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AMEX/CHASE - Apply or wait

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AMEX/CHASE - Apply or wait

First, Id like to say thank you to all who have contributed on these forums.

 

Ive been gardening since January 2016, which i know isnt that long, but ive got the itch again so i thought id reach out for some help. Ive apped for AMEX before and have been denied for low credit score, too many recent inquiries, lack of credit history.

 

My question is:

Should I wait it out and garden a bit longer or should I give it a try? 

What is a good starter card for AMEX?

Approval Odds?

When will the inquiries not affect my chances of approval? i know they stay on CR for 2 years and they dont affect score after 1 yr. But ive heard some people say 6 months? 

If anyone could please shed some light on Chase 5/24 Rule, does this rule apply to 5 Chase/Chase branded cards or ANY credit cards from any banks? 

 

FICO Score 8: 716(TU), 675(EX), 707(EQ) 

Util is 14%

AAoA: 2 years

Payment History: 98.5% - 1 30 day late payment in 2014 on a card that i am an AU 

Derogatory Marks: 0

Total Accounts: 15

Hard Inquiries: 30 

 

IF anyone wants to read, here is some quick history: 

24 yr old medical student with $65k annual income 

I recently got into the whole credit card obsession back in Oct 2015. Prior to that my oldest credit cards were 16 years old (CITI MC) and 4 years old (Cap1 Platinum MC) both of which I am just an AU. In oct 2015, I was approved for Cap1 QSone as a primary cardholder for $300 (now $800). Just the fact that i was approved was an amazing feeling. So I applied for the Cap1 Journey and was approved for $500 (now $1500). 

Ignoring all the advice about credit inquiries, I had an app spree and got denials from every which way. In the span of 2 months I had accumulated 30 inquiries. Out of all the applications, some of them were approved, mainly from Synchrony Bank (Visa/MC). Aside from the great feeling, I kept applying for credit mainly bc I was recently accepted to med school and will be moving and needed the extra funds while getting settled in a new city. (at least thats what i tell the CSR when calling the backdoor numbers)

 

Sorry for the long post and thank you in advance

 

 

6 REPLIES 6
Moderator

Re: AMEX/CHASE - Apply or wait


@np0218 wrote:

First, Id like to say thank you to all who have contributed on these forums.

 

Ive been gardening since January 2016, which i know isnt that long, but ive got the itch again so i thought id reach out for some help. Ive apped for AMEX before and have been denied for low credit score, too many recent inquiries, lack of credit history.

 

My question is:

Should I wait it out and garden a bit longer or should I give it a try? - have you tried the amex preapproval link to see if you're prequalified for any of their cards?  Your EX score is high enough but I would do one thing before you apply and that is to remove yourself as an AU from the account that has the late payment. It's recent enough to hurt your scores and be considered when you apply.  Make sure it's removed from reports first and then apply

 

What is a good starter card for AMEX? - I'd take a look at their cards an see what one fits your spending habits/  There is no point in applying for an Amex card just to have an 'in' with Amex.  A new card that is completely useless for your spending habits does you no good.

 

Approval Odds? - Impossible to know

 

When will the inquiries not affect my chances of approval? i know they stay on CR for 2 years and they dont affect score after 1 yr. But ive heard some people say 6 months? - they're genrally all taken into account but most creditors seem to focus on the last 6 months.  Fortunately Amex isn't that inquiry sensitive.

 

If anyone could please shed some light on Chase 5/24 Rule, does this rule apply to 5 Chase/Chase branded cards or ANY credit cards from any banks?  - All credit cards are included in the 5.24

 

FICO Score 8: 716(TU), 675(EX), 707(EQ) 

Util is 14%

AAoA: 2 years

Payment History: 98.5% - 1 30 day late payment in 2014 on a card that i am an AU 

Derogatory Marks: 0

Total Accounts: 15

Hard Inquiries: 30 

 

IF anyone wants to read, here is some quick history: 

24 yr old medical student with $65k annual income 

I recently got into the whole credit card obsession back in Oct 2015. Prior to that my oldest credit cards were 16 years old (CITI MC) and 4 years old (Cap1 Platinum MC) both of which I am just an AU. In oct 2015, I was approved for Cap1 QSone as a primary cardholder for $300 (now $800). Just the fact that i was approved was an amazing feeling. So I applied for the Cap1 Journey and was approved for $500 (now $1500). 

Ignoring all the advice about credit inquiries, I had an app spree and got denials from every which way. In the span of 2 months I had accumulated 30 inquiries. Out of all the applications, some of them were approved, mainly from Synchrony Bank (Visa/MC). Aside from the great feeling, I kept applying for credit mainly bc I was recently accepted to med school and will be moving and needed the extra funds while getting settled in a new city. (at least thats what i tell the CSR when calling the backdoor numbers)

 

Sorry for the long post and thank you in advance

 

 


Welcome to MyFico

Message 2 of 7
Member

Re: AMEX/CHASE - Apply or wait

Thank you so much for your feedback!

 

So for now, do you think the best gameplan would be to remove myself as an AU from the account that had a late payment and let those credit inquiries age a little bit more? By the time my CR reports that ive been removed from the AU account, most if not all of the inquiries should be at least at the 6 month mark. 

 

My EX FICO score was slightly above 700 just a month ago when my util was 6%, but had some expenses afterwards. I guess in the meantime i can also work on lower my util a little more. 

 

As far as which AMEX card, i was thinking between the EveryDay and BCE and maybe a charge card like the PRG

Message 3 of 7
Senior Contributor

Re: AMEX/CHASE - Apply or wait


@np0218 wrote:

Thank you so much for your feedback!

 

So for now, do you think the best gameplan would be to remove myself as an AU from the account that had a late payment and let those credit inquiries age a little bit more? By the time my CR reports that ive been removed from the AU account, most if not all of the inquiries should be at least at the 6 month mark. 

 

My EX FICO score was slightly above 700 just a month ago when my util was 6%, but had some expenses afterwards. I guess in the meantime i can also work on lower my util a little more. 

 

As far as which AMEX card, i was thinking between the EveryDay and BCE and maybe a charge card like the PRG


remove the au right away unless it will mess with your utilization (if it was a big limit card and you had other cards but none with big limits)

 

I would get the PRG 50k bonus especially if u want to fly with delta, and use the Everyday as a no annual fee place to park the points. 195 af waived the first year. you also would get two 50 dollar airline gift cards now, and two more after jan 1 2017.  must select airline first.

 

But.... the SPG card is at 35k right now and if u spend 5k on that card thats an easy way to 50k miles (xfer bonus) that have a ton of air transfer options, including delta.  so 1 experian inquiry, and easy way to 100k delta miles (in the event u didnt get the targeted 50/60k delta gold offer)

 

dont get the everyday unless u travel or are ok with gift cards.

EQ 730, TU 730, EX 720. INQs EQ-1, TU-9, EX-7 AAOA 4yrs Util 6% Inspiration: Themanwhocan's Cash Back Charts
Message 4 of 7
Moderator

Re: AMEX/CHASE - Apply or wait


@np0218 wrote:

Thank you so much for your feedback!

 

So for now, do you think the best gameplan would be to remove myself as an AU from the account that had a late payment and let those credit inquiries age a little bit more? By the time my CR reports that ive been removed from the AU account, most if not all of the inquiries should be at least at the 6 month mark. 

 

My EX FICO score was slightly above 700 just a month ago when my util was 6%, but had some expenses afterwards. I guess in the meantime i can also work on lower my util a little more. 

 

As far as which AMEX card, i was thinking between the EveryDay and BCE and maybe a charge card like the PRG


That's a very good plan and you should have no problems getting approved afterwards.  Getting the utilization down will help as well.   As for the Amex cards, those are very good choices and the combo of a revolver/charge card works well.  when you go to apply for the PRG sure you look for the 50K MR offer and not the standard 25K one.  Make sure you update us when you apply and good lluck.

Message 5 of 7
Moderator

Re: AMEX/CHASE - Apply or wait


@jfriend33 wrote:

@np0218 wrote:

Thank you so much for your feedback!

 

So for now, do you think the best gameplan would be to remove myself as an AU from the account that had a late payment and let those credit inquiries age a little bit more? By the time my CR reports that ive been removed from the AU account, most if not all of the inquiries should be at least at the 6 month mark. 

 

My EX FICO score was slightly above 700 just a month ago when my util was 6%, but had some expenses afterwards. I guess in the meantime i can also work on lower my util a little more. 

 

As far as which AMEX card, i was thinking between the EveryDay and BCE and maybe a charge card like the PRG


remove the au right away unless it will mess with your utilization (if it was a big limit card and you had other cards but none with big limits)

 

I would get the PRG 50k bonus especially if u want to fly with delta, and use the Everyday as a no annual fee place to park the points. 195 af waived the first year. you also would get two 50 dollar airline gift cards now, and two more after jan 1 2017.  must select airline first.

 

But.... the SPG card is at 35k right now and if u spend 5k on that card thats an easy way to 50k miles (xfer bonus) that have a ton of air transfer options, including delta.  so 1 experian inquiry, and easy way to 100k delta miles (in the event u didnt get the targeted 50/60k delta gold offer)

 

dont get the everyday unless u travel or are ok with gift cards.


That offer ends 3/31 and if he follows his plan, it's not likely to be available when he applies.

Message 6 of 7
Member

Re: AMEX/CHASE - Apply or wait

Sorry for the late reply, but thank you all for the tips and advice, I greatly appreciate it!

 

Just a quick update, I did hold off on applying for now, but I was reviewing my Experian Report and noticed some things that I would like someone to help me out with. 

 

FICO 8: 675

Util: 17%

 

Here's what threw me off:

 

Payment History: 0 Late Payments

Credit Inquiries: 44

Credit Inquiries (Last 6mo): 9

AAoA: 6 months

 

I checked all the accounts being reported to Experian and noticed that the credit card with 1 late payment that im an AU on, is not being reported. Also noticed that another account that i am an AU on was not being reported, which both cards ive had for more than 5 years, so that has affected my AAoA from 2 years on EQ and TU to 6 mos on EX.

 

 

I use Credit.com to keep up with my report and I know that scores from site like that and creditkarma do not reflect your real score. But I did purchase my reports through credit.com which redirected me to Experian.com and was able to get a 7 day trial for $1.  

 

I would like to know if I should pull the trigger and apply, since 0 late payments and 9 inquiries in the past 6mos? Or should wait to let my EX AAoA age a bit? 

 

 

For the charge card, I was thinking of the PRG, Id eventually like to get the Platinum since Id be traveling a lot in the coming years. Im not sure if I should start with PRG then get the platinum or go straight for the platinum?

As far the as the revolver goes, I was thinking the BCE or BCPreferred for the cash back?

 

Any thoughts, advice, strategies, comments are appreciated! 

 

Message 7 of 7
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