Army Man Wanting to join the AMEX family. please read! (detailed info)

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
12 posts
mojobones89
Green Member
Green Member
 
Posts: 12
Joined: Sun Jan 06, 2013 3:56 pm
Location: fort riley

Army Man Wanting to join the AMEX family. please read! (detailed info)

Postby mojobones89 » Sun Jan 06, 2013 4:17 pm

I am 23 years old,and my employer is The United States Army.
my current transUnion is 724
the last time i check my experian was 694
and i have not done much checking, well because i'm not sure where to check and how to check without adding more hard inquiries on my credit.

Credit cards I have:

1.Capital one Platinum-CL 500-Bal. 0%

2.Orchard bank Platinum-CL 300-Bal. 0%

3.Chase Freedom-CL 500-Bal. 0%

4.Credit One Platinum-CL-300-Bal. 0%

5.Discover C.B.R-CL 1000-Bal. 0%

6.First Premier Bank Platinum-CL 700-Bal. 0%

7.USAA World C.R-CL 7000-Bal. 0%

8.Military Star-CL 2400-Bal. 0%

9. Gemoney CarCAre One- CL 1400-Bal. 0%

My oldest account age is three years
and average account age is 2 two years


My total annual income is 50k

i have 10 hard inquires over the last 2 years,and about three of them will fall here in a couple months.


I applied for both a green card and Gold card a month and half ago before i paid off some of my high balances with a transUnion credit score of 676 and got denied.

i also have a furniture loan for 3300$ that i just paid off along side with a car loan that i still have 11,000$ left.


so many the only things i have against me that i could see are my hard inquires and age of my accounts.


any help,advice,ANY HELP is much appreciated!


Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Mon Jan 07, 2013 4:00 pm

They most likely saw too many inquiries. Wait until most of them fall off. That's a lot of inquiries.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Mon Jan 07, 2013 4:22 pm

10 over the last few years is a bunch, but not terribly so. Having those balances paid off is important. I think you have a great shot at a charge card with them.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

cashback
Centurion Member
Centurion Member
 
Posts: 793
Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Mon Jan 07, 2013 5:19 pm

USAA offers credit monitoring for $6 a month if you're interested. That's what I use.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

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

Postby Jslimm1985 » Mon Jan 07, 2013 5:44 pm

Yea brother. Let those inquiries fall off before applying for ANY more lines of credit. I try to have no more than 1 inquiry at any given time when applying for credit.
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"

icanectc
Green Member
Green Member
 
Posts: 9
Joined: Tue Jan 15, 2013 7:20 pm
Location: Alexandria, VA

Postby icanectc » Tue Jan 15, 2013 7:50 pm

mojobones89 AMEX will send you a letter explaining why they denied you. It will be specific so when the letter comes follow its advice to improve your chances.

As a side note there are many credit reporting services out their that can give you your fico score myfico.com is one and I've used them before but they do have a lot of gimmicks that if you aren't paying attention can accidentally pay for more than you needed. Its best to go with a company you are familiar with, Citibank offers a service to check your scores (I can't remember if its fico or not)

Very important to remember you may request a credit score for yourself as often as you want through these services and you will NOT hurt your score - these are known as soft inquiries only hard inquiries will hurt your score. TBH 10 inquires within a year is not horrible but its a balancing system if you have 10 inquiries and NO new line of credit that will hurt more than a hard inquiry and NO new line if credit. You also have no debt it would seem. that can actually hurt your score - don't be scared to use your credit cards (just don't overspend to what you can afford) and a strong general rule is never go above 50% of the overall credit line available so if a card gives you a 1k credit line never go above $500. but if you leave credit cards for longer than 2 months without activity your score will start to fall as they no longer have an ability to track how well you pay your bills - its easy to be on time when nothing is due! So pick a card use and pay it off (if you can) or simply make small purchases like lunch and pay it off. That is the best way for any bank to make a determination that you are credit worthy.

DoingHomework
Centurion Member
Centurion Member
 
Posts: 707
Joined: Tue Sep 22, 2009 1:15 pm
Location: Arizona

Postby DoingHomework » Wed Jan 16, 2013 8:12 pm

STOP APPLYING!!! Wait at least one year then apply to Amex and you'll probably be approved. Don't bother to pay for fico score.

jrv
Platinum Member
Platinum Member
 
Posts: 72
Joined: Thu Dec 20, 2012 1:42 am
Location: NJ

Postby jrv » Wed Jan 16, 2013 9:17 pm

Definitely wait until some of those inquiries fall off. If I were in your shoes, I'd wait at least a year. Your best bet will be the AMEX green card to get your foot in the door.
Main:
AMEX Platinum NPSL, Member Since 92
AMEX Blue 15K
PenFed 11K
PNC Visa 20K
First National Bank Omaha Platinum Visa 25K
Citi Simplicity 11K
Drawer:
50K Total

SparkyinCA
Gold Member
Gold Member
 
Posts: 49
Joined: Sat Oct 27, 2012 1:17 pm
Location: Davis, California

Postby SparkyinCA » Wed Jan 16, 2013 11:34 pm

icanectc wrote:mojobones89 AMEX will send you a letter explaining why they denied you. It will be specific so when the letter comes follow its advice to improve your chances.

As a side note there are many credit reporting services out their that can give you your fico score myfico.com is one and I've used them before but they do have a lot of gimmicks that if you aren't paying attention can accidentally pay for more than you needed. Its best to go with a company you are familiar with, Citibank offers a service to check your scores (I can't remember if its fico or not)

Very important to remember you may request a credit score for yourself as often as you want through these services and you will NOT hurt your score - these are known as soft inquiries only hard inquiries will hurt your score. TBH 10 inquires within a year is not horrible but its a balancing system if you have 10 inquiries and NO new line of credit that will hurt more than a hard inquiry and NO new line if credit. You also have no debt it would seem. that can actually hurt your score - don't be scared to use your credit cards (just don't overspend to what you can afford) and a strong general rule is never go above 50% of the overall credit line available so if a card gives you a 1k credit line never go above $500. but if you leave credit cards for longer than 2 months without activity your score will start to fall as they no longer have an ability to track how well you pay your bills - its easy to be on time when nothing is due! So pick a card use and pay it off (if you can) or simply make small purchases like lunch and pay it off. That is the best way for any bank to make a determination that you are credit worthy.


Wow...I hope anyone reading your advice will disregard almost everything you wrote!! Jeez, I don't even know where to start with correcting your posting.

1) There is only one place to get your FICO scores and that is myfico.com. It costs $19.95 for your TU score and another $19.95 for your EQ score. You cannot buy EX FICO scores.
2) There is nothing wrong with monitoring your credit with the various credit tracking services out there, just disregard their scores. They are known as FAKO scores. Anyone that knows about credit knows the difference.
3) 10 INQ's in a year is pretty much a given you won't be approved for new credit cards. One or two in 6 months is really pushing it with some lenders (Chase, Citi, Amex etc..).
4) Pay in full your credit cards each month (and usually before the statement cuts to make sure $0 posts on your credit reports. To maximize FICO scores, let one account post $1 or $2 and your FICO scores will be at their maximum. The basic rule is don't exceed 7-10% of your total credit lines. 50% and your scores will plummet.
5) Not using credit cards for 2 months is just plain wrong. Most cards should be used once every 6 months to a year so the creditors don't close your account for inactivity.
6) If you don't understand how credit works (and you clearly don't), please don't post things that you pull out of your rectum. It's not right to mislead people that are trying to learn the basics and what you posted is just plain garbage.

Sorry, not trying to offend you, just clarifying terrible information you posted that others might think is correct.

icanectc
Green Member
Green Member
 
Posts: 9
Joined: Tue Jan 15, 2013 7:20 pm
Location: Alexandria, VA

Postby icanectc » Thu Jan 17, 2013 10:04 am

SparkyinCA wrote:Wow...I hope anyone reading your advice will disregard almost everything you wrote!! Jeez, I don't even know where to start with correcting your posting.

1) There is only one place to get your FICO scores and that is myfico.com. It costs $19.95 for your TU score and another $19.95 for your EQ score. You cannot buy EX FICO scores.
2) There is nothing wrong with monitoring your credit with the various credit tracking services out there, just disregard their scores. They are known as FAKO scores. Anyone that knows about credit knows the difference.
3) 10 INQ's in a year is pretty much a given you won't be approved for new credit cards. One or two in 6 months is really pushing it with some lenders (Chase, Citi, Amex etc..).
4) Pay in full your credit cards each month (and usually before the statement cuts to make sure $0 posts on your credit reports. To maximize FICO scores, let one account post $1 or $2 and your FICO scores will be at their maximum. The basic rule is don't exceed 7-10% of your total credit lines. 50% and your scores will plummet.
5) Not using credit cards for 2 months is just plain wrong. Most cards should be used once every 6 months to a year so the creditors don't close your account for inactivity.
6) If you don't understand how credit works (and you clearly don't), please don't post things that you pull out of your rectum. It's not right to mislead people that are trying to learn the basics and what you posted is just plain garbage.

Sorry, not trying to offend you, just clarifying terrible information you posted that others might think is correct.


@SparkyinCA my post is incorrect? I assure you it is not - I have spent the better part of my years as a major underwriter for large banking organizations within the U.S. I have spent numerous years explaining how FICO scores are calculated and how to increase those scores. Sure, myfico might be the only place to get the true "FICO" score which is an industry standard for many banks.

And yes it would be wise for one who does do credit monitoring to ignore a score thats not a FICO score - but I never said credit monitoring as a whole is bad. In fact I support it for everyone - I don't believe my post is advising people to NOT check their score?? The OP said he wasn't sure where to go for credit monitoring other than with hard inquiries.

Everyone can agree INQ are bad - 10INQ are bad sure- but NOT as bad as 10 INQ with a new credit line established. As the increase in overall available credit will offset the hard INQ. Do you not realize this?!?! If so you are the one that needs a lesson in credit.

Not really sure what your point is on #4 - Using a credit card and paying it off will not prevent a CC agency from reporting a prior balance (though if paid too quickly I can see that happening) and I believe I did tell the OP that he should not be affraid to USE his credit - though it would be UNWISE tell a person they should use ALL of their credit cards if they cant pay the bills - focusing on one or two would be sufficent to increase a credit score. And I have never advicated that a person to not use his credit cards so again not sure what you are talking about.

You are correct about total credit lines and not going over 10% but I am more inclined to go with the 15% rule and I believe you mis-understood what I was saying; I was specifically refering to ONE credit card not ALL of them should not go over 50% of their credit card limit on any one card - it would clearly NOT be wise to use 50% of ALL your credit cards so I apologize if that is the way it came across.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests