Am I ready for AMEX?

[Backsightzero]

Hello!

I was wondering if you guys/gals think I might be qualified for an AMEX card or if I should wait for a while. My Credit profile is as follows:

Income: $58K/yr, HHI Total ~$88K/yr

EX: Clean, no baddies, no lates, no derog/etc. 1 INQ (For the cap one), FAKOs have me between 720-770

Les Schwab - Other/Revolving? OPEN - 9yr/9mo. old,  Paid as agreed (Haven't used it in a LONG time) $479 High Bal., $0 Current

Omni Financial - Installment CLOSED, Paid as agreed, 9 yr old $2589.00

Omni Financial - Installment CLOSED, Paid as agreed, 9 yr old $4565.22

Cap One Secured - Revolving OPEN, Paid as agreed, $500 Limit, $36 Current (PIF each month, I just go about 5-8%) Opened Jan/1/14

TU/EQ:

Same Les Schwab and Cap one info above.

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So I was thinking maybe July. I'd really not like to put any more money down on the Cap 1 as I don't really NEED credit of any kind at this point. I'd really like to get the BCP, then I would use it for gas/groceries as I would hit the cash back limits easily but I know my file is thin.

Should I go for the BCP right off the bat or try for the green first to get in without potentially wasting a HP and build history for what, 6 months then go for BCP? Any advice is appreciated!

Thanks!

[DaveSignal]

You could try it right now and at least if you don't get it, you will get a list of things to improve before trying again. But your lack of revolving history is a clear problem. You would have a better chance if you gave your secured card at least 6 months of history.

[Backsightzero]

Thanks Dave! Yes, I wouldn't pull the trigger in any fashion until at least July. Are you referring to apping for the BCP directly or just go for the green?

[DaveSignal]

I would directly apply for the BCP. I don't think that the card is so magnificent that its worth applying for a card you don't want with an annual fee in the hopes that it will increase your chances. Amex will pre-screen offers as well. You could try putting your credit info in on their website and see if anything comes up. If not, you need to keep gardening your new secured card.

[Backsightzero]

Ok I will try that Dave, thanks for your help!

[striehl8212]

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@Backsightzero wrote:

Ok I will try that Dave, thanks for your help!

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Some good advice from Dave. If you wait to July, apply for whatever AMEX you personally want. Don't settle. I did the pre-screen and it said I didn't have any offers, but I applied and instantly approved for $6,000. I have the Blue Cash Prefered and love it!! Good luck!