AMEX Question...

[blazerein]

What is the best AMEX card for rebuilding credit? I used to have an AMEX card before (1995) and I want to open a new one so I can get my old history. How hard to get an approval? Thanks

[fused]

We need more info.

What are your FICO scores?

Are your reports dirty or clean? If dirty, what are baddies and how old are they?

Did your account with Amex in 1995 go bad?

How long is your credit history?

Have you applied for any credit in the last 6-12 months?

Do you have any open credit cards in good standing? If so, what are your credit limits and "reporting" balances (as shown on your credit reports)?

[Anonymous]

American Express Zync card seems to be the easiest to get. It has a small annual fee of $25 and requires cardmembers to pay in full every month. Good luck.

[blazerein]

FICO scores EQ 612 TU 633

4 baddies (30 - 60 days late back in 2005); 2 baddies (30 day in 2009) - sent out GW and waiting for response

1995 AMEX card ( Gold and Green card ) was in good standing and no lates

9 years of credit history

applied for 3 cards - CU approved for 1K, Chase and Cap One Declined

Open cards in good standing - Orchard 1350 CL with 700 balance, new CU card zero balance 1K CL

Mortgage in good standing

Installment loan in good standing

Car loan paid with no lates

[Anonymous]

I agree with fused, we need more information. Though I also don't think ANY Amex card is good for "rebuilding" credit...you should rebuild and then hit up Amex...

[haulingthescoreup]

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@blazerein wrote:

FICO scores EQ 612 TU 633

4 baddies (30 - 60 days late back in 2005); 2 baddies (30 day in 2009) - sent out GW and waiting for response

1995 AMEX card ( Gold and Green card ) was in good standing and no lates

9 years of credit history

applied for 3 cards - CU approved for 1K, Chase and Cap One Declined

Open cards in good standing - Orchard 1350 CL with 700 balance, new CU card zero balance 1K CL

Mortgage in good standing

Installment loan in good standing

Car loan paid with no lates

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When in 2009? I got in with AmEx with a 30 day that had just turned a year old, but that was before the credit crunch. You might do better to let any lates hit 2 years before apping, although I don't know if your previous cards closed in good standing will help. It's ominous that Chase and Cap One turned you down.

I'd advise letting your two cards cook and continue to build up clean recent history, especially the CU card, and then go looking when the lates hit two years. AmEx especially likes to see a record of clean, consistent recent history.

btw, there's nothing at all wrong with running with just two cards for now. You'll present a credit profile of someone who isn't credit hunting just for the heck of it.

[fused]

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@blazerein wrote:

FICO scores EQ 612 TU 633

4 baddies (30 - 60 days late back in 2005); 2 baddies (30 day in 2009) - sent out GW and waiting for response

1995 AMEX card ( Gold and Green card ) was in good standing and no lates

9 years of credit history

applied for 3 cards - CU approved for 1K, Chase and Cap One Declined

Open cards in good standing - Orchard 1350 CL with 700 balance, new CU card zero balance 1K CL

Mortgage in good standing

Installment loan in good standing

Car loan paid with no lates

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I agree with Hauling on many fronts. Wait for the lates to age, unless you're lucky enough to have them GWed off of your reports. If the lates are deleted and you can get your scores over 700, you stand a much better chance with Amex. Your nine year credit history will help you too.

[blazerein]

Thanks everyone for all your inputs. I really do appreciates it.

[Anonymous]

I agree! And, with 9 years of history and only those lates really hurting you, if you could GW them off you will be in good shape! If you can GW that late from 2009 off and then pay down the card with the 50% util. I think it will give you a bump in scores.

[smc733]

The fact that you don't have any baddies with AmEx is a good thing, as they have a way of not forgetting things. I would still wait till your lates mature, and perhaps wait for your last couple inquiries to get older. Two should be enough for rebuilding credit. The Zync is targeted to "building" credit for young people, not really rebuilding. I'd wait a little and go for Amex Zync after you have some time put in to rebuilding.