General advice

[howardroark]

Sorry, I was mistaken. For some reason I thought the Zync was a revolver. Not sure why I thought the easiest AMEX card to get approved for would be a revolver, my mistake.

So here is the new plan:

I will send a check to HSBC to get my CL increased to 10k ASAP (I know you told me to wait, but they are slow as molasses, like 30-45 days of processing).

After 30 days, I will apply for an AMEX charge, likely Green.

Regarding the last point, if they pull from Exp again, that will bring me to a grand total of 6 inquiries. Won't that be a problem?

Additional note: I called the Recon number for Discover. They wouldn't even entertain giving me an increase until 6 months in.

[webhopper]

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@howardroark wrote:

Chrashem,

Income is currently 93k/yr.

Unfortunately, RE: AAoA of 1 year - I just got approved for the Discover, which brings my AAoA down to 6 months. This then foils the AMEX 2012 account holder plan, because in December 2012, my AAoA will only be 10 months. However, I am pre-selected (I know this does not mean much) for AMEX Green/Gold Charge: is that a good way to get a foot in the door with AMEX? I could apply for that in December 2012.

Great idea on the adding to my secured card. For some reason I did not think you could add to it after you sent the initial check. I can comfortably add enough to get me a 10k CL on that card, although I would rather invest the money. A price I am willing to pay to build my credit.

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I agree that this is a great idea.  It will help you out a lot.   On your radar for 2013 should be a Chase Freedom card.  Chase will likely try to match your highest limit card, and if you've increased your deposit on Orchard, then you're going to be setting yourself up for success in 2013. 

Amex Zync is a great card...  Also, other charge products are great.  If you could get in the door with Amex with a charge product, you'll be setting yourself up for future success with Amex.   They are good to work with, friendly customer service, and the charge card product is great for having a high spending limit for those who plan on paying in full.  With your income, you're a shoe in for an Amex.  

[webhopper]

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@howardroark wrote:

Sorry, I was mistaken. For some reason I thought the Zync was a revolver. Not sure why I thought the easiest AMEX card to get approved for would be a revolver, my mistake.

So here is the new plan:

I will send a check to HSBC to get my CL increased to 10k ASAP (I know you told me to wait, but they are slow as molasses, like 30-45 days of processing).

After 30 days, I will apply for an AMEX charge, likely Green.

Regarding the last point, if they pull from Exp again, that will bring me to a grand total of 6 inquiries. Won't that be a problem?

Additional note: I called the Recon number for Discover. They wouldn't even entertain giving me an increase until 6 months in.

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In my recent experience, Amex does not care about inquiries.  I was approved for Zync with 15+ inqs reporting on EX.  chase does, however, they love Amex, and when I reconned my Chase card, the rep even mentioned my Amex account as a positive, and it helped grease the wheels for a Chase approval

[howardroark]

That is good to hear about inquiries. It is definitely something I have worried about if I do choose to be agressive with my applications.

[howardroark]

Really annoying: HSBC cashed my check for 10,000, but they only raised my limit to 5,000. I had was on the phone for an hour and half with clueless customer reps until they transferred me to a U.S. representative. Apparently the max I can deposit is 5,000. Thanks a lot, the rep who told me 10,000 would be fine to send in!