AMEX PRG Approval Odds

[bourgogne]

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Honestly I rarely recommend that anyone apply for a credit card if their credit scores are not 700+ and that aggregate utilization and individual card utilization's aren't all in single-digits, or at least aggregate utilization in single digits with individual card utilization's no more than 29%. 

Remember how the thresholds go.  1%-9%, 10%-29%, 30%-49%, etc.

^^^ I wish I knew this simple fact before I started my rebuild.  I know everyone has a different situation and often one has to start somewhere.  I know there are exceptions to every rule but in general assuming ones file is not a war zone one needs 700+ to get decent SLs and <%.  The dark side of the NPSL is behind the card its near worthless because of the spending caps ax put in place on the account.  I now look at my prg as a bonus churn and nothing more.  Anyhow thanks again for making this point.

[Anonymous]

Thank you guys for the insight. I am wondering if I do get denied, how long should I wait to try again wtih AMEX? Also, how receptive is AMEX to recons?

[Anonymous]

After thinking about this some more, I'm getting cold feet on apping right now. As coming up on the 11th, I'm going to pay my Cap One statement, which would bring it's utilization down to ~16%. And my total utilization down to ~14%. This should put my FICOs into the 700s, well from what I can calculate anyway. Also, coming up on the 18th my Discover account begins it's eligibility for graduation to an unsecured card. If they do decide to do that this month, it means I'd get my deposit refunded, and most likely a credit line increase.

However, my Cap One next statement doesn't cut till the 22nd. Does anyone think if I called them after my payment posted, and explained the situatiion about my Discover account and really need my reports to be the best they can, would they be able to also off cycle report like Discover did? I have read that Cap One usually doesn't, but maybe they would given my circumstance? I did read that one person was able to have them do it, but Cap One did it by openning a dispute on their reports which really messed things up for them for a couple months, which has me worried they'd do the same to me.

[Anonymous]

Any reason why you're trying to get it so fast? I would just knock down the utilization on one of the cards, let the statement cut and see where you end up at. I did get my PRG when my last collection fell off and shot my score just barely past 700 this past July (even though I still have 10 deliquent accounts on my Experian at the moment). If you actually have no baddies and only thing you got is some balances, chances are they will open the doors for you.

If it helps I got my Platinum in May when my score was 660 and got my first card with them, AmEx Everyday (now closed), at 638 w/ 8 collections and 10 deliquent accounts. It's really hard to tell what they're actually looking for 

Good luck for whenever you decide to give it a shot!

[Anonymous]

I have already paid my Discover statement, and it now sits at only about ~10% utilization. The last time they reported in Dec reported 78%. They accepted my request to off cycle report to the CRA, so it should reflect around tomorrow or Tuesday. My FICO on Discover's website actually updates on the 12th, so I'll probably wait till then at least to see if it's reflecting the lower balance. I think I should see a helathy bumb in score from that, correct?

But yes, I have no baddies, just a higher utilization this month cause of Christmas shopping. My Cap One is 48% utilization according to Experian. So given a 10% and a 48% utilization on the two cards, and a total of 33% utilization, you think I have a shot at this card? All my payments have been full statements and always on time.

[Anonymous]

I think you do, but the only thing in question is that utilization. You'll probably want to see where your score ends up after that statement cuts and % drops down. You do only have two cards at only $500 and $750. So you probably want that utilization to be as low as possible when (and if) you do pull the trigger. 

[Anonymous]

Right, the statement for the Cap One doesn't cut till basically the end of the month though. Unless they agree to also do an off cycle update, that utilization wouldn't change unless I wait. I also have a slight worry that the HP might effect my Discover card graduating this month, as Discover said they look at your credit report during thier decision each month.

[Anonymous]

If that's the case, you probably want to wait until the dust settles. I don't believe PRG is running any specific bonus at the moment (right?) so let Discover 'graduate' and capital one reflect a low utility. No rush! 

[Anonymous]

If you have any hesitation at all in apping, why do it?  Unless it's a card you need at this exact moment what's the harm in waiting until your scores have you in a position where you're 99% sure you'll be approved and with favorable terms?

Another thing slightly off topic here, but something I feel needs to be said.  Everyone's goal with credit cards should be to never carry balances.  Basically to treat their credit cards like debit cards; if you don't have the money in your account you can't use the card.  Same thing with credit cards.  If you don't have $2000 to buy that TV in cash, don't put it on a card.  Adopting this simple philosophy will keep 99% of people out of debt, essentially by definition.

I guess the question that needs to be asked and considered by the OP is why do you have balances on your cards?  There are really only 2 possible answers.  One, you don't have the money right now to pay them off or two, you do have the money to pay them off right now but are choosing not to.  If the answer is the first option, thinking about taking on another credit card when you don't have the money to pay off your current debt(s) is not the smartest move.  If the answer is the second option, it really comes down to genuinely adopting that philosophy of paying things off right away for the preservation of your credit health.  Why pay unnecessary interest if you don't have to? 

[Anonymous]

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@Anonymous wrote:

If you have any hesitation at all in apping, why do it?  Unless it's a card you need at this exact moment what's the harm in waiting until your scores have you in a position where you're 99% sure you'll be approved and with favorable terms?

Another thing slightly off topic here, but something I feel needs to be said.  Everyone's goal with credit cards should be to never carry balances.  Basically to treat their credit cards like debit cards; if you don't have the money in your account you can't use the card.  Same thing with credit cards.  If you don't have $2000 to buy that TV in cash, don't put it on a card.  Adopting this simple philosophy will keep 99% of people out of debt, essentially by definition.

I guess the question that needs to be asked and considered by the OP is why do you have balances on your cards?  There are really only 2 possible answers.  One, you don't have the money right now to pay them off or two, you do have the money to pay them off right now but are choosing not to.  If the answer is the first option, thinking about taking on another credit card when you don't have the money to pay off your current debt(s) is not the smartest move.  If the answer is the second option, it really comes down to genuinely adopting that philosophy of paying things off right away for the preservation of your credit health.  Why pay unnecessary interest if you don't have to? 

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He pretty much sums up both questions in his initial post: "I always pay the statement balance"

And since he has a QS and he says he's been building his credit for 7 months, he's probably in the 0% APR promo right now. I don't believe he's paying any interest. I could be wrong... but I doubt he is. 

OP you should probably just wait. As Brutal said, you seem like your nervous. Apping while nervous could lead to high stress!  Let all the dust settle and app when you feel confident!!