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youtube101

Applying for Amex card!

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Well, I have been toying with this idea of applying for an amex card as I want to move away from visa and mastercard as much as possible.

 

However, my credit ratings are not in great shape. My TU score is 664. There are three late payment entries and recent inquiries and high balances on two cards and lot of available credit.

 

The late payments were from 2006, 2007 and 2008. The recent one was from Nov 2008. 4 inquiries in the last 2 years. 2 of them are from MBNA with whom I already have a relationship.

 

I was going to send in paper application (for green charge card) and explain all the details in a cover letter.

 

Do you guys think that it is a good idea to apply now? I talked to Amex and they hinted at least 690 score for approval.

 

or

 

Should I wait until end of October for the recent late payment to be 2 years old? Is there going to be any increase in my score once the late payment hits 2 years ago mark?

 

I want to apply for this card this year as I plan to freeze on applying for new credit in 2011 and 2012 to be able to apply for mortgage in 2013 if the world still exists by then, lol.

 

If it is any useful, I have total credit limits totaling 35K and balances totaling 11k (bts done at good rates but I can not pay them back right away) but I am willing to voluntarily reduce the limits if Amex gives me a conditional approval. I make 57k/yr.

 

Thanks for all your help.

 

G

Edited by youtube101

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I've heard of people getting approved sub-700, but any reason why you don't want to wait to cross that threshold first?

Edited by Quasei2

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I've heard of people getting approved sub-700, but any reason why you don't want to wait to cross that threshold first?

 

We,, I can certainly wait until next year. But, interestingly, my score jumped to 726 as of today. What do you guys think?

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I don't think Amex is as concerned with your actual score as they are about your recent credit history. You said you have lates from '06, '07, and '08 along with 4 inquiries in 2 years.

 

I'm not saying you shouldn't apply. Your lates are more than 2 years old, after all. But I honestly think your chances are slim with Amex. I'd hate to see you use another inquiry and get nothing in return. Or they'll do to you what they did to me: give you a small limit and refuse to budge when asked to increase it.

 

I hope I'm wrong and you get approved. I honestly mean that.

 

Good luck.

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Thanks guys for all the replies. Well this is how the story goes: Last month, I had to use a visa that I stopped using for a while and that made my number of active cards from 3 to 4 and my TU score dropped from 726 to 696. That is a good data point for myself, so from now on, I will try to keep the activity on only 3 cards and see how that effects the score. However, on a good note, my CIBC late payment is exactly 2 years old (will be more than 2 yrs after this month's statement) and that boosted the score from 696 to 737. Right now, I am hoping and waiting to see what will happen once the number of active cards will drop back to 3 this month. Hopefully, I will cross the 750 mark.

 

Anyway, for now, I am holding on applying for Amex at least until the start of next year for the following reasons:

1. I will have reduced my debts a little bit more

2. I am expecting pay increase at work, so my income will be a little higher

3. From this point on, the score could only go up!

 

I will keep you all posted.

 

Btw, about the late payments, It is not in my hands anymore, I tried to get them off, but did not work and I guess I just have to wait. And about recent inquiries in the last 2 years, interestingly two of them were directly from Amex back to back, one of which, I did not authorize. I mean, they did a second one on request of reconsideration with in a 2 week period. The rest two are from MBNA with whom I already have a relationship.

 

Thanks,

Edited by youtube101

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Thanks guys for all the replies. Well this is how the story goes: Last month, I had to use a visa that I stopped using for a while and that made my number of active cards from 3 to 4 and my TU score dropped from 726 to 696. That is a good data point for myself, so from now on, I will try to keep the activity on only 3 cards and see how that effects the score. However, on a good note, my CIBC late payment is exactly 2 years old (will be more than 2 yrs after this month's statement) and that boosted the score from 696 to 737. Right now, I am hoping and waiting to see what will happen once the number of active cards will drop back to 3 this month. Hopefully, I will cross the 750 mark.

 

Anyway, for now, I am holding on applying for Amex at least until the start of next year for the following reasons:

1. I will have reduced my debts a little bit more

2. I am expecting pay increase at work, so my income will be a little higher

3. From this point on, the score could only go up!

 

I will keep you all posted.

 

Btw, about the late payments, It is not in my hands anymore, I tried to get them off, but did not work and I guess I just have to wait. And about recent inquiries in the last 2 years, interestingly two of them were directly from Amex back to back, one of which, I did not authorize. I mean, they did a second one on request of reconsideration with in a 2 week period. The rest two are from MBNA with whom I already have a relationship.

 

Thanks,

 

 

Try the Amex pre-selector first, that way it will only be a soft inquiry on you. This may help out instead of taking the hard hit and getting declined for the Amex.

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First of all, there is no pre-selector method for Canadian side. I wish there is one. Maybe they will have one next year.

 

On the good note, my score increased to 760 now. The reasons being that my recent late payment is 2 years old and that no. of cards that I utilize is 3 instead of 4 (4 made it drop, so I gained it back). At least for me, 3 cards in use seems to be good. Some time next year, I will make it 2 only.

 

We shall see and I will keep you posted guys.

 

Thanks,

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First of all, there is no pre-selector method for Canadian side. I wish there is one. Maybe they will have one next year.

 

On the good note, my score increased to 760 now. The reasons being that my recent late payment is 2 years old and that no. of cards that I utilize is 3 instead of 4 (4 made it drop, so I gained it back). At least for me, 3 cards in use seems to be good. Some time next year, I will make it 2 only.

 

We shall see and I will keep you posted guys.

 

Thanks,

 

 

Did you ever make to 2 cards? what happened? :) Hows your score now? :)

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First of all, there is no pre-selector method for Canadian side. I wish there is one. Maybe they will have one next year.

 

On the good note, my score increased to 760 now. The reasons being that my recent late payment is 2 years old and that no. of cards that I utilize is 3 instead of 4 (4 made it drop, so I gained it back). At least for me, 3 cards in use seems to be good. Some time next year, I will make it 2 only.

 

We shall see and I will keep you posted guys.

 

Thanks,

 

 

Did you ever make to 2 cards? what happened? :) Hows your score now? :)

 

Im working on the same thing... Got balances below 10%..Im just waiting for them to report then Im pulling the trigger on PenFed and Amex at the same time. Once/if I get those, Ill get a CC through my CU. Im saving them for last because I know I can get one with them because my relationship with them is good already.

 

I cant freakin wait to see if I get an Amex XD Its just a stupid card I know but I just love the idea of backdating later on if I need to :)

Edited by Chris Stone

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