Applying for an amex, should I wait?

[Anonymous]

I've been considering applying for an amex card. Mainly for the 3x CLI and soft inq for CLI requests. My CS are 754T and 756E. I have an unpaid collection for 1500 but it's 6yrs 3mos old. 3 CC. 1 secured Capone, 500CL. Capone 1600. Both 0 balances and a Chase 6000CL 2701 used aka 45% with an overall across all lines 33% Utilization. 1 new account and 2 inq coming in mid to late 2017 aug-sept area. 100% on time payment and a closed auto loan paid. I plan on paying off the 2700 in the next 2 months. My question is should I wait until I pay that off before applying in hopes of a higher CL? I'm not worried about being denied, just don't want a 1k limit or anything. The only thing that will have changed on my report is the utilization. Also, I recently applied for a CLI through Capone and got approved for a measly $150 And denied. Kinda thought it was bc my utilization or lack of using Capone. Any thoughts? Scores are via credit karma

[bourgogne]

karma scores are worthless.  go to creditchecktotal  and get your real ones for $ 1 and cancel.  I do apps with 0 % but everyone believes something different.  if you want a good sl with a amex revolver your scores should be north of 720 imo and your % nill. 

[mysterythemoon]

The unpaid collection is clearly going to be your issue, since it's for a not-insignificant amount. To counter that, you should probably should wait until you're at 0% util. What do you mean you were apporved for a $150 CLI and then denied? 

Remember, your Credit Karma scores are not the scores any reputable lender uses. CK is very useful, but you'll need to find out your true FICO scores. 

Are you pre-approved on AMEX's site?

[Anonymous]

I meant I was approved for 150 but denied the offer.

[thornback]

Amex pulls Experian FICO. Your Vantage (CK) scores mean nothing and are likely much higher than your actual fico given that collections item and high util. Take the other poster's advice and get your FICO for all 3 bureaus. Also, pay down your util to below 29% (below 8.9% is ideal). I'd also wait for that collection to fall off, especially since it's unpaid. You can request an early exclusion / removal from EX 1 month before drop date, TU 6 months prior, and EQ between 1-3 months prior. Then app for Amex if your EX score is 670 or higher. Above 700 should be your goal for amex, but I've also seen approvals for 670-699 ficos with a decent CL (depending on the card, of course).

[bourgogne]

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@Anonymous wrote:
I meant I was approved for 150 but denied the offer.

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the collection as long as its not with amex prob does not mean much.  payment history, scores and low % do

[HeavenOhio]

The CreditCheck Total advice is good. Sign up for their dollar trial and cancel.

The critical score for AMEX is your Experian FICO8. In addition to CreditCheck Total, you can get this score from freecreditscore.com and Discover Credit Scorecard. You don't have to be a Discover cardholder to take advantage of their free score. Don't sign up for these services all at once. Rather, spread them out throughout the month so you can get frequent updated scores.

As mentioned, you should ignore Credit Karma's VantageScores in favor of FICO. You should also ignore their account age stats and be aware that their utilization stats are often wrong. Their reports are great, though. That's their strength.

DON'T bring all of your card balances to zero. Your scores will be dinged fairly significantly for doing that. Rather, report a small balance on one card with the rest reporting zero.

[Anonymous]

What about the free fico via discover? Creditscorecard.com

Useful?

[thornback]

Yes. I believe that gives you your EX Fico08.

[bourgogne]

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DON'T bring all of your card balances to zero. Your scores will be dinged fairly significantly for doing that. Rather, report a small balance on one card with the rest reporting zero.

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what I meant was I am at 0% with amex before i apply for new products with them, you are correct as far as keeping one report.  brain dead