Adding another Amex to my credo report.

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fabianmg77
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Adding another Amex to my credo report.

Postby fabianmg77 » Thu Jul 18, 2013 3:11 pm

Hello everyone I was surfing through this site looking for some info but I might as well just created an account and asked myself.

So far I have an Amex Green Card(7 Months old) that I have had no issues with but wanted a card that actually had a credit limit and I was looking at the True Earnings from Costco since I pump gas there every week but was debating if the chance of being denied and the hard pull would be worth trying for the card.

I was considering to wait until I get a year on my green card and possibly replacing it with the True Earnings Card from Costco but I don't really feel like waiting because I could earl plenty of reward from now until January.

I am one of those Credit Karma Addicts that checks every month and don't like my score going down points so that is a reason I am hesitant on taking a shot at a new credit card at the moment.

Currently I have 4 credit cards (2 department store, 1 credit card and 1 charge card) and 1 auto lease, all are current with no delinquencies and no balance on my cards except my Amex. I am 20 at the moment with 7 Hard Credit Inquires and a Transunion of 713, Vantage score of 789, and Equifax at 721.

Any feedback would be appreciated, thank you!!


takeshi
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Postby takeshi » Fri Jul 19, 2013 6:03 pm

fabianmg77 wrote:I am one of those Credit Karma Addicts that checks every month and don't like my score going down points so that is a reason I am hesitant on taking a shot at a new credit card at the moment.

You have to determine which is your biggest priority. While maintaining one's credit is beneficial I don't see the point in maintaining scores just for the sake of the score itself. Which is most important? Your fixation on your score or the benefit of the rewards?

Why do you want "a card that actually had a credit limit"? Explaining your goals and priorities will help others to make recommendations relevant to you.

MemberSince99
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Postby MemberSince99 » Sat Jul 20, 2013 6:06 am

Honestly it's totally up to you. None of us can sit here and tell you dude, go for it man, you'll totally use it or no that hard inquiry will drop your score 100 points don't mess up your credit for all eternity with a gas card. You have to decide that. An inquiry doesn't do damage for very long - after a year it has NO effect on your score (though it does for 2 years with Credit Karma but that score is meaningless, but if you are worried about what CreditKarma says, yes it will drop your score for 2 years) and after 6 months it has very little effect. In fact I found in my case after a month or two I saw really no ill effect on my score.

It just depends on if it's worth it to you.

If you do go for it I suggest waiting until January, that way it will backdate and the date opened on it will be before your Green and you'll add a year of age to the account. How cool is that?

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nismoZtuner
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Postby nismoZtuner » Sat Jul 20, 2013 3:28 pm

fabianmg77 wrote:every week but was debating if the chance of being denied and the hard pull would be worth trying for the card.


i doubt they will deny you,

I applied for my first amex card which was the Blue cash card on late 5/27/2013... later on i applied for the premier reward gold on 6/24/2013 didnt even wait a full month for my next amex - i was approved with out an issue, youre a long time customer compared to me so yeah thats a plus!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
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Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
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fabianmg77
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Postby fabianmg77 » Sat Jul 20, 2013 4:07 pm

Thanks guys for all your replies!

takeshi wrote:You have to determine which is your biggest priority. While maintaining one's credit is beneficial I don't see the point in maintaining scores just for the sake of the score itself. Which is most important? Your fixation on your score or the benefit of the rewards?

Why do you want "a card that actually had a credit limit"? Explaining your goals and priorities will help others to make recommendations relevant to you.


I understand the credit inquire would bring my score down a bit but in the long run my credit would go higher since my account will be in good standing and it would add more credit available to my report and also add another account to my already 5 accounts.

As for credit limit, I have read that charge cards don't help our credit much since there is no limit to report to the bureaus in which they actually look at limits and credit utilization when considering you for any type of loan. This of course might not be true but thats the majority of what I have read.
MemberSince99 wrote:Honestly it's totally up to you. None of us can sit here and tell you dude, go for it man, you'll totally use it or no that hard inquiry will drop your score 100 points don't mess up your credit for all eternity with a gas card. You have to decide that. An inquiry doesn't do damage for very long - after a year it has NO effect on your score (though it does for 2 years with Credit Karma but that score is meaningless, but if you are worried about what CreditKarma says, yes it will drop your score for 2 years) and after 6 months it has very little effect. In fact I found in my case after a month or two I saw really no ill effect on my score.

It just depends on if it's worth it to you.

If you do go for it I suggest waiting until January, that way it will backdate and the date opened on it will be before your Green and you'll add a year of age to the account. How cool is that?


Very true and I oversee my credit a lot because now in days as they say its sometimes more sacred than cash itself and I try keeping it at top shape. I really want to apply for the card but I debate on if the rewards would outweigh the credit drop for about 6 months (I was at 742 before applying to my green card and then 686 the month after I applied for it[currently 713]) but I know 3% on gas, 2% at restaurants and Costco is better than 1% on my Green card or 0% on my debit card.

What is the backdating exactly? I don't get how exactly it works since I would want to cancel my green card but continue being an Amex Cardmember.
nismoZtuner wrote:i doubt they will deny you,

I applied for my first amex card which was the Blue cash card on late 5/27/2013... later on i applied for the premier reward gold on 6/24/2013 didnt even wait a full month for my next amex - i was approved with out an issue, youre a long time customer compared to me so yeah thats a plus!


Interesting because I applied for the Blue Cash on August 2012 but was immediately denied saying my credit report wasn't long enough(apparently this card is hard to qualify for) and went for the green card since that card was one of the easiest.

Yeah thats pretty good and I have not missed a payment at all, sometimes send 2 payments in a given month, I am just outweighing if the hard pull will be worth it but I think it might.

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nismoZtuner
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Postby nismoZtuner » Wed Jul 31, 2013 1:46 pm

fabianmg77 wrote:Interesting because I applied for the Blue Cash on August 2012 but was immediately denied saying my credit report wasn't long enough(apparently this card is hard to qualify for) and went for the green card since that card was one of the easiest.

Yeah thats pretty good and I have not missed a payment at all, sometimes send 2 payments in a given month, I am just outweighing if the hard pull will be worth it but I think it might.


How can you possibly be denied compared to me.. im barely starting my credit history (i will have a full year of credit history next month) and up to now Sears has been the only one to deny me -_-
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Fri Aug 16, 2013 2:21 pm

fabianmg77 wrote:Hello everyone I was surfing through this site looking for some info but I might as well just created an account and asked myself.

So far I have an Amex Green Card(7 Months old) that I have had no issues with but wanted a card that actually had a credit limit and I was looking at the True Earnings from Costco since I pump gas there every week but was debating if the chance of being denied and the hard pull would be worth trying for the card.

I was considering to wait until I get a year on my green card and possibly replacing it with the True Earnings Card from Costco but I don't really feel like waiting because I could earl plenty of reward from now until January.

I am one of those Credit Karma Addicts that checks every month and don't like my score going down points so that is a reason I am hesitant on taking a shot at a new credit card at the moment.

Currently I have 4 credit cards (2 department store, 1 credit card and 1 charge card) and 1 auto lease, all are current with no delinquencies and no balance on my cards except my Amex. I am 20 at the moment with 7 Hard Credit Inquires and a Transunion of 713, Vantage score of 789, and Equifax at 721.

Any feedback would be appreciated, thank you!!


I just opened a Costco AmEx Business account and I found out that they access AmEx's database and they don't even have to do a credit inquiry. If you don't have an AmEx account they run a standard inquiry. I would wait until you hit the one year mark before you apply (just my opinion), so it does not appear you are credit hungry.
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TheLethargicAge
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Postby TheLethargicAge » Fri Aug 16, 2013 4:56 pm

PlatinumAMEX94 wrote:I just opened a Costco AmEx Business account and I found out that they access AmEx's database and they don't even have to do a credit inquiry. If you don't have an AmEx account they run a standard inquiry. I would wait until you hit the one year mark before you apply (just my opinion), so it does not appear you are credit hungry.


Did you apply online or at a Costco warehouse?
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Fri Aug 16, 2013 5:31 pm

TheLethargicAge wrote:Did you apply online or at a Costco warehouse?


I applied at a warehouse.
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TheLethargicAge
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Postby TheLethargicAge » Fri Aug 16, 2013 5:49 pm

PlatinumAMEX94 wrote:I applied at a warehouse.


Awesome. Thanks.
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