AMEX Advice

[Anonymous]

My current job requires frequent, reimbursed travel.  It would make things a lot easier if I had an AMEX charge card, or at least a credit card with a healthy limit, probably 5K.  Given the following profile, any suggestions on whether I could be in line for either?  If not, suggestions on next steps and when it might be a possibility?  I’d appreciate any help offered. 

Current scores: 669 EQ, 683 TU, both pulled here this morning. 663 EX FAKO, FWIW.

AAO: 8 years.  Credit History: 21 years.

I currently have 7 open credit card accounts, ranging in limits from $550-$1800.  Current Utilization is at 28%, will be down to about 2%.  I’ll keep using a couple of the cards during my travels, but will be PIF.  Based on things I’ve read here and elsewhere, I’ll be maintaining a small balance on 1 of the cards to maintain the 2% total utilization.  

Baddies: An old Sears card that has 30-day lates in 7/10, 9/08 and 9/07 that has been paid and full, and an old Cap1 card that had a mix of 30, 60 and 90 day lates as recently as 10/07, but also has been paid in full.  There are 5 other accounts with negative info, but nothing within the last 5 years, also all paid off. 

Inquiries:  Within the last year, there were a bunch of pulls for the car loan,  2 Cap1 pulls, 1 for an increase on another card, 1 for a BoA app that was denied and 1 for a personal loan from Citi Financial that was denied (wanted to use it for debt consolidation).  Not all of them are showing on every report. 

Now normally at this point I would just garden for the foreseeable future, as I really don’t need any additional credit right now and would like to purchase a home in about a year; but the charge card makes a lot of sense for the business travel.  Based on this info, any suggestions on what I should do to put myself in a good position to be approved for an AMEX?  Any other info anyone would like before offering an opinion?

[Anonymous]

Amex wont approve you beased on the details you provoided... however I have had some super nice luck with chase & BOA.... the backend numbers simply work.. so apply for one and see what it is like.

If you can speak with the other cards you have and give them your situation they might help you !

[anderl]

.yes-Amex Zync....maybe even Premier Rewards Gold w/ur utilization.

[Anonymous]

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@anderl wrote:

.yes-Amex Zync....maybe even Premier Rewards Gold w/ur utilization.

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I'd say...none of those cards. OP has a recent late from '10. Fat chance.

[Creditaddict]

If you only have 1 inq, I would risk it and apply for the Gold... I say Gold because it has 3x points on travel.

[Anonymous]

Thanks for the replies thus far.  It's seeming like I'll have to sit on it for a few months at least. Any other opinion on options?

[smallfry]

Recent baddies forget it.

[Walt_K]

Who knows how much weight Amex gives to other factors, but I received the PR Gold with lates that were not quite two years old.  I had a prior positive relationship with Amex.  I had a revolver that I opened in 1998, closed in 2004, never late.  I reported a relatively high HHI. My utilization at the time of application was around 17%.  My EQ FICO was ~650 (I think it was 648).  I did not know my TU FICO (though right now it is higher than my EQ).  I did not know my EX FICO. 

If you search posts by RHAL, you will see that he also recently received the PR Gold card with recent lates (I think they were more recent than mine). 

If you need the card for work and the risk is worth it to burn an inquiry, you could give it a shot. 

[Anonymous]

Thanks again, folks. I think I might wait a couple of weeks, get my utilization all the way down, and give it a shot.

[Anonymous]

Even if you do getapproved for the charge, I highly doubt they will let a new AMEX accountholder such as yourself go through 5K a month off the bat.  I read a post a while back from someone on this forum that dealing with AMEX is like a date, requires some wining and dining before you get to home plate!