Opening a New AMEX with a hard limit. Suggestions?

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Crashem
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Location: San Francisco, CA

Postby Crashem » Mon Sep 10, 2012 9:52 am

Great advice on bce/bcp card. Going to give you some advice on what to look at.

1) Amex is great because of backdating. Essentially every card you open will show that is was opened in the year where you opened your first Amex. Around 15% of your credit score is made up of your depth and breath of credit file of which average age of accounts (aaoa) is a primary indicator. So Amex can really help your credit by increasing your aaoa.

2) you should join the special military affiliated banks/credit unions. Some are only available to active duty. The following are usaa, Penfed, and nfcu. Usaa is pretty great all around. Penfed is extremely competitive with its products but high credit standards. Nfcu is ridiculously generous with credit line sizes and approvals compared to credit scores.

3) if you are going for auto loan soon, DO NOT apply for any cards. It will actually probably hurt your credit score. The only circumstance you should is that you are holding significant balances and want to reduce your utilization. My advice is the following assuming your util is low: when ready tomget car, join Penfed which will require inquiry on equifax. They have lowest auto loan rates and same inquiry for joining can be used for all credit products applications for 3 months. Use Penfed for auto loan unless you get rejected or get 0% from manufacturer. Do not make mistake of letting auto dealer push loan application all around. Walk in with Penfed check. In same month car is taken care of, get Penfed plat rewards visa (best gas card on planet). Then join nfcu and app for card from them. In January 2013, app for Amex credit card such as bce/bcp (for max backdating). There is certain order to all this. Feel free to ask why in this order. Also, give me member year on amex as that might change when you app for Amex. Also, what is your current aaoa, and current credit card limits and utilization?
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k


Jslimm1985
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Location: Fort Dix, NJ

Postby Jslimm1985 » Tue Oct 16, 2012 9:27 am

Thank you so much. Never knew how beneficial Penfed could be.
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

enochyoo
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Location: nyc

Postby enochyoo » Tue Oct 16, 2012 6:59 pm

Sorry to threadjack but I have a question. Is it better to apply for AMEX BCE this month or wait until Jan 2013, I dont understand the dating focus point.

Thank you.

Jslimm1985
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Joined: Wed Sep 05, 2012 8:13 am
Location: Fort Dix, NJ

Postby Jslimm1985 » Fri Oct 26, 2012 10:07 am

Sorry for the delay in my response. My member year is 2011, my curren AAoA is 5.1 years, limits can be found in my signature block and current utilization is 28%.
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

Jslimm1985
Platinum Member
Platinum Member
 
Posts: 80
Joined: Wed Sep 05, 2012 8:13 am
Location: Fort Dix, NJ

Postby Jslimm1985 » Fri Oct 26, 2012 6:26 pm

Sorry for the delay in my response. My member year is 2011, my current AAoA is 5.1 years, limits can be found in my signature block and current utilization is 28%.
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

UPS Gregg
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Location: Tennessee

Postby UPS Gregg » Sun Oct 28, 2012 10:00 am

Jslimm1985 wrote:Hello all. I'm new to the forums so just to give you a little bit about myself.....

I'm a 26 year old servicemember (Army E-6)
I have 700s+ across the board
My first Amex was the Green (1/2011)
I've since then upgraded to the Gold Regular (2/2012) with pre-approvals for PRG and Platinum.
On average I charge 3-4k on my Gold and pay with no problems.

I'm looking to boost my credit scores just a tad as I am on the market for a new vehicle. I'm looking at staying with Amex simply because I've had nothing but great experiences with them. Any recommendations on revolving AMEXs? Once again, I'm simply looking to bump up my scores by increasing my overall credit limit (16K).

Any insight would be greatly appreciated! ;)


I've heard that if you plan on getting a car loan it's not a good idea to have any recent hard pulls on your credit. Also....do not be fooled by 0% financing. Research it first. Many times people pay more for a car at 0% than if they had financed at 3%. The dealers raise the price first to make up the loss. A USAA rep actually confirmed that for me but I learned from Dave Ramsey first.
Current FICO: 805 (Equifax)

Current Cards:

*USAA Platinum MasterCard CL-$1,000.00
*USAA Signature Visa Card CL-$15,000.00
*USAA Rewards Amex CL-$15,000.00
*HSBC Best Buy Card CL-$3,300.00
*Amex Macy's CL-$8,000.00
*JPMorgan Chase Marriott Rewards Premier Visa Signature CL-$20,000.00

Jslimm1985
Platinum Member
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Posts: 80
Joined: Wed Sep 05, 2012 8:13 am
Location: Fort Dix, NJ

Postby Jslimm1985 » Mon Nov 05, 2012 8:05 am

UPS Gregg wrote:I've heard that if you plan on getting a car loan it's not a good idea to have any recent hard pulls on your credit. Also....do not be fooled by 0% financing. Research it first. Many times people pay more for a car at 0% than if they had financed at 3%. The dealers raise the price first to make up the loss. A USAA rep actually confirmed that for me but I learned from Dave Ramsey first.


Agreed. I can see a price hike on a vehicle with "0% financing". I'll have to dive into the topic and do a little research. Thank You.
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

Jslimm1985
Platinum Member
Platinum Member
 
Posts: 80
Joined: Wed Sep 05, 2012 8:13 am
Location: Fort Dix, NJ

Postby Jslimm1985 » Tue Nov 06, 2012 4:32 pm

Another question to the forum....

I've decided to go with the BCP. My member since date is 01/2011. Does it matter when I apply, to achieve my back dating? I've been told to wait until I've hit my "Member Since" month in order to do so. Is this true?
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"

Vermonster
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Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Postby Vermonster » Wed Nov 07, 2012 12:15 pm

I believe it goes by the month you open the new card, and the year of your first card. So you should wait until January so it will say 01/2011 instead of 11/2011.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Jslimm1985
Platinum Member
Platinum Member
 
Posts: 80
Joined: Wed Sep 05, 2012 8:13 am
Location: Fort Dix, NJ

Postby Jslimm1985 » Wed Nov 07, 2012 12:59 pm

Vermonster wrote:I believe it goes by the month you open the new card, and the year of your first card. So you should wait until January so it will say 01/2011 instead of 11/2011.


I'm not concerned so much with the member since date on my card. I'm more concerned with the reporting aspect that will ultimately bolster my AAoA and Credit Utilization.

I guess my question is if I applied and got approved today, would my opeb date be reflected on my credit report as 11/2012? Or would Amex backdate it to my origination date of my first card? Or do I need to wait until Jan in order to maximize my back dating?
Revolvers
Credit Union MC 3/2004 ($6K)
Capital One Platinum 3/2005 ($500) :mad:
Dell Financial Services CC 2/2007 ($2.5K)
USAA Cash Rewards World MC 10/2011 ($9.5K)
AMEX BCE 01/2013 ($10K)

Chargers
AMEX Gold 1/2011(NPSL)

EXP 721 (01/02/2013) Amex
EQU 695 (01/10/2013) PenFed
TU 705 (01/22/2013) MyFico

"Please don't thank me for serving, I want to thank you for letting me serve on your behalf"



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