Hard Pulls and PRG as a stepping stone to BCE/BCP?

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tigerowl06
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Location: Seattle/WA

Postby tigerowl06 » Mon May 26, 2014 11:01 pm

Hey, congratulations on the new card!

I know how Chase arrived at their decision, it's just funny.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)


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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 12, 2014 2:06 pm

Digging up a little ancient history here...

I applied for the BCE yesterday and was instantly approved. They definitely pulled EX but not TU. I don't know about EQ yet.

I checked today and the limit is $6k, which is more than the $3k or $4k I was expecting. Now that I've passed the $5k mark, perhaps I can look forward to throwing out junk mail ads for nicer cards now.

2.5 months of an Amex charge card and 9 months of total credit history may be on the short side for getting an Amex credit card. I'm sure having investments helped, as well as using the card pretty regularly - averaging about 5 swipes a week. I also paid in full every 4 or 5 days.

Edit: I don't know the APR, either, so I might not have gotten the best available terms.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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onion
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Location: Jacksonville, FL

Postby onion » Tue Aug 12, 2014 2:10 pm

CarefulBuilder14 wrote:Digging up a little ancient history here...

I applied for the BCE yesterday and was instantly approved. They definitely pulled EX but not TU. I don't know about EQ yet.

I checked today and the limit is $6k, which is more than the $3k or $4k I was expecting. Now that I've passed the $5k mark, perhaps I can look forward to throwing out junk mail ads for nicer cards now.

2.5 months of an Amex charge card and 9 months of total credit history may be on the short side for getting an Amex credit card. I'm sure having investments helped, as well as using the card pretty regularly - averaging about 5 swipes a week. I also paid in full every 4 or 5 days.

Edit: I don't know the APR, either, so I might not have gotten the best available terms.


I think that AmEx is more willing to overlook a short history than most other lenders. I got accepted for both of my AmEx revolvers with pretty good limits at 10 months of credit history, and just got accepted for the Platinum at 11 months of history. My income is the same as yours, but my assets are pitiful. Congrats on the BCE! Great card, I love mine.
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 12, 2014 2:36 pm

Thanks!

If I continue to use the PRG sporadically, and then use MR points to buy stuff on Amazon, it will work out to about an effective 19% cash back over the life of the card. - so better than 3% on groceries!

...just not worth paying the AF by the time it would come around...

Maybe Amex is becoming less picky about who can get a credit card (as opposed to a charge card)? Or maybe a short history is okay so long as it is super-clean?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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onion
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Joined: Tue Jul 01, 2014 8:59 pm
Location: Jacksonville, FL

Postby onion » Tue Aug 12, 2014 2:43 pm

CarefulBuilder14 wrote:Thanks!

If I continue to use the PRG sporadically, and then use MR points to buy stuff on Amazon, it will work out to about an effective 19% cash back over the life of the card. - so better than 3% on groceries!

...just not worth paying the AF by the time it would come around...

Maybe Amex is becoming less picky about who can get a credit card (as opposed to a charge card)? Or maybe a short history is okay so long as it is super-clean?


I couldn't speak about charge card vs credit card with them as the only charge card I've ever had is my new Platinum. I think its just about having a pristine history, low utilization, PIF every month, and so forth.
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

Darrvao777
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Location: NYC

Postby Darrvao777 » Tue Aug 12, 2014 2:52 pm

CarefulBuilder14 wrote:Thanks!

If I continue to use the PRG sporadically, and then use MR points to buy stuff on Amazon, it will work out to about an effective 19% cash back over the life of the card. - so better than 3% on groceries!

...just not worth paying the AF by the time it would come around...

Maybe Amex is becoming less picky about who can get a credit card (as opposed to a charge card)? Or maybe a short history is okay so long as it is super-clean?


I would guess income has something to do with it too. I have a limited credit history but with a recent surge in income, have been instantly approved for both amex cards I've looked into

(interestingly, penfed is the only one to have rejected me. a copy of my job contract was not enough, only an actual paycheck copy would do. oh well.)
- Amex Platinum
- Chase Sapphire Reserve
- Visa Fidelity

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 12, 2014 2:53 pm

onion wrote:I couldn't speak about charge card vs credit card with them as the only charge card I've ever had is my new Platinum. I think its just about having a pristine history, low utilization, PIF every month, and so forth.


I don't know if a 61 day 3x CLI attempt would be very likely to succeed, as at least 60% of my available credit is now from Amex.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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onion
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Posts: 262
Joined: Tue Jul 01, 2014 8:59 pm
Location: Jacksonville, FL

Postby onion » Tue Aug 12, 2014 2:58 pm

CarefulBuilder14 wrote:I don't know if a 61 day 3x CLI attempt would be very likely to succeed, as at least 60% of my available credit is now from Amex.


I think you're able to get a bit more out of them, AmEx gave me an NPSL card as well as $18,000 in revolving credit and we have the same income. I'll report back when it comes time for my CLI later this month.
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

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CarefulBuilder14
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Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Fri Aug 15, 2014 11:35 am

It came today. There was no EMV chip but I will definitely request one before the next time I leave the country.

As far as the criteria for approval, my Experian FICO was 721.
The APR in 6 months goes from 0% to 21.99% - at the top of the 12.99% to 21.99% range for the BCE (good thing I PIF).

The adverse factors they considered were:
Length of time accounts have been established (9.5 months)
Lack of recent installment loan information (Never had one)
Length of time revolving accounts have been established (9.5 months)
Too many inquiries last 12 months (5 on Experian)
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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