How long to lay low after rejection?

Anonymous · ‎12-27-2014

Early this month I got declined for Amex's BCP due to too many inqs. Before september I was new to credit cards besides my four year old Wells fargo student card. When I got a job late september I did some educated and some impuse applying. Here's what I got:

Late September:

BankofAmericard($5000) - Mistake

Capital One($3000) - Good signone bonus and I didn't know about citi DC yet

October:

Chase Amazon Rewards($2000) - The $30 off purchase, maybe not worth it

Amex PRG - Got a 50,000 rewards point signon bonus definitely worth it, definitely ditching before the year's up

Early November:

Citi DC ($2500) - 2% > 1.5%

Some of these were probably not the smartest choices, but so it goes. Then December I applied for Amex's BCP and got rejected due to too may inqs and new accounts. The BCP could save me > $100/year on groceries, but I don't want to put any more inqs on my report by applying again too soon. They pulled my EX which has taken inqs from everything ever (including our realtor for our new apt), and the score is now ~695.

I basically want a grocery card. Right now I've been using the Amex PRG, but I'm going to close that before the AF kicks in and 2% is not that great anyway. I could also apply for the Sallie Mae rewards Barclay card, since I've heard they pull TU and my TU only has one inq on it. Would my chances be better on that, or would they still know I had just gotten a lot of new cards? Or should I just lay low and apply for the Amex after a bit? How long?

Any thoughts on any of this?

Thanks!

Anonymous · ‎12-27-2014

Since you are already an AMEX cardholder, you should not have a hard inquiry from your application you recently did with the BCP as they give a soft pull for denial and hard pull for approval. I would say try to give a shot at the BCE or the Everyday, possibly.

Anonymous · ‎12-27-2014

I would think 3-6 months before reapplying. By then your inquiries won't hurt as badly. Good luck.

Anonymous · ‎12-27-2014

@Anonymous wrote:
Since you are already an AMEX cardholder, you should not have a hard inquiry from your application you recently did with the BCP as they give a soft pull for denial and hard pull for approval. I would say try to give a shot at the BCE or the Everyday, possibly.

You're right!!! I checked my credit report and Amex only gave me a soft pull for the rejection. So does that mean that applying has no affect on my credit report or future chances of being accepted? I can just apply every few months until I'm accepted?

If I can't get the BCP the BCE would definitely be an alternative, although the signon bonus and rewards aren't quite as good since I spend >$300/mo on groceries.

Anonymous · ‎12-27-2014

Technically, you are correct. AMEX performs around 2 soft pulls each month on me (of course to make sure I am on my good behavior, lol).

I'd say give it a shot on the BCE. If not an instant approval, wait 3 months.

If you are approved, do not be spooked by a low credit limit. Remember you can always do the 61st day 3x CLI for AMEX's!