I'm Finally In (BCE Approval)

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Skycap
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I'm Finally In (BCE Approval)

Postby Skycap » Wed Sep 03, 2014 1:01 am

Third times a charm, right?

First time around cited:
    Too many credit card accounts on which, to our estimation, you have not paid the majority of the balance in recent months. (Experian)
    A credit card account balance is too high in relation to its credit limit. (Experian)
    Your FICO score. (687 at the time of this app)
    Our evaluation of the inquiries on your credit report based on the number, type and recency, (Experian)

I guess it was a wild shot, since my total util was around 22% with one of my cards at about 70%


Second time around cited (notice the change in order of some reasons):
    Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)
    Too many credit card accounts on which, to our estimation, you have not paid the majority of the balance in recent months. (Experian)
    A credit card account balance is too high in relation to its credit limit. (Experian)
    Your FICO score. (705 at the time of this app)
I had managed to get my util down to 14% and my previous high card to 65%, but I guess it still wasn't enough.

Third time around I was instantly approved for $2k at 22.99% APR (ouch). In either case, I should be in a position to talk down the APR in 15 months. This time around, my util was 8% with my highest util card still at 65%. My FICO with EX was 724 (after approval). I know that the Amex website showed me what my FICO was at that moment, I just forgot what it was.

Feels good... feels... different to finally be a part of the Amex crew. It's been a goal of mine since I started on my debt repayment and credit building journey over a year ago now.

Although, one thing I did notice was that each one of these applications showed up as an inquiry on my Experian report (pulled after Amex approval), I thought Amex only HPd if approved?
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500
Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700
First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500
Target $1,300 | Union Bank (FNB) $1,300

FICOs
TU:761, EQ:754, EX:732 (11/2014)
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PlyrStar93
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Postby PlyrStar93 » Wed Sep 03, 2014 1:17 am

If all the three inquiries show under "regular inquiries", then all of them are hards.

Congratulations on the approval and wish you go smoothly in resolving debts. While taking efforts to negotiate lower APR in the future, don't forget about 3X CLI after 61 days--normally it's based on the result of their most recent soft pull, and generally no hard pull is generated. Also it's always better to pay in full each month--you will not pay interest on purchases, and I have read AMEX prefers paying in full.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

Skycap
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Postby Skycap » Wed Sep 03, 2014 1:28 am

Ouch, 3 inquiries for sure then. Well, I suppose I'll be tending to a garden for some time now, 3 of my inquiries will drop off in the next 5 months or so.
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500

Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700

First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500

Target $1,300 | Union Bank (FNB) $1,300



FICOs

TU:761, EQ:754, EX:732 (11/2014)

[/size]

MemberSince99
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Postby MemberSince99 » Wed Sep 03, 2014 6:30 am

You are misinformed - people who are not members who apply ALWAYS take a hard for an application, UNLESS you are blacklisted in which case they do not pull your credit (ask me how I know that - personal experience).


Once you are a member, generally not 100% but 99.9%, if you are declined it is not a hard pull, but if you are approved it IS a hard pull. (Again how do I know? Personal experience).


So with Amex if you are approved it's ALWAYS a hard pull (sometimes all 3 if you are borderline) and once a member if you are declined the vast majority of the time they do not hard pull you.


Also as mentioned do not forgot about going for the 61 day 3X CLI attempt. Be sure to get your credit in great order well before you go for this as they use the last time they softed you.

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Sep 04, 2014 12:23 pm

Congrats on the approval! You get decent rewards and benefits with no AF.

Have you looked at balance transfer options? Or your balances are already at 0% or something close to it? Your BCE might be bad for balance transfers, though, so check those terms carefully. Some people get 0% balance transfer options with BCE, but I didn't, and I got a slightly lower APR at 21.99%, so I'm guessing you didn't, either. My Experian FICO that Amex saw was 721, which is lower than what Amex saw for you.

Try to avoid having to pay interest on your BCE. 22.99% is above their published semi-official APR range of 12.99% to 21.99%. Did they give you 0% on purchases for the first few months?

A 3x CLI attempt could work, but keep your hopes about it in check. They have already given you an unusually high APR which may indicate some concern. I can't speak from personal experience about this, though, as I've not yet tried to get a CLI.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

Skycap
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Postby Skycap » Thu Sep 04, 2014 2:03 pm

CarefulBuilder14 wrote:Congrats on the approval! You get decent rewards and benefits with no AF.

Have you looked at balance transfer options? Or your balances are already at 0% or something close to it? Your BCE might be bad for balance transfers, though, so check those terms carefully. Some people get 0% balance transfer options with BCE, but I didn't, and I got a slightly lower APR at 21.99%, so I'm guessing you didn't, either. My Experian FICO that Amex saw was 721, which is lower than what Amex saw for you.

Try to avoid having to pay interest on your BCE. 22.99% is above their published semi-official APR range of 12.99% to 21.99%. Did they give you 0% on purchases for the first few months?

A 3x CLI attempt could work, but keep your hopes about it in check. They have already given you an unusually high APR which may indicate some concern. I can't speak from personal experience about this, though, as I've not yet tried to get a CLI.


I think it is actually 21.99%, sorry about that. And yes, I did receive the 15 month 0% APR for purchases and balance transfers along with $100 statement credit when I spend my first couple thousand (I forgot how much) on it within the first 3 months. I still have 0% with Chase for a few more months, and just recently, Chase became my only card with a balance on it. I expect to have Chase paid in full by the time the card reverts to its regular APR.

As for everyone else, I'm thankful for our advice and will keep everything in mind as I go forward into building excellent credit while remaining debt free (or mostly debt free). Perhaps I'll be in the market for a new car in order to prepare for a home mortgage someday.
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500

Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700

First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500

Target $1,300 | Union Bank (FNB) $1,300



FICOs

TU:761, EQ:754, EX:732 (11/2014)

[/size]

Skycap
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Postby Skycap » Thu Sep 04, 2014 2:08 pm

The reason I'm half sure of my terms is because I only got to see my terms and conditions one time during the application process. I suppose I could call, but I think I'll just wait for that holy piece of plastic to arrive. I'll update you all then.
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500

Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700

First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500

Target $1,300 | Union Bank (FNB) $1,300



FICOs

TU:761, EQ:754, EX:732 (11/2014)

[/size]

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Sep 04, 2014 2:22 pm

Skycap wrote:The reason I'm half sure of my terms is because I only got to see my terms and conditions one time during the application process. I suppose I could call, but I think I'll just wait for that holy piece of plastic to arrive. I'll update you all then.


21.99% makes more sense.

How old is your credit history? To have a 724 right after a HP and one card at 65%, I'm guessing you've had credit for a while?

Or perhaps it is just that I've opened new credit lately and the pulls and low AAoA are keeping my FICO down for a few months.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

Skycap
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Postby Skycap » Thu Sep 04, 2014 2:46 pm

CarefulBuilder14 wrote:21.99% makes more sense.

How old is your credit history? To have a 724 right after a HP and one card at 65%, I'm guessing you've had credit for a while?

Or perhaps it is just that I've opened new credit lately and the pulls and low AAoA are keeping my FICO down for a few months.


My longest active account is approaching 8 years old with history reaching back 10 years as an authorized user on my Dad's credit card. Although my AAoA is only 2 years, probably lower now with a new account.
[size=60]American Express Blue Cash Everyday $6,000 | Bank of America Power Rewards $500

Best Buy $2,200 | Chase Freedom $2,500 | Citi Diamond Preferred $2,700

First Financial Bank $8,800 | Home Depot $500 | JCPenney $1,200 | Kohls $500

Target $1,300 | Union Bank (FNB) $1,300



FICOs

TU:761, EQ:754, EX:732 (11/2014)

[/size]

Ikarus
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Postby Ikarus » Tue Sep 09, 2014 10:30 pm

Skycap,

The terms you state are correct. I have the same 15 month 0% APR + 0% Balance Transfer deal + $100 cash back for spending $1500 in the first 90 days. It was an awesome deal that covers two holiday seasons with no interest.

My APR will jump to 16.99% in Feb.

I'll probably try my luck again for a CLI as the holidays approach. I'll be carry $0 balances on all cards at that point. (The balances I do carry now, minus AMEX, are PIF with no interest. Want to keep that up, for sure.)


Skycap wrote:The reason I'm half sure of my terms is because I only got to see my terms and conditions one time during the application process. I suppose I could call, but I think I'll just wait for that holy piece of plastic to arrive. I'll update you all then.
Merrick Bank (Hooters) 4100
Cap One Quicksilver 4800
Discover it 2500
Citi Forward 8000
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 7000
Cap One Visa Platinum 750 (CLOSED)



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