Successful Fidelity Amex app

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
29 posts
Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Feb 28, 2013 8:38 am

tigerowl06 wrote:Discover will accept payments that take your balance below $0. So if you owe $100 your first month, you can submit a $600 payment and thus have an effective spending power of $3000 on the card. Just FYI.


That is true. In fact, I suspect any card would do that. Thanks for reminding me of that option.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Feb 28, 2013 10:53 am

BTW for the record, here are my inquiries after the spree:

Equifax: 2 (Penfed & Discover)
Experian: 3 (Amex BCP and Fidelity Amex, US Bank)
Tranunion: 2 (both BofA, I wasted a HP during the process, getting my wife to be a Joint User on the card instead of an AU...the other was the CLI)

My wife has a Chase HP when we asked for that CLI.

But something else happened....two of my new cards reported to Equifax today including...Fidelity Amex and Penfed. Penfed showed up with all the money I balance transferred so my utliization only ticked downward slightly to 67% with the empty Fidelity card alongside. It will go down further as US Bank, Discover and the BCP card report, but my Equifax score dropped sharply to 728 from 756 at the beginning of the week. I'm now convinced that my window for the last two cards was indeed yesterday.

If I had waited any longer, I probably wouldn't have been eligible for the US Bank Cash + card. I don't know what my Experian FICO is, but the Equifax FICO was sitting at 727 in recent days and US Bank wants to see 720 at least.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Sun Mar 03, 2013 2:23 pm

One more note on this thread...most of us don't discuss the Interest rates on these cards, rather what the credit limits are. The conventional wisdom is that those who participate in credit card boards usually are here to pay cards off every month to avoid finance charges.

But life isn't always that simple. And sometimes you do need to carry a balance. So assuming you're not in subprime card land (legal loan sharking), you want your interest rate to be on the low end of prime card territory (<14%) rather than on the high end (18-20.99%).

With that, and short of showing up with 800 FICO scores, it's not out of character to see offered interest rates in correlation with the lenders experience with the customer. My new Amex BCP card came in at a 13% interest rate and I've had a Amex Green/Gold/Plat card for 25 years. My wife and I have banked and held a credit card for five years with Bank of America. After having a interest rate of over 15% for some time, last year it went down to 13.2% without me asking to change it. And our new Fidelity Amex card, being a FIA card like BofA came in a 13% interest rate as well.

But US Bank and Discover? Both are new relationships...and both came in at the high end...20.99%. Ugh. When my highest other card was the Amex Plat pay over time at 15.74%, these two are toxic loan territory. Gardening them properly over the next 6-12 months will be key in not only getting CLIs out of them, but also lower APRs as well in case I ever really need to carry a balance with them.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sun Mar 03, 2013 3:38 pm

I'm at the high end of the interest rate for ALL my cards. But since I never carry a balance, ever, I couldn't care less what they are, in practical terms. But to me it's pretty much something I can't even imagine to get a card with a < 14% rate. I can't imagine getting a 15k limit either, even though one of my cards is kind of in the ballpark.

Kinda unrelated but as far as things I can't imagine I also can't imagine a 6 figure income. Never even gotten close in my life, and since I work in the McDonald's field of the professional world (IT, we are basically considered smart morons to the suits) it's just never going to happen.

Oh well guess I can live if none of it happens.

But I'd say you have some nice limits and rates there and that's great!

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Sat Mar 09, 2013 11:11 am

My app spree is pretty much winding down with just seeing the final damage to my credit scores and waiting for things to shake out to do a final BCP app for my wife. But if you've been following this, you know that while I was happy to get the US Bank Cash + and Discover IT cards at the end of the spree, I wasn't too happy with the CLs or the interest rates given (20.99%, far higher than anything I carry). Now I understand why. US Bank sent my Experian FICO today as part of the app and it was sitting at 698. Heck at that score, I'm shocked they extended me the card at all, especially for a Visa Signature product. My Experian FAKO score was sitting at 755 before the app spree started so it's interesting to see how the spree took a beating to my short term credit report. I'm glad I decided not to refi the mortgage with that rate! And I'm sure that the Discover pull at Equifax was lower than usual too, although maybe not as low there since I track my EQ FICO score regularly and it's never dipped below 719, even during the spree.

Lastly, my backdated Amex Platinum arrived in the mail, with 1988 on it as it should have had all along. If it shows up on my credit report in a few weeks like it should, I'd say mission accomplished.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

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

Postby FutureBillionaire » Sat Mar 09, 2013 1:48 pm

Sevenfeet wrote:My app spree is pretty much winding down with just seeing the final damage to my credit scores and waiting for things to shake out to do a final BCP app for my wife. But if you've been following this, you know that while I was happy to get the US Bank Cash + and Discover IT cards at the end of the spree, I wasn't too happy with the CLs or the interest rates given (20.99%, far higher than anything I carry). Now I understand why. US Bank sent my Experian FICO today as part of the app and it was sitting at 698. Heck at that score, I'm shocked they extended me the card at all, especially for a Visa Signature product. My Experian FAKO score was sitting at 755 before the app spree started so it's interesting to see how the spree took a beating to my short term credit report. I'm glad I decided not to refi the mortgage with that rate! And I'm sure that the Discover pull at Equifax was lower than usual too, although maybe not as low there since I track my EQ FICO score regularly and it's never dipped below 719, even during the spree.

Lastly, my backdated Amex Platinum arrived in the mail, with 1988 on it as it should have had all along. If it shows up on my credit report in a few weeks like it should, I'd say mission accomplished.


Your score will rebound in no time. Once you establish some history, you will be in good shape over time.
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

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Fri Mar 22, 2013 10:18 pm

FutureBillionaire wrote:Your score will rebound in no time. Once you establish some history, you will be in good shape over time.


Indeed, it's already rebounding...back to 745 Equifax FAKO after dipping down to 719 for a heartbeat. MyFICO still hasn't updated with what my new score is...maybe I'll see it next week.

My wife completed what was supposed to be the last part of our collective app spree today, applying for her own Amex BCP card and fulfilling the "marriage multiplier" proposal I made earlier where both of us could get our own BCP cards, both of us get $250 sign up bonuses through the creditcards.com Cardmatch, and get around the $6000 a year yearly benefit for their 6% groceries/3% gas system. You have to spend $1000 in 3 months to qualify for the $250 and I've already spent $750 in the first month on groceries (my family eats a lot).

My wife's Equifax FAKO number was a bit more depressed than mine having two baddies, both of them small and silly but one's a $19 charge-off that we're still trying to contest. After spending some time in the 680s, I got it up to 711 through being an AU on most of my new cards (Penfed and Amex BCP exceptions). Now I'll add her to Penfed so she can do her gas and groceries when we blow through the $6000 limit on her BCP. I still don't know what her CL is since Amex systems tonight are very slow. I do know her interest rate was competitive at 12.99%, the same that I got, which is what I would expect given our history with Amex. Due to backdating from being an AU on her mother's card 15 years ago, my wife actually beats my oldest account by 4 years (29 years total, back when she was a teenager) and her AAoA is a whopping 10+ years. The new Amex will be backdated too so I expect her overall AAoA to climb, not decrease, much like mine did when I got the BCP.

There still may be an epilogue to the app spree since I'm still considering doing one more Discover card app and seeing if they will honor this offer they sent to me in the mail after I already signed up for the Discover IT. They wouldn't change my current IT to these terms (interest rate is 12.99% vs. 20.99% which they gave me), but there might be some usefulness to the apping again. First, you can have more than one Discover card (weird, but true). Second, my credit scores are higher now than when I applied three weeks ago, which means I probably should have waited anyway (darned impatience). And third, I might get more of a CL than the paltry (for me) $2500 they gave me which could be useful with my plans to buy a new computer. I could (in theory) have two Discover lines for a while, one for the computer purchase and the second for another durable good (like a new TV), both sitting back at 0% interest until next spring. It's always good to use someone else's money for awhile. Then next Spring I could ask them to close the card with the janky interest rate and CLI me at least the $2500 on that card, if not more.

Anyway, I have until the end of April until this offer expires, which will give me some time to decide what path to take.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Sat Mar 23, 2013 3:59 pm

Update: my FICO Equifax bounced back to 736 after the BofA balance transfer to Penfed was finally recognized from a month ago. That's 4 points above my 732 score before the major part of my app spree took effect. The US Bank Cash + card still has yet to report but it should be any day now. I don't expect my score to shift much other than get my overall utilization down to 37% from 40% where it sits now. It's a long way from the 95% it was sitting at in mid-January.

I am sooooo happy.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Mon Mar 25, 2013 10:52 pm

Second update...my wife's app for the Amex BCP card was approved (much to her delight). But these got pissed that after mine was approved for $20k that she was "only" approved for $8500. Then I showed her the 3X CLI thread at MyFico and I said "in two months we'll get this up to $25K. Then she smiled again.

Why does marriage have to be competitive? :)
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)



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