@mAndrew1980 wrote:Right now I have three things really hurting my credit profile.
1) Two new accounts opened in Nov 11 (shortening my AAoA to 5 years)
2) High reported utl%. It's currently reporting 49% ($1490 balance out of $3000 total credit) but will be 29% when the next statements update.
3) One charge-off from 2005 that is set to fall off within a month or two.
Pulled my EQ today and it is 679. I'm assuming when my utl% drops from 49% to 29%, I should be in the 680's. I was an AU with Amex back in 1999. If I added an Amex card, it would help my AAoA because it would hopefully back date to 1999. However the hard inq on EX would be my third in the last year. Plus my Barclays card is only three months old and might close or CLD (despite perfect payment history).
Thoughts on me app'ing for the Zync when my utl% is updated and last baddie. To be honest logically I shouldn't app for it because the card I want is Chase Freedom. But just though the improved AAoA with Amex might boost my score?
I would apply for it, just for the account age, and to have a good mix of revolving credit. Your score will get a boost from both the account age, as well as having 2 or more major CCs open. Maybe you can app for both the AMEX Zync and the AMEX PCP after the CO falls off instead of the Chase Freedom?
That will give you two new cards with a history from 1999. Chase is real picky about inq's.... so if you're dead set on the Chase Freedom, app for it before you go for AMEX. Amex approved me even after a Chase inq, I apped for AMEX Zync on 2/4/12, and I apped for Chase Amazon.com Platinum on 2/1/12... recon on Chase because of too many inqs (all mortgage related), and I had to prove identity for AMEX.
FICO 8: 
Goal: Gardening!
Goal: Gardening!
@webhopper wrote:
@mAndrew1980 wrote:Right now I have three things really hurting my credit profile.
1) Two new accounts opened in Nov 11 (shortening my AAoA to 5 years)
2) High reported utl%. It's currently reporting 49% ($1490 balance out of $3000 total credit) but will be 29% when the next statements update.
3) One charge-off from 2005 that is set to fall off within a month or two.
Pulled my EQ today and it is 679. I'm assuming when my utl% drops from 49% to 29%, I should be in the 680's. I was an AU with Amex back in 1999. If I added an Amex card, it would help my AAoA because it would hopefully back date to 1999. However the hard inq on EX would be my third in the last year. Plus my Barclays card is only three months old and might close or CLD (despite perfect payment history).
Thoughts on me app'ing for the Zync when my utl% is updated and last baddie. To be honest logically I shouldn't app for it because the card I want is Chase Freedom. But just though the improved AAoA with Amex might boost my score?
I would apply for it, just for the account age, and to have a good mix of revolving credit. Your score will get a boost from both the account age, as well as having 2 or more major CCs open. Maybe you can app for both the AMEX Zync and the AMEX PCP after the CO falls off instead of the Chase Freedom?
That will give you two new cards with a history from 1999. Chase is real picky about inq's.... so if you're dead set on the Chase Freedom, app for it before you go for AMEX. Amex approved me even after a Chase inq, I apped for AMEX Zync on 2/4/12, and I apped for Chase Amazon.com Platinum on 2/1/12... recon on Chase because of too many inqs (all mortgage related), and I had to prove identity for AMEX.
I'm not sure what the AMEX PCP is? But 2 cards from AMEX if they BD'd to 99 would give a better AAoA boost.....
Remember though, getting a new card to BD to an (AU) additional card member account can be a bit tricky. When speaking with them, don't mention AU, it confuses the person your speaking with, they don't have AU's, they only have "additional card members" with unique account numbers (if you have that number you should be golden, not the one on your CR, the one on the card). Also don't use the term "Back date", you simply want your "original membership date when you became a card member" (additional card member or not).
@mAndrew1980 wrote:Thanks that is very good information to know. I have copies of TU and EQ to find the specific account number. Hopefully it's on there. It's not, the numbers on your CRs are reference numbers for AMEX, used only for reporting, you need the number on your card or off an old statement if they can't just BD using your SS# if you have to call.
If not, I might be able to dig it up somewhere (It was my dads card). Didn't realize I needed to call in/speak to somebody to get the card to BD -- that is just didn't do it automatically. Being yours only goes back to 99 it might auto BD. Mine was 89 so I had to call several times (some have been lucky with auto BD even further back, YMMV).
Also I'm assuming it's essential that I wait for the charge off to drop before I apply, right? Yes. No chance of approval with it still on there? You'd be risking wasting an INQ, much better to wait if you can.
Would 29% utl be good enough for Amex or will they want it lower? It would boost your chances a bit at these marks 24% 19% 9%. The29% util isn't a deal breaker however.
Hope that helped a bit 