When to apply for AMEX if buying a house?

[AI_JMV]

Hi All,

First of all, I just want to say I am so thankful to have this site! I have learned SO MUCH from so many of you.  This is my first post.  I have a question regarding applying for AMEX after I close on my house next month.  Here is my situation:

I had a BK in 2013, which is discharged, and all debts have been paid. Since this, I have worked at rebuilding my credit relentlessly.  I have about 13.5k in revolving across 11 retail and credit cards, and a car lease which is down to one last payment.  My total UT is about 2-3%.  I am closing on a house next month. I want to start applying for more "big girl" cards again. The only respectable limits I have are Discover ($2700) and Barclays ($2500) AMEX is #1 for all the obvious reasons others have: it feels like credit redemption.  I am hoping to get onboard with the AMEX Plat, Delta Skymiles Plat and NFCU Cash Rewards. But, for now.. AMEX is the goal!

I make $550k per year, no debt other than the house.  Should I wait to apply for AMEX AFTER my mortgage hits my report, or 3 days after close?? I have tons of pre-qual offers sent to me all the time, so I think I have a good chance, but obviously I want to tip the scales as much in my favor as possible.

Thank you so much!!

[xaximus]

Welcome to the forums!

I would definitely wait until the mortgage hits your CRs before apping. Also, did you include Amex in BK? Or any CC lenders? If so, some may require payback before letting you back in. Also, what cards do you have currently?

[AI_JMV]

Hi.  Thank you for replying! No, I did not include AMEX in my BK.  The only CC's that were included were a credit union and retail card, both of which are fully paid. 

[xaximus]

I would definitely check the Pre-Quals for Amex, to see if anything pops up. Same with other lenders (Disco, Chase, BoA, etc.)

[AI_JMV]

OK will do.  And, the current cards i have are Premier (2x), Credit one, capital 1 QS, Discover, Barclays, MidAmerica, Merrick bank, Williams Sonoma, Brooks Brothers, and Care Credit. 

[xaximus]

I would definitely close the Credit1 as you already have a few good lenders. I'm not sure of the Premier one. Someone may chime in on that.

If you can - Post each card, limit, currently what's used if any usage, when it was opened. Any lates, negatives, baddies beside the BK. Info like that would definitely help.

[AI_JMV]

Yes I’m definitely going to close the credit one but I figured I would wait until i close on the house just in case it screws something up on my CR. In regards to your other queries:

Credit one -$500/0 (opened 07/17)
Capital one- $850/0 (opened 12/16)
Merrick Bank- $1500/0 (opened 06/16)
Premier 1- $500/0 (opened 07/15)
Premier 2- $700/0 (opened 04/17)
Barclays - $2500/0 (opened 03/18)
MidAmerica - $500/0 (opened 02/16)
Williams Sonoma -$1480/0 (opened 08/16)
Brooks Brothers - $800/0 (opened 04/17)
Care credit - $1500/0 (opened 9/17)

Discover - $2700/0 opened 01/18)

Car lease- chase (starting balance 18011 on 10/16, now $587)

AAoA: 6y6m

[CreditInspired]

I closed on my condo March 23 and applied for AmX March 26. Now granted the closing attorney was next door to the courthouse so the title/deed were recorded on March 23.

It took over a month to show up on CRs

[xaximus]

As far as screwing anything up, the only thing I see is a lesser amount of total credit available. Since your usage is zero on those cards anyway, the impact isn't much. What I would do is keep a small recurring charge that carries over so that your util isn't zero. You get dinged for doing that. Also, have you checked to see if you have CLI on the Discover? Same with Williams, Brooks and Barclays. If you can raise those, then cutting out Credit 1, Premier 1/2 would be worth it. (Is Premier 1/2 a good lender? If it's similar to Credit1, then I'd definitely axe it).

[Anonymous]

---

@xaximus wrote:
I would definitely close the Credit1 as you already have a few good lenders. I'm not sure of the Premier one. Someone may chime in on that.

If you can - Post each card, limit, currently what's used if any usage, when it was opened. Any lates, negatives, baddies beside the BK. Info like that would definitely help.

---

 Credit One's got nothing on First Premier. 

First bank I heard of that charges a hefty fee for puny CLIs, they have a fee for just about everything based on data points posted on here.  Both Premiers and Credit One should be on the chopping block ASAP.