No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
After a pitiful attempt at gardening I'm thinking I want to give up because I want an SPG sooo badly! I recently did a little app spree on 12/6/2012 and was shot down for the BCE and the Chase Freedom. (All I got was the super basic Citi Thankyou card)
I realize now that my util was WAY too high at that time, and I've significantly paid down my balances. As of today, my util is at around 17%. I am an AMEX member, so I wouldnt get a HP.
Do you feel its worth applying? Or waiting until I get the util < 10%? Also.. Amex is reporting my Experian as 693.
Any insight would help!
I think you'd have a better shot at it if your score was over 700, but what the heck, you can go ahead and apply now and if you get declined, you only have to wait 30 days to apply again. Like you said its only a SP.
Sure, it's just a soft pull, but if you're denied, you have to wait another 30 days. And, while a new application may not show on yoru credit report, I have a feeling that Amex keeps an internal record of member applications and includes them in its internal scoring model.
I suggest waiting until the utilization is under 10% before applying - maybe 3% or so reporting on one card. That'll give you a small bump in your score and increase your chances of success.
I'd take the shot now personally; also Amex is very much likely to be using a different algorithm than the classic '04 or '98 found here.
Saw an interesting bullet point the other day on another forum of a PSECU score at 660ish but an Amex EX approval score north of 700; poster stated that all his negatives were installment-loan related and suggested it was likely a bankcard-enhanced score as a result.
Still waiting for my own approval score from Amex for my own personal analysis.
Go for it. If you want it and it's a softpull for a decline, why wait? If you don't get it, they'll let you know why.
I thought we were into encouraging gardening around here...
Okay ... so excuse my ignorance here but 'what's SPG'??
American Express - Starwood Preferred Guest card
@constantgardener wrote:American Express - Starwood Preferred Guest card
Cool - Learned something new today I didn't know about (maybe because I'm no where NEAR being able to apply for this type of card)