I want an AMEX !!

[Manny121]

Pretty new to this credit stuff and after having 2 approvals in the past 4 days (Freedom & Discover it), I've really started to give thought to what my next card would be and I would looooveee to add an AMEX to my line up. The question is when ? For now I just had thoughts of gardening it for a while and waiting for my score to go up more ....just dont know how long I should wait it out ...I had very minor bumps in my credit history and as of now I have no derogs and all my current cards are in good standing ...prior to me obtaining the 2 new acqisitions, I had a 70% util rate which should decrease once my two other cards are reported (of course i'll keep paying to bring them the lowest possible). Any suggestions ??? My CS FAKO is 683 .... Thanks in advance.

[myjourney]

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@Manny121 wrote:

Pretty new to this credit stuff and after having 2 approvals in the past 4 days (Freedom & Discover it), I've really started to give thought to what my next card would be and I would looooveee to add an AMEX to my line up. The question is when ? For now I just had thoughts of gardening it for a while and waiting for my score to go up more ....just dont know how long I should wait it out ...I had very minor bumps in my credit history and as of now I have no derogs and all my current cards are in good standing ...prior to me obtaining the 2 new acqisitions, I had a 70% util rate which should decrease once my two other cards are reported (of course i'll keep paying to bring them the lowest possible). Any suggestions ??? My CS FAKO is 683 .... Thanks in advance.

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Congrats on the new cards 

IMHO wait at least 6 months and a month after UTL is paid down to under 9% 

What other cards do you have limits and balances?

[09Lexie]

Wow 70%! Definitely wait until the cards report and then garden them.

[Manny121]

Thanks ! ...well right now the cards that I have are Bank of Americard limit: 1K ..I owe about $700 ..which im planning to pay down soon ....I have two Cap One cards ..one with a $750 CL and the other 1K CL ....owe about $400 on each ...definately will be lowering those ...and a Macys store card which I owe about $250. My plan is to wait it out a bit and pay down on these cards ...but I had some hope that once my other 2 cards kick in my util will lower ....but I guess my best bet is to garden it out a bit ..ughh

[Manny121]

Yea ...I guess the best idea is to wait then ...my AMEX card will have to wait about 6 months .....which is not too far ahead.

[myjourney]

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@Manny121 wrote:

Yea ...I guess the best idea is to wait then ...my AMEX card will have to wait about 6 months .....which is not too far ahead.

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Not far at all and a wise choice to wait Amex can be your Christmas gift to yourself 

Best wishes

[Manny121]

Yes ..you're definately right about that...thanks !!

[LS2982]

I would definitely wait 6 months and get the util down below 10% before going with AMEX.

[p-]

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@Manny121 wrote:

Bank of Americard limit: 1K ..I owe about $700

Cap One cards ..one with a $750 CL and the other 1K CL ....owe about $400 on each

Macys store card which I owe about $250

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Here's what the underwriters at Amex will see when you have to recon:

-More than 1 card with a balance

-Multiple new accounts

-High Utilization

-New lines with high limits

This makes it look like you're new to this level of credit and it's getting away from you.  

You want them to see:

-Only 1 card with a balance.

-All accounts over 6 months old, most accounts over 1 year

-Utilization totals less than 5% of overall available

-High limit cards established and seasoned.

I would advise patience.  

[Manny121]

Yea ...definately a good point. The excitement of possibly having one was getting my hopes up, but in the long run will be good for me if I wait and lower my util ...To the garden I go for 6 months !!