Congrats on your approval and auto CLI, can you share some data points when you applied for Amex Cash Magnet. Its my next target and I have an itchy trigger finger.
At the time of that application I had 741 FICO, 733 TU, 725 EQ income mid $20's
I am also a small business owner past 19 years
Hope this helps
Thanks, it does
My brother said for high balances pay at least 2% of the balance to keep score from being too affected, is this true?
With respect to balances, your score will be affected based upon your utilization as a percentage of your limits both on a per trade-line basis and an aggregated basis. While any amount of utilization can influence your score there are a few key spots, 8.9%, 28.9%, and 79.9% being the most common.
While I'm not sure of any "rules" regarding paying 2% of your balance on a month, I would venture to guess this would be a tactic to keep you in the lender's good graces. Of course, most credit cards have a 1-2% minimum payment each month anyway. Ideally, you want to be paying more than the minimum to keep from suffering any AR.
You know when I apllied for that AMEX Magnet card dipsticks hit me with 8 point HP instead of the normal 4%
"8 point HP", are you saying that you suffered a decrease of 8 points when the HP posted?
Assuming I'm reading this right, I'll point out that everyone is affected by HPs differently. How many new accounts you have, the age of those accounts, how solid your history is, etc. all influence how an HP will interact with your score. There was a point in time where HPs didn't affect me at all, now I'm sure I'll suffer at a 5 point hit on my next HP.