New here, AMEX advice

[beech2292]

Hi everyone, been reading these forums for some time now, finally joined last night and pulled my FICO scores, they are in my Sig

I'm thinking about getting an AMEX BCE card, but thinking I should wait a little before trying to apply for it, but wanted your guys' advice before pulling the trigger on it (or not).

Little background info on me and my current credit. I am 21 so I don't have a very long credit history

My discover card has a 3.4k limit, Asked for a CLI about 1.5 months ago, upped it from 1.7k to 3k. Did a HP to get it raised. Next billing cycle ended and they gave me another auto CLI from 3k to 3.4k. I've had this card for about 10months now. CLI still isn't reporting on any of my Reports

My Chase card has a 3.1k limit on it, opened it about 3 months ago and that's the limit they started me at.

I am carrying a decent balance on both as of right now, Just went on a trip and charged all the gas, hotels, etc. but they will both be paid off by the end of next month

I have those, and currently 4 installment loans reporting on my account, 3 student loans that just went into repayment, and my car loan that I have had for a year and a half now. I have 0 late payments, and nothing bad on my reports. My gross income is just above 29k

My question is what are the chances I'd be accepted for a AMEX BCE right now? And what kind of line of credit would I be looking at getting?

My thoughts are I should get my current cards paid down first before applying, and maybe even wait till I get the Student Loans paid off first too? that'd be in about 6 months.

Sorry, alot to read, figured the more info I can give you guys the better you could understand my situation.

[Creditaddict]

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@beech2292 wrote:

Hi everyone, been reading these forums for some time now, finally joined last night and pulled my FICO scores, they are in my Sig

I'm thinking about getting an AMEX BCE card, but thinking I should wait a little before trying to apply for it, but wanted your guys' advice before pulling the trigger on it (or not).

Little background info on me and my current credit. I am 21 so I don't have a very long credit history

My discover card has a 3.4k limit, Asked for a CLI about 1.5 months ago, upped it from 1.7k to 3k. Did a HP to get it raised. Next billing cycle ended and they gave me another auto CLI from 3k to 3.4k. I've had this card for about 10months now. CLI still isn't reporting on any of my Reports

My Chase card has a 3.1k limit on it, opened it about 3 months ago and that's the limit they started me at.

I am carrying a decent balance on both as of right now, Just went on a trip and charged all the gas, hotels, etc. but they will both be paid off by the end of next month

I have those, and currently 4 installment loans reporting on my account, 3 student loans that just went into repayment, and my car loan that I have had for a year and a half now. I have 0 late payments, and nothing bad on my reports. My gross income is just above 29k

My question is what are the chances I'd be accepted for a AMEX BCE right now? And what kind of line of credit would I be looking at getting?

My thoughts are I should get my current cards paid down first before applying, and maybe even wait till I get the Student Loans paid off first too? that'd be in about 6 months.

Sorry, alot to read, figured the more info I can give you guys the better you could understand my situation.

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Student loan probably will have no effect.

If your EX is still in the 730 range... APPLY NOW!

but why BCE vs. BCP? makes no sense to me especially with bonus right now... if you REALLY don't earn enough to pay AF, next year downgrade to BCE.

[longtimelurker]

Re BCP vs BCE: people still don't seem to get this yet!   I think we need a slogan, maybe

"Friends don't let friends app for the BCE."

[bman86]

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@longtimelurker wrote:

Re BCP vs BCE: people still don't seem to get this yet!   I think we need a slogan, maybe

"Friends don't let friends app for the BCE."

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Can you PC from the BCE to the BCP?

[Creditaddict]

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@bman86 wrote:

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@longtimelurker wrote:

Re BCP vs BCE: people still don't seem to get this yet!   I think we need a slogan, maybe

"Friends don't let friends app for the BCE."

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Can you PC from the BCE to the BCP?

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LOL

you can PC after 13 months when it's moving up.

Amex will pro-rate AF... most likely really give it all back to you if you wanted to downgrade after a year and it's already billed... they are good about that... I really just don't get the applying for the lesser.... amex has the same credit standards for both.

[beech2292]

Yea, I'd probably do the BCP. I should use it enough to cover the yearly fee.

I also have been getting offers in the mail for a Citi ThankYou card and their Simplicity card. The ThankYou card offer is showing 0%apr for 21months and 11.99% after that, any input on those cards? Maybe do the AMEX and a Citi card? Or should I just stick with just the AMEX?

Thanks for the input, much appreciated.

[enharu]

Pay down your current cards and apply for the BCP. Your chances of approval are high.

The simplicity is a nice card if you need to put a balance on a card for an extended period of time. As for the TY card, apply for it in the branch. There is an ongoing promotion for unlimited 5X on gas, groceries and drug stores for the first 12 month.

[bman86]

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@Creditaddict wrote:

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@bman86 wrote:

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@longtimelurker wrote:

Re BCP vs BCE: people still don't seem to get this yet!   I think we need a slogan, maybe

"Friends don't let friends app for the BCE."

---

Can you PC from the BCE to the BCP?

---

LOL

you can PC after 13 months when it's moving up.

Amex will pro-rate AF... most likely really give it all back to you if you wanted to downgrade after a year and it's already billed... they are good about that... I really just don't get the applying for the lesser.... amex has the same credit standards for both.

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Good to know, thanks! I will be asking to change after I hit 13mo.

[beech2292]

Thanks for all the input so far. I'm thinking no matter what I'll wait unti my CLIs are reporting (Better chance for higher CL to begin with?), by then I should have them paid down enough to not effect their decision

[azguy13]

I agree with you. I would wait the six months to get the student loan paid off and also try to get your utilization down to 15% or so. Now remember, just because you pay down your cards on Monday doesnt mean to apply for another on Tuesday. Make sure your CR shows the student loan as paid and the credit cards are reporting accurate balances. 

I am sure you already know all this but I am jsut trying to reinforce it. I personally plan on applying for the NFCU Flagship card in 6 months or so but I need to wait for my report to look a little better. I have no CC debt but with 2 new CC accounts I need to let my AAoA mature to at least what they were at prior to the new cards. 

Sounds like you are a pretty responsible 21 year old so keep it up.