I just submitted an app and was approved for a Gold Amex Card. This is a card that I had never really contemplated having in my wallet until I joined this forum.
My myFico scores are in the 795 - 810 range across the board, my middle score is an 808 with TU. I have a mortgage, 2 auto loans and 3 credit cards. My credit usage is 23% and my AAoA is only 5.6 years. I have a bankruptcy that long ago fell off my credit report and no derogs since. I always qualify for the best interest rates, and I never worry that a credit app will be denied. I don't really nead a charge card. I usually use my debit card for all my purchases actually since I am currently trying to pay down a $7000 balance on the only card on which I carry a balance. Once that card is paid down, my plan all along was to transfer my purchase habits to that credit card and away from my debit card and PIF evrey month thereafter. I've been thrilled with my credit scores, for the last 10+ years actually. A score that was hard won after I dug myself out of a BAD credit situation in my early 20s.
It's my understanding that there isn't any difference in the interest rates I will qualify for with my current scores than there would be if I had perfect 850s across the board. The only reason I applied for this card was because of this board. I think I must have gotten caught up in all the excitement here of the never ending (except for a few select members who have already reached this goal) quest for a better (perfect?) score. The only reason I decided to apply for the AmEx is that I think I had an AmEx Blue in my early 20s which would (if I really did, and I can get them to backdate my account) help my AAoA and possibly help to raise my lowest score above that magic 800 number and move me closer to the elusive 850. Even if I'm remembering incorrectly about being a prior AmEx card holder, or if I'm correct but I can't get them to back date my account, I have been a corporate account member since 2006, so this new account will at least show a member since date of 2006. I'm thinking I might take a ding based on inquiries, but not a big once since I only have one other inquiry on my report. What I'm not sure of is will I take a ding on opening a new account, or will I get a boost? I'm sure whatever happens, I will recover quickly and I'm not in the market for new credit any time soon.
Ugh... Never a good idea to ask for advice after the fact, but here I am anyway... Am I nuts? Be nice. 
Welcome, and congratulations on the successful app!
With scores and utilization like that, it is unlikely you would be declined many cards at all.
As to the changes in your score, you probably will get a few points off for the new card, but it should recover quickly.
I will speculate, however, that if you want to get to 850, you have to start getting into the mode of "I could borrow, but my FICO score can't afford it". As one gets closer to 850, the utilization declines, and thus, actual borrowing declines. The FICO score is a measure of risk, and as the credit strength of the borrower increases, and the amount actually owed decreases, well, the risk decreases and here comes 850 
I myself hope to get to 800 by the end of 2015, then we'll see what the next phase is. I don't know if "debt free" is my style yet.
Good luck!
@Berk wrote:If you only applied for the card to apply for the card then you are wasting your money as this card has a fairly hefty annual fee. I cannot congratulate you on an approval for a card you didn't want or need. Why do you need to have a perfect FICO score anyway? Is it really worth all the effort just so you can tell people you have a perfect score? Too much work for me.
Agreed, if I had the perfect score i'd be enjoying the fruits of my labor left and right. I can't have a perfect score just for the numbers. I'd like the bragging rights of CC limits to match it also..
