As others have said, go ahead and cancel any cards with an annual fee, and chill out on new cards for a year or so.
The only exception I would make would be to check the pre-qualification for an AmEx Blue Cash Everyday card, and go ahead with the application if you are pre-qualified.
IMO, there is a pretty strong chance of approval, most likely with only a $1k to $2k starting limit, but it can grow very quickly.
I had something like 12 new accounts, 9 TU inquiries, 690ish FICO scores, and still had a few late payments on my report when I was approved in October 2022 for one, but with only a $1k limit.
It grew to $27k in just over 9 months.
WOW! Our scores are so similar! Eq 784 Ex 777 Tu 772 I really don't think they'll give me that, but it's definitely worth a try, for the pre-qualification. Thanks man, I appreciate you taking the time out.
@Shmike wrote:Thanks very much for the information, I really appreciate it. I'm relatively new to this I just stumbled across this forum because I wanted to I have a better understanding of intricacies of credit I was on Reddit forums someone made a comment that people there were dumb and they should go over to my FICO for obvious reason I also like the comprehensive data in my fico's app and the fact that it's from the FICO company itself so adventure to Guess that they're accurate scores is that the case?
Yes of course the scores are accurate.
As I said I'm relatively new at this but I would like to grow my credit limit but not at the detriment to my scores is that going to be a contributing factor?
Soft pull credit limit increase requests will not hurt your scores. Hard pull credit limit increase requests will hurt your score.
I think I left out pertinent information on my first question I do have quite a few inquiries 7 EQ 8 TU & 16 EX
I assumed you had a ton of inquiries, since you acquired so many new accounts in so short a time. Which is why I'm advising you to slow down.
I was just recently offered VIA mail the bread card on the AmEx Network is this a viable card should I take the offer?
Yes it's a viable card but you should not apply for it now. You have too many new accounts and inquiries.
I've read some places that it's an SP not an HP. Can I take another HP? Perhaps just this last one
No.
and then fall back for a little while perhaps a long while and let my garden grow so to speak I'm sorry I'm just trying to answer questions that I wasn't able to find myself in the forums I don't mean to take you hostage but again any insight you can offer I'd appreciate greatly. Thanks very much once again! I apologize for my punctuation
No excuses. Next time use paragraphs and punctuation.
or lack thereof as I dictate my messages
@Shmike wrote:WOW! Our scores are so similar! Eq 784 Ex 777 Tu 772 I really don't think they'll give me that, but it's definitely worth a try, for the pre-qualification. Thanks man, I appreciate you taking the time out.
Your scores are much higher than mine were when I got my AmEx BCE card, and I had as many or more new accounts, and a few late payments on my report.
The starting limit may not be great, but it should grow quickly, just have to request a CLI every time they will let you.
Pretty good gas, groceries, and online shopping card too, with a nice sign up bonus.
If you do go for it and get it, lock all of your credit reports, and don't even think about applying for anything else for at least a year!
Haha! Okay, I'll try & clean it up a bit - thanks!
Denied for the AmEx blue unfortunately. So the bread card is out? The way I look at it is maybe I'll lose 10 points tops for opening another card. I'm above 750 on all scores...
@Shmike wrote:Denied for the AmEx blue unfortunately. So the bread card is out? The way I look at it is maybe I'll lose 10 points tops for opening another card. I'm above 750 on all scores...
You just need to chill and let some of your inquiries and new accounts age past 12 months.
@MikeyMagic wrote:
@markbeiser wrote:As others have said, go ahead and cancel any cards with an annual fee, and chill out on new cards for a year or so.
The only exception I would make would be to check the pre-qualification for an AmEx Blue Cash Everyday card, and go ahead with the application if you are pre-qualified.
IMO, there is a pretty strong chance of approval, most likely with only a $1k to $2k starting limit, but it can grow very quickly.
I had something like 12 new accounts, 9 TU inquiries, 690ish FICO scores, and still had a few late payments on my report when I was approved in October 2022 for one, but with only a $1k limit.
It grew to $27k in just over 9 months.Woe that's awesome! Question, I heard Amex is known for 1 of the few credit card companies that does income verification a fair amount. Would you mind explaining how you went from 1k to 27k in 9 months. Did they automatically give you increases and how long before each one? Or did you keep asking for CL increases? Also did you put a high income/salary on the application? Did Amex do any income verification on you during those 9 months and if so what triggered it? Thanks so much!!
No income verification checks, supposedly they don't trigger unless you are asking for >$34k CL.
I have a 6 figure gross compensation(barely), but only claimed $87k.
I requested a 3x CLI every 92 to 95 days after opening the account and got them the first 3 times. $1k->$3k->$9k->$27k.
I requested a CLI to $50k just after the one year mark, but was denied. I'll try for $34k next time I'm elligible to request one.