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Hi guys-
I have been wanting an American Express for some time, but am unsure whether now is the right time to apply for the card I'd like (Blue Cash Preferred). Here's a bit of my credit profile:
Score: 703 FICO EQ
Credit Accounts:
BoA Credit Card $2,500 Limit/$0 Used
Discover Card $2, 750 Limit /$1118 Used**
Hard Inquiries in last two years: 2
Installment Accounts:
Auto Lease 24 months
Student loans at 20k
Average Age of Accounts: 2 years
Oldest account: 3 years, 10 months
No Negative Items, No Missed Payments, All Accounts in Good Standing
**I have paid of the discover but it doesn't reflect on my report--and likely wont until September 23.
Best guesses on whether I should perhaps wait until the discover shows as being paid off? Fico Simulator seems to think my score will jump to 727-776. I also don't want a lowball limit with AMEX, to be honest.
Thanks!
@scmz wrote:Hi guys-
I have been wanting an American Express for some time, but am unsure whether now is the right time to apply for the card I'd like (Blue Cash Preferred). Here's a bit of my credit profile:
Score: 703 FICO EQ
Credit Accounts:
BoA Credit Card $2,500 Limit/$0 Used
Discover Card $2, 750 Limit /$1118 Used**
Hard Inquiries in last two years: 2
Installment Accounts:
Auto Lease 24 months
Student loans at 20k
Average Age of Accounts: 2 years
Oldest account: 3 years, 10 months
No Negative Items, No Missed Payments, All Accounts in Good Standing
**I have paid of the discover but it doesn't reflect on my report--and likely wont until September 23.
Best guesses on whether I should perhaps wait until the discover shows as being paid off? Fico Simulator seems to think my score will jump to 727-776. I also don't want a lowball limit with AMEX, to be honest.
Thanks!
Welcome to the forum
If the Discover is paid off and CR's are updated you stand a better chance of approval but I do have questions.
How long have you had your current cards?
Do you know your EX scores as Amex will surely pull from there in most cases?
Thanks-
Have had the BoA for 3 years, but when they raised my credit limit, oddly enough they closed the account and reopened it with a new credit limit--and sent me a new card with the same number...never understood that. The Discover I have had for a year. I am only 21
Not sure of Experian scores, but have heard AMEX will likely pull them. Can't imagine it would be much different than Equifax?
@scmz wrote:Thanks-
Have had the BoA for 3 years, but when they raised my credit limit, oddly enough they closed the account and reopened it with a new credit limit--and sent me a new card with the same number...never understood that. The Discover I have had for a year. I am only 21
Not sure of Experian scores, but have heard AMEX will likely pull them. Can't imagine it would be much different than Equifax?
Good history with cards then....Great
IMHO let CR's update and go for it I think you will be approved and I don't say that often unless CR's seem spotless with good history and scores.
Good luck
Please tell me Blue Cash PREFERRED??
Yes, Apply... I say APPROVED!
Income may also play a factor in your initial CL if approved. That being said, I also agree that once the PIF show your approval chances should increase...