approvals are based on.  When you get approved for your 1st account there will be a HP on EX or another CRA if the computer can't pull EX.  After you're in good standing for a couple of months you can usually add more accounts with a SP by simply hitting apply and filling in your income/housing costs and hitting submit.

 

A SP is the same as a HP but without the impact to your score.  It validates your identity and provides them with your credit information as it pertains to opening a new CC.

500K+ TCL / 800+ FCOs
Message 15 of 20
Super Contributor

Re: Should I apply for AMEX BCE or wait?

9 times out of 10 when someone asks if they should apply or should they wait, my advice is to wait.  This is definitely one of those 9 out of 10 times.

Message 16 of 20
Member

Re: Should I apply for AMEX BCE or wait?

I'm definitely going to wait. Thanks to everyone here. How much does AMEX care about average age? Mine's over a year and my oldest account is 5.3 years, not sure if that matters. 

Message 17 of 20
Community Leader
Mega Contributor

Re: Should I apply for AMEX BCE or wait?


@swing_shot wrote:

I'm definitely going to wait. Thanks to everyone here. How much does AMEX care about average age? Mine's over a year and my oldest account is 5.3 years, not sure if that matters. 


It matters to a certain extent but Amex is not averse to younger files. They will approve consumers with a whole lot less history than 5 years. 

Just wait for those balances to update. 

EX 759 EQ 774 TU 753


Message 18 of 20
Regular Contributor

Re: Should I apply for AMEX BCE or wait?

I would definitely hold off and give it the time to allow your usage drop to show. I'm still kicking myself for not showing that same patience two months ago when I had the prequal offer. I knew I was on the verge of a score increase but logic went out the window and I apped anyway two months ago in the 650's. Declined. Fast forward 2 months and that same score is up 100 points. I knew better and didn't take my own advice and the advice of others. I got blinded by the "approval.". Take the advice of the guys here and wait. I don't want another hard pull so my impatience is gonna bite me until I'm out of the garden again. Best of luck!

Message 19 of 20
Moderator

Re: Should I apply for AMEX BCE or wait?

As OP has now been approved this thread is closed to new comments.

 

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/AMEX-BCE-Starting-Limit-is-this-a-mistake/td-...

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Message 20 of 20
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