Re-app with Amex? What do y'all suggest...I keep going back and forth

[jlfce1]

Back at the end of May I applied for the BCE with Amex.  They pulled all 3 bureaus.   And in the end I was denied.  At that time they said because of a collection and my number of installment loans.  There isn't much I can do about the installment loans; they are student loans (undergrad and grad). I have about 9 under 3 different lenders...not sure why the report this way, but they do, so, that's that.  The collection should not have been on there and has just been removed from all reports (it was never on EX).  I called Amex and they said I have to reapply.  Do I NEED this card? No, but I thought it would be a nice card to have and I don't have a card with Amex. This would pretty much wrap it up.  So - do I go for it and re-apply and risk another 3 HP's?  I know for a fact my installment loans haven't changed so I'm wondering if this will still be a denial factor.

Also I have the Bank of America Cash Rewards and I've read on the threads that it's similar to the Amex for groceries and gas.  Not to mention, I was just approved recently for a Discover IT (June/$1200) and Chase SW (July/$10,500).  I've worked hard on increasing my CL's ($43,000 overall) and I'm fine where I am but I feel like I need to make the choice now bc I'm about to hit my 12 month out from applying for a mortgage mark......

AAof is different with each but EQ is the lowest at 4 years.  TU is at 5 and EX is at 6 (seriously annoying that some things report to some but not all).  Overall 11 years.

EX 721 EQ 690 TU 720

Income: 83,720.00 annually

30 day late from 5 years ago

Overall Util: 17% (I have a larger balance on my BofA  0% 12 month card)

If I was approved for this card it would complete my portfolio of prime cards. 

I'm so torn....I appreciate any suggestions to help push me over the edge to "do it" or "don't do it".

Thanks!

[myjourney]

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@jlfce1 wrote:

Back at the end of May I applied for the BCE with Amex.  They pulled all 3 bureaus.   And in the end I was denied.  At that time they said because of a collection and my number of installment loans.  There isn't much I can do about the installment loans; they are student loans (undergrad and grad). I have about 9 under 3 different lenders...not sure why the report this way, but they do, so, that's that.  The collection should not have been on there and has just been removed from all reports (it was never on EX).  I called Amex and they said I have to reapply.  Do I NEED this card? No, but I thought it would be a nice card to have and I don't have a card with Amex. This would pretty much wrap it up.  So - do I go for it and re-apply and risk another 3 HP's?  I know for a fact my installment loans haven't changed so I'm wondering if this will still be a denial factor.

Also I have the Bank of America Cash Rewards and I've read on the threads that it's similar to the Amex for groceries and gas.  Not to mention, I was just approved recently for a Discover IT (June/$1200) and Chase SW (July/$10,500).  I've worked hard on increasing my CL's ($43,000 overall) and I'm fine where I am but I feel like I need to make the choice now bc I'm about to hit my 12 month out from applying for a mortgage mark......

AAof is different with each but EQ is the lowest at 4 years.  TU is at 5 and EX is at 6 (seriously annoying that some things report to some but not all).  Overall 11 years.

EX 721 EQ 690 TU 720

Income: 83,720.00 annually

30 day late from 5 years ago

Overall Util: 17% (I have a larger balance on my BofA  0% 12 month card)

If I was approved for this card it would complete my portfolio of prime cards. 

I'm so torn....I appreciate any suggestions to help push me over the edge to "do it" or "don't do it".

Thanks!

---

Stop right there and save that HP for something you do need,will use and benefit from...IMHO

[jlfce1]

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@myjourney wrote:

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@jlfce1 wrote:

Back at the end of May I applied for the BCE with Amex.  They pulled all 3 bureaus.   And in the end I was denied.  At that time they said because of a collection and my number of installment loans.  There isn't much I can do about the installment loans; they are student loans (undergrad and grad). I have about 9 under 3 different lenders...not sure why the report this way, but they do, so, that's that.  The collection should not have been on there and has just been removed from all reports (it was never on EX).  I called Amex and they said I have to reapply.  Do I NEED this card? No, but I thought it would be a nice card to have and I don't have a card with Amex. This would pretty much wrap it up.  So - do I go for it and re-apply and risk another 3 HP's?  I know for a fact my installment loans haven't changed so I'm wondering if this will still be a denial factor.

Also I have the Bank of America Cash Rewards and I've read on the threads that it's similar to the Amex for groceries and gas.  Not to mention, I was just approved recently for a Discover IT (June/$1200) and Chase SW (July/$10,500).  I've worked hard on increasing my CL's ($43,000 overall) and I'm fine where I am but I feel like I need to make the choice now bc I'm about to hit my 12 month out from applying for a mortgage mark......

AAof is different with each but EQ is the lowest at 4 years.  TU is at 5 and EX is at 6 (seriously annoying that some things report to some but not all).  Overall 11 years.

EX 721 EQ 690 TU 720

Income: 83,720.00 annually

30 day late from 5 years ago

Overall Util: 17% (I have a larger balance on my BofA  0% 12 month card)

If I was approved for this card it would complete my portfolio of prime cards. 

I'm so torn....I appreciate any suggestions to help push me over the edge to "do it" or "don't do it".

Thanks!

---

Stop right there and save that HP for something you do need,will use and benefit from...IMHO

---

Sorry, I should elaborate on my need it.  I would use it. I would have rather had the Amex then the BofA. Since they're similar, I'm thinking I don't "need" it.

[FinStar]

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@myjourney wrote:

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@jlfce1 wrote:

Back at the end of May I applied for the BCE with Amex.  They pulled all 3 bureaus.   And in the end I was denied.  At that time they said because of a collection and my number of installment loans.  There isn't much I can do about the installment loans; they are student loans (undergrad and grad). I have about 9 under 3 different lenders...not sure why the report this way, but they do, so, that's that.  The collection should not have been on there and has just been removed from all reports (it was never on EX).  I called Amex and they said I have to reapply.  Do I NEED this card? No, but I thought it would be a nice card to have and I don't have a card with Amex. This would pretty much wrap it up.  So - do I go for it and re-apply and risk another 3 HP's?  I know for a fact my installment loans haven't changed so I'm wondering if this will still be a denial factor.

Also I have the Bank of America Cash Rewards and I've read on the threads that it's similar to the Amex for groceries and gas.  Not to mention, I was just approved recently for a Discover IT (June/$1200) and Chase SW (July/$10,500).  I've worked hard on increasing my CL's ($43,000 overall) and I'm fine where I am but I feel like I need to make the choice now bc I'm about to hit my 12 month out from applying for a mortgage mark......

AAof is different with each but EQ is the lowest at 4 years.  TU is at 5 and EX is at 6 (seriously annoying that some things report to some but not all).  Overall 11 years.

EX 721 EQ 690 TU 720

Income: 83,720.00 annually

30 day late from 5 years ago

Overall Util: 17% (I have a larger balance on my BofA  0% 12 month card)

If I was approved for this card it would complete my portfolio of prime cards. 

I'm so torn....I appreciate any suggestions to help push me over the edge to "do it" or "don't do it".

Thanks!

---

Stop right there and save that HP for something you do need,will use and benefit from...IMHO

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+1

It's something that you can eventually qualify for... maybe post-mortgage?  Besides, AMEX is not going anywhere anytime soon.  Sure, it would seem "rational" to add this to the portfolio "now" (more of a psychological effect than anything) but an item to keep in mind is now that the collection has been removed from your CRs, you have added 2 new TL's which would now lower the AAoA (to some extent) including the inquires that went along with those new CCs.

However, this is your decision.  No one on the forums can provide with full certainty how AMEX will rule on this.  Bottom line is whether you are willing to take the risk.

[myjourney]

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@jlfce1 wrote:

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@myjourney wrote:

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@jlfce1 wrote:

Back at the end of May I applied for the BCE with Amex.  They pulled all 3 bureaus.   And in the end I was denied.  At that time they said because of a collection and my number of installment loans.  There isn't much I can do about the installment loans; they are student loans (undergrad and grad). I have about 9 under 3 different lenders...not sure why the report this way, but they do, so, that's that.  The collection should not have been on there and has just been removed from all reports (it was never on EX).  I called Amex and they said I have to reapply.  Do I NEED this card? No, but I thought it would be a nice card to have and I don't have a card with Amex. This would pretty much wrap it up.  So - do I go for it and re-apply and risk another 3 HP's?  I know for a fact my installment loans haven't changed so I'm wondering if this will still be a denial factor.

Also I have the Bank of America Cash Rewards and I've read on the threads that it's similar to the Amex for groceries and gas.  Not to mention, I was just approved recently for a Discover IT (June/$1200) and Chase SW (July/$10,500).  I've worked hard on increasing my CL's ($43,000 overall) and I'm fine where I am but I feel like I need to make the choice now bc I'm about to hit my 12 month out from applying for a mortgage mark......

AAof is different with each but EQ is the lowest at 4 years.  TU is at 5 and EX is at 6 (seriously annoying that some things report to some but not all).  Overall 11 years.

EX 721 EQ 690 TU 720

Income: 83,720.00 annually

30 day late from 5 years ago

Overall Util: 17% (I have a larger balance on my BofA  0% 12 month card)

If I was approved for this card it would complete my portfolio of prime cards. 

I'm so torn....I appreciate any suggestions to help push me over the edge to "do it" or "don't do it".

Thanks!

---

Stop right there and save that HP for something you do need,will use and benefit from...IMHO

---

Sorry, I should elaborate on my need it.  I would use it. I would have rather had the Amex then the BofA. Since they're similar, I'm thinking I don't "need" it.

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I would say wait if you were triple pulled it usually means you were borderline and should increase scores for a better chance of approval

I would garden for the next 4-6 months and make a run again if you want it at that point. 

[sr383]

Have you checked your scores since the collection came off? Did it make a big difference?

If so, it might be worth it to apply now, but I think the others are right in suggesting you wait.

When you do leave the garden, though, (presumably after the mortgage) I would say that the BCE/BCP are much better cards than the BoA. BoA is only 2% back on groceries, whereas BCE is 3% (with no annual fee) and BCP is 6% (with a $75 annual fee that you'll probably more than make up for).

Assuming, of course, that you buy most of your groceries someplace that AMEX sees as a grocery store. ...

If not, Sallie Mae is probably better (5%, no fee, but a $250 monthly cap) or US Bank+ (also 2%, but probably more inclusive of the Wal-Marts and Fred Meyers of the world than BoA would be).

[jlfce1]

Thanks to all of you for taking the time to respond.  This is exactly the feedback I needed!

I will just sit tight until post mortgage.  By that time by scores will be even higher as my utilization will be down to <7%, the inquiries will be over a year old and the new accounts will be settled in a bit.

[jlfce1]

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@sr383 wrote:

Have you checked your scores since the collection came off? Did it make a big difference?

If so, it might be worth it to apply now, but I think the others are right in suggesting you wait.

When you do leave the garden, though, (presumably after the mortgage) I would say that the BCE/BCP are much better cards than the BoA. BoA is only 2% back on groceries, whereas BCE is 3% (with no annual fee) and BCP is 6% (with a $75 annual fee that you'll probably more than make up for).

Assuming, of course, that you buy most of your groceries someplace that AMEX sees as a grocery store. ...

If not, Sallie Mae is probably better (5%, no fee, but a $250 monthly cap) or US Bank+ (also 2%, but probably more inclusive of the Wal-Marts and Fred Meyers of the world than BoA would be).

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The collection was $231 and less than two years old. I have not checked the official myfico since it has dropped off, but per credit karma (which I know isn't fico and probably a little more dramatic of an increase) went up 72 points when it dropped off. Nothing else had changed.  I'll just take a breather....I'm cool with where I am for now so I'll wait to apply again.  Plus, the information you gave me is helpful to understand that it will be more beneficial for me to use the BCE/BCP in lieu of the BofA Cash Rewards. So I will take the plunge eventually!

[jlfce1]

I decided I couldn't wait and put in my app for Amex BCE...APPROVED instantly! 10K  super excited. My portfolio is complete!!  I don't have any wants for any further cards.

I didn't app for the BCP because it's going to be rare if I even hit the grocery limits on the regular BCE.  I'll use my BofA Cash Rewards for Gas when 5% for Discover isn't being offered.

[09Lexie]

Congratulations! That's a nice CL!