AMEX Counter Offer - Approved

[Anonymous]

I was looking over my offers shown on CK to see if there were any interesting offers for a good BT card with a lower rate to help me pay down my cards faster. I do have high balances on my current cards so I know that has been held against me but I have 100% on time payment history and FICO is 670. I recently received a Citi Simplicity card with a SL of $1000 which isnt quite enough to BT any of my other cards. I tried with Chase and was denied even after a RECON. I saw a couple for AMEX so I figured, what the heck, why not try. I have heard they are great to get in with so I applied. They denied my original application for the Blue Cash Every Day from AMEX but they did offer me another card. It only has a SL of $500 and does not have any intro APR or welcome bonus offer but the rest of the benefits are the same as the Blue Cash Every Day card. My question is, should I accept this offer or pass?

Mod note:  I've updated your thread subject to indicate your acceptance of the offer; feel free to edit if you would like.  --UncleB

[Anonymous]

You've already taken the hard pull, I would accept. If you follow the terms, you'll be eligible for an increase. 

[odd_dog]

check the verbiage on the offer, if it is like the one my wife got it does mention that after 5 months (statements) of using and paying the card they will give you a CLI....not a bad deal if your credit isn't exactly up to Amex standards, it is a regular BCE card just a smaller starting limit...it WILL grow......Good Luck with it should you decide to take the offer!! 

[Anonymous]

Thank you for your responses. I did go ahead and accept the offer. I received an email about different ways to increase the limit which was:

1. Use your card. You must have a balance due each month.

2. Pay at least the minimum due on time each month.

I believe if I do this for 5 months then I will be eligible for a CLI.

[Anonymous]

As others have already said, you already have the HP hit so you might as well take the offer and begin your relationship with Amex. Based on what you say on carrying balances, I'd stop applying for more cards and focus on paying down your balances first. Make some adjustments in your spending and shift your focus to those card balances. It will pay off in the end!

[MrDisco99]

Yeah you're probably having trouble getting approvals because you're carrying large balances.  Lenders get spooked by that.

That Amex is a good opportunity.  They like to reward good behavior.  Garden that Amex and Citi and they will grow.  And keep paying those balances down.  Give it a few months and you may be able to transfer some to the new cards and make the paydown easier.

It takes some discipline.  Make a plan and stick to it.

[Anonymous]

Thank you CharlieFoxTrot. I will not be applying for more cards. The only reason I carry high balances is due to paying my tuition for nursing school for this past year. I had issues with my school messing up my Finalcial aide so I had to pay out of pocket for my classes. $1000 a class was definitely hard to swallow so I had to lean on my cards to pay the tuition. I havent applied for any cards for the past couple years so I was hoping now would have been a good time to find one or even two that would have great Intro APR offers to help me pay them down sooner. Unfortunately having high balances is keeping me from taking advantage of any of these offers. I currently have 2 Cap One cards with high interest rates that I have had for a few years and one with my local credit union with a pretty decent rate. I will have all of them paid off within the next 2 years so I guess I will just have to be patient.

[Anonymous]

Credit Karma prequals are fake.  They make a hefty commission every time someone applies, so ignore them in the future.

In my signature line is a link to REAL prequalification pages.  Use those instead.

[Anonymous]

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@Anonymous wrote:

Credit Karma prequals are fake.  They make a hefty commission every time someone applies, so ignore them in the future.

In my signature line is a link to REAL prequalification pages.  Use those instead.

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Indeed! It's funny how credit karma can say you have a good chance of an Amex approval when Amex pulls EX and credit karma only monitors EQ and TU lol

[AverageJoesCredit]

Good job on new card, we all start somewhere and itll grow