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Should I pull the trigger on AmEx?

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LTomBerry
Frequent Contributor

Should I pull the trigger on AmEx?

I'm very tempted to apply for an American Express Blue Cash Preferred right now but my inner voice keeps telling me to wait a year. Should I listen to him?

Here's what they will find on my EX:

(I PIF every month) (No baddies anywhere)

 

Open

USAA MC, $1200 Balance, $14000 limit, opened 10/2009

Discover More, $200 Balance, $2500 limit, opened 5/2010

Federal Student loan, $2400 balance, $10000 original amt, opened 09/2001

USAA Auto loan, $12000 balance, $15000 original amt, opened 07/2010

 

Closed

Macys  CC AU from 1999

3 auto loans from 2001, 2002, 2003

 

2 inquiries - Apr 2010, July 2010

 

I had an Amex Blue for Students back in 2002 - 2003 but it has fallen off the 7 yr cliff. (Still have the acct # so they can backdate)

FICO in the 720-750 range

Income $50k

There is a big gap in the 2004-2008 range where I went through my Dave Ramsey period and paid a lot of stuff off.

 

My main concern is that my current open cards have been open less than 2 years, I have heard the Blue Cash is the hardest card to qualify for and they want 2+ yrs history on CCs to get it. Also, if I decide to applyand they turn me down for that card will they automatically consider me for a different card so the hard inq doesn't go to waste? I suppose I cound get a green card or clear or something, then upgrade it after 12 months. Should I try or should I wait?


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

Take the FICO Fitness Challenge
Message 1 of 26
25 REPLIES 25
Anonymous
Not applicable

Re: Should I pull the trigger on AmEx?

How about get green or zync card now to get backdating effect to boost AAoA and go for blue cash preferred in next 3 months?

Message 2 of 26
LTomBerry
Frequent Contributor

Re: Should I pull the trigger on AmEx?

That's an interesting idea. The only problem I see is that I hear you have to have a card open for something like 12 or 13 months before you can change it to a different card. I'd rather change it than open a second card - I'm not really interested in having 2 AmEx cards, especially not 2 that have annual fees. But I guess having 2 won't really hurt anything because the AAoA will backdate. Hmmm, I'm gonna have to think about your idea some more.


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

Take the FICO Fitness Challenge
Message 3 of 26
ArisGreek
Frequent Contributor

Re: Should I pull the trigger on AmEx?

I may hold off. You do have a long credit history, but if you do not have balances reported from your CCs I believe AMEX has a rejection reason of not using your revolving lines.  I've seen some folks saying that AMEX likes to see a little balance report  (not excessive).  

 

But, you only have 2 inquiries which occured last year. I think it is up to you. I probably would wait but I'll let others chime in.  

 

===========
TU: 745(TU98) | EQ: 774 | EX: ? | NO BADDIES!
What's in my wallet? AMEX Platinum, United Presidential Plus World Elite MC, AMEX JetBlue, Nordstrom Visa Sig, Chase Sapphire Preferred, Discover More, AMEX Zync, Citi AAdvantage Plat Select Visa, Banana Republic, Home Depot
Message 4 of 26
Anonymous
Not applicable

Re: Should I pull the trigger on AmEx?

You can close green/zync before next AF hit. I'm more concerned about auto loan which is at 80% UTI will trigger auto-decline but you could recon to get manual review on that. 

Message 5 of 26
LTomBerry
Frequent Contributor

Re: Should I pull the trigger on AmEx?

I thought balance on an installment loan was not figured into utilization the same as revolving credit. It doesn't mean I'm maxing out my credit, it just means I'm a year into a 5-year loan.

@ArisGreek, I do have balances reporting on my revolving CC lines. I put all my monthly spending on my MC and use the Discover for the 5% categories. I pay in full after the statement but before the due date so my monthly balance reported is usually in the $1-2K range unless I made a big purchase that month.


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

Take the FICO Fitness Challenge
Message 6 of 26
LTomBerry
Frequent Contributor

Re: Should I pull the trigger on AmEx?

Next month I will receive my money from a travel voucher and I should have enough to pay off the student loan once and for all. Would I be better off doing that or putting the $2400 toward the car loan? I'm thinking pay off the SL because that will give me an extra $100 a month and it will improve my monthly debt to income ratio which I know is a big factor for AmEx.


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

Take the FICO Fitness Challenge
Message 7 of 26
doublespaces
Frequent Contributor

Re: Should I pull the trigger on AmEx?

Don't mess up your credit mix by paying off your student loan. keep that in mind.

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
=============
Amex: Zync, Gold Delta
Discover More
Chase Slate
Discover More
Message 8 of 26
Anonymous
Not applicable

Re: Should I pull the trigger on AmEx?

Do it. I just got a plat card and from what you posted you look better than I do...

Message 9 of 26
IowaGuy
Contributor

Re: Should I pull the trigger on AmEx?

Make sure you contact customer service and get the 100,000 mr points new plat members have been getting. That's a 1000 home depot gc or 6 domestic roundtrips with deltas 50% transfer bonus...if your not sure what I am talking about google up American express platinum flyer talk...
700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Message 10 of 26
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