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.
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.
Edited by youtube101, 31 August 2010 - 06:58 PM.