How soon is too soon to apply for second Amex card, and which one would be good for me?

[MS00000000]

I recently opened a few new cards, and although one was an Amex that was backdated to 1995, the others caused my AAoA to drop to 6 years and it lowered my EQ from the high 690's (don't remember exact score) to 683.  I want to purchase a vehicle before the end of the year, but I am hoping to increase my scores enough that I get the best possible interest rate on the auto loan.  My basic credit picture is as follows:

• Chase Amazon Rewards Visa CL $1000 (opened in 2005)
• Local CU Visa Rewards CL $10,000 (opened in August 2010)
• Amex TrueEarnings CL $2000 (opened in August 2010, but reporting as opened August 1995)
• Home Depot Store Card CL $1000 (opened in August 2010)
• Best Buy Reward Zone Mastercard CL $500 (opened in August 2010)

I also have a mortgage that is not yet reporting, 1 paid medical collection that is just over 2 years ago, 1 30-day late from over 3 years ago, and a couple of closed credit card accounts still showing, and a PIF installment loan for my last auto still showing.

My utilization is currently 8%, and while some of the cards listed above have reported a balance, I have and will continue to PIF with the exception of the Home Depot card, which I just used with a no interest promo that will be paid off over the next 6 months.  Since the Amex is still new, I haven't been able to pay the unbilled charges yet, but will do so as soon as the system will allow me to, which should be in about a week and before the statement date. As of today the Amex is at 75% utilization, so I would not apply until after I am able to pay that down sometime next week.  All cards should report with zero balance except for Home Depot.

I have 5 hard inquiries on each EX and EQ and 2 on TU.  I've been looking at the Amex cards exclusively, because I really just want to get one to increase my scores and I know they will backdate the account.  But, the Costco TrueEarnings card was one of the first cards I was approved for last month and I think I only had 1-2 inq on EX and EQ at the time, and only one other new account that was probably not reporting at the time.

Does anyone have any advice on whether I should wait before apping for another Amex card, and if so, how long I should wait?  Also, what card might serve me best in general?  I thought a charge card might also help my score rather than another revolver. I have seen a lot of comments about people getting the Zync, and it has the lowest annual fee of the charge cards as well.  Also, is this a solid plan for increasing the scores, or should I maybe be doing something different?

Any advice would be greatly appreciated

[Creditaddict]

I would wait at least 6 months as you have a lot of new accounts.

Once you get a card like Amex, I probably would have skipped the Best Buy MC, it won't grow like your other cards

[Ron1]

I wait for six months to apply for Blue after getting Costco Amex last year. Amex Zync is a good card to have. I used it a lot on dining.

Ron.

[MS00000000]

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@Creditaddict wrote:

I would wait at least 6 months as you have a lot of new accounts.

Once you get a card like Amex, I probably would have skipped the Best Buy MC, it won't grow like your other cards

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Yes, I hear you loud and clear on the BBRZ MC. The only reason I got that was because I have a couple of utility bills that allow payment by MC, but no other types of credit cards and I thought I'd get a few little rewards for using a card like that to pay those specific bills each month.

[MS00000000]

So that's two votes for waiting 6 months. Unfortunately, that plan won't help me get the AAoA up before the end of the year. Do you think Amex would decline me, or would I risk some sort of hassle from them on the card I already have?  I could live with a decline, but don't want to rock the boat with the current card.

[Creditaddict]

I would go a 70/30 chance of being declined for another amex credit card BUT I would give you a 95% approval on a charge card and if all your trying to do is get your AA up then it doesn't matter what kind of amex you open you just need the backdate, so get the gold free for first year and next year close it if you don't want to pay for it

[MS00000000]

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@Creditaddict wrote:

I would go a 70/30 chance of being declined for another amex credit card BUT I would give you a 95% approval on a charge card and if all your trying to do is get your AA up then it doesn't matter what kind of amex you open you just need the backdate, so get the gold free for first year and next year close it if you don't want to pay for it

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Is the Gold easier to get than the Zync? I was thinking I'd keep whatever charge card I was approved for open, so the $25 AF seemed easier to swallow.

[Ron1]

Do you need to have another Amex now?  They might close your Costco Amex account or request additional financial document (F/R). I would wait six months if I were you.

Ron.

[MS00000000]

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@Ron1 wrote:

Do you need to have another Amex now?  They might close your Costco Amex account or request additional financial document (F/R). I would wait six months if I were you.

Ron.

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I am just trying to get my AAoA higher than 6 yrs before the end of this year to get a lower interest rate on an auto loan. I see no other way to do that besides adding another Amex that is backdated. Suggestions on alternate ways of doing this are welcome, but that's the only thing that seemed plausible.

[Creditaddict]

Zync is probably easiest