IWant850 wrote:Hi Friends...I am hoping to get a clear understanding of exactly
"when" I should go ahead an Apply for an AMEX and which Card
I should Go for??
I don't see anything in your OP that helps with giving you recommendations on which card. You really need to start with your requirements and use that to select specific products that suit you instead of selecting a creditor first and then trying to justify a card from that creditor. Where does the majority of your business spend go? What sort of volume does it have? If you're not comfortable sharing info like that you don't have to -- just do the math for your business spend and see which card offers the best rewards for your business spend. Certainly consider any other features and benefits that matter to you and share that info with us if you want recommendations from us.
What value can you attain for the redemption options that you can use with Membership Rewards (assuming that you're interested im Membership Rewards)? You need to perform this sort of analysis for any such rewards program whether it's Membership Rewards, Ultimate Rewards, Thank You, etc. You really need to compare the different programs and what value you can get if you're considering an MR card.
IWant850 wrote:With all of that, I do have (2) 6 Year old Collections on My Report,
one that is for about $750 and another for $487...and that although
they are Not Accurate, I was told NOT to Dispute them because
they are due to Fall Off...1 at the end of December and the other in
When is when these come off. Derogs tend to have significant impact. Your reports need to be clean and free of lates, collections, liens, judgements, etc. Dispute isn't the only way to address issues. Carefully research into your options. Be very careful as it is possible to make matters worse with collections. If you're going to rely on waiting for them to fall off then don't apply for anything until they fall off.
The low limits on your cards and the small CLI's are reflective of the concerns that your creditors have with your credit profile. If you want approval and high limits for business purposes then you need to have a credit profile that supports such approvals. This isn't unique to AmEx. It applies to any creditor out there.
IWant850 wrote:In June of this Year, CK indicated that I had a Very Good
chance for Approval for a Chase Freedom Card.
Don't rely on CK despite your experience. CK doesn't know anything about any product's underwriting criteria. At best it can correlate but remember that correlation and causation are not the same thing. Don't assume causality based on correlation. Additionally, CK gets referral fees so it's in their interest to get you to apply for cards using their links.
IWant850 wrote:so I have been carrying a 0% Utilization
on My Accounts.
Carrying is when you have a balance from one cycle to the next. If you're paying in full each cycle you're not carrying.
As for revolving utilization, it's the balances and limits on your reports that matter. Even if you're paying in full you can have revolving utilization reporting. It's all a matter of when you pay in full versus the report date. If you wait until a statement is generated and pay then a balance reports. If you pay off the current balance prior to the report date then a 0 balance reports. You don't want all of your revolving accounts to report 0 balances as there is a hit for that.
You really don't need to worry overy keeping reported revolving utilization extremely low anyway. Just aim to generally keep it under 30%. You can drop it when you apply for new credit, request CLIs, APR reductions, etc. Your prior revolving utilization doesn't matter -- just what's currently on your reports.
IWant850 wrote:BTW...My Scores (To Date) are as follows...
TU - 692
EQ - 716
EX - 646
What are the scoring models for these? You always need to consider the specific scoring model as well as the CRA. There isn't just one model used by all creditors. For AmEx only the model & CRA that they use in their decision matters. However, again, you need to start with your needs/wants versus arbitrarily selecting the creditor first.
ALL Feedback is Great Appreciated...as are Any Tips to help Me
Build My Credit Up as Fast as possible...
Building and rebuilding credit is a long, slow process. Don't expect quick fixes. You have serious issues with your profile that need to be addressed. You also have 3 fairly new accounts that are going to be concerns for the shape your credit profile is in. A stronger profile in excellent shape could easily handle a larger number of new accounts but you're going to be limited in how quickly you can add accounts until your profile improves.