Amex Costco TrueEarning

[AC0308]

Hi All - 

I'm new to this forum and was hoping for some feedback. I've recently began to pay off my accumulated debt and I currently owe 2,807 out of 5,450.  More specifically I have My Amex charged right to the limit since I've been focusing on paying off the cards that have interest. The Amex has been open since 6/13. Anyway, I'm now interested in applying for the Costco card, but I'm guessing I should wait until all my balances are way lower, especially on the amex?

Just throwing it out there Forgive me if I don't make any sense or am in correct in how/where I am posting this.

Thanks!

[tntexans72]

Have you hit the 61 days CLI from Amex yet?

[AC0308]

Yes, and I was shot down, but at that time all of my cards were maxed out. In my defense I've never made a late payment on anything. lol

[JediNeo]

So you already have one AMEX near your CL and other TL reporting a balance? Now you wish to apply for the AMEX TE, is that correct?

It appears you have already maxed out the AMEX within six months. If that's correct I'd wait to apply and focus on lowering your balances.

[AC0308]

Yes. I have my Amex that is near it's limit, but I am constantly paying on it and charging more. I run all my cash through it. The only other balance I have showing is 832 on the chase card. The Cap1 and Elan card all paid off.

I'm thinking that Amex would laugh in my face at this point, and I should pay off the remaining chase and lower my balance on my amex before trying anything...

[AC0308]

I should also mention that I'm aggressively paying these off, so the Chase card will have a zero balance as of Feb 1 and  I can have the Amex paid off by 3/15/14

[titanofold]

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

[alvon123]

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@titanofold wrote:

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

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+1

[AC0308]

Thanks for the feedback. I believe I knew that would be best, but I just needed to hear it from someone else! Out of curiousity, would it hurt to try now anyway? My understanding is that it would be a soft pull?

[Pat94108]

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@titanofold wrote:

Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.

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+1. If you apply now with all the balances and the near maxed out credit card, Amex will think you're desperate for credit and that's not a good thing.