Approve vs Auto Hold vs Problem

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Wildcat_1
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Approve vs Auto Hold vs Problem

Postby Wildcat_1 » Mon Aug 12, 2013 3:34 pm

All

After running my scores and looking at my profile I am about ready to jump in and do a mini app o rama. There are so many cards out there that seem to fit the bill but am still thinking my initial list below sounds like a good starting place.

My concern however is still this multiple AMEX thing. I know that AMEX should allow you to have up to 4 cards (charge cards not counted) but my concern is around the application as I have 3 that I would like to apply for now and feel would fit my spending profile best.

To recap the mini app o rama I am thinking of was:

AMEX
BCP
PRG thought I would do this rather than plat then look for upgrade offer later
SPG

CHASE
CSP
United Mileage Explorer - Later

As the AMEX's above are a mix (co branded revolver, direct revolver, charge) my understanding from AMEX is that they see each of those in a different category so should be no issues for bonuses etc.

My concern however is what is the likelihood of all 3 AMEX's being approved (credit aside) vs some being put on auto hold then approved and or denied ?

If push came to shove I can add in a few of the other cards I was looking at and remove some AMEX but again the 4 above at least seemed to most closely match my spending profile initially. Later on I am sure co branded airline cards will be useful too

Thanks as usual for the feedback, insight, comments and overall Sanity Check ! :)

WC


MemberSince99
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Postby MemberSince99 » Mon Aug 12, 2013 3:44 pm

I've heard the limit on total Amex cards is 10. Not sure where you came up with 4. 3 isn't going to be an issue I can tell you from personal experience (I have 3 of them) just from the number of cards alone.

In terms of getting approved, it's wisest to go for the PRG first as it's a charge and the easiest to get approved for of the cards you want. Assuming instant approval, then immediately go for the BCP or SPG depending on which you want most. If that is denied you will have to wait 30 days to go for the other card anyway, but as a denial it will only be a soft pull. If approved, go for the last card.

I think you are way over worrying and over thinking it. I see people do this all the time. Just go for it - it's credit cards not a life and death situation. I think the order I gave you is probably as a general rule optimal (though surely there are cases where it's not but again why analyze the living hell out of something you can never completely know anyway).

I hope this helps you. I don't think you have to analyze it to the extent of a horrifically difficult calculus problem, just take the known facts apply them in the best fashoin and pull the trigger.

Wildcat_1
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Postby Wildcat_1 » Mon Aug 12, 2013 4:10 pm

99 :) You made me laugh as you sounded like my wife with the 'over thinking it' piece :)

One last question is it still better when doing multiple apps at the same time in doing the multiple window and private/incognito modes or does that not matter these days ?

Thanks again

WC

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djrez4
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Postby djrez4 » Mon Aug 12, 2013 6:59 pm

Use incognito or Amex will catch on to your multiple apps. You need to get them in quickly if you want more than two to get approved. At the very least, do them all on the same day and it's likely that the inquiries will merge at the CRAs.

With the 30k SPG bonus right now, I'd snag that after PRG but before the BCP. The BCP bonus never changes and you can snag one later.

No sense in waiting on the UA Exporer. If it gets rejected after the CSP, the inquiries will merge and it'll look like you only applied for one card. Nothing to lose! Consider the Freedom as well, if you don't have one, for extra UR points on the bonus categories.

You can get two AA cards from Citi if you apply for one now and one 8 days later - 50k miles for $3k in 3 months. 100k miles is nothing to sneeze at. Wait 65 days after that and you can get an AA business card for another 40k miles.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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Crashem
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Postby Crashem » Mon Aug 12, 2013 7:56 pm

You don't need to do the multiple window thing for Amex. They don't care that you are apping for multiple cards. Don't be surprised or assume denial if you get waiting message on card 2 or 3.

I believe the multiple window thing was for people like Citibank and to get multiple sign up bonuses.

BTW, what FICO scores are you rocking.

As for App Spree, you need to take into account where your inquiries are likely to go and who is more inquiry sensitive. For example, Amex is likely to go on Experian. As for Chase, might want to see where they like to use for your area. The important thing is to spread out your inquiries to reduce hit from app spree
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

Wildcat_1
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Postby Wildcat_1 » Mon Aug 12, 2013 8:41 pm

Thanks DJ & Crash, right now FICO coming in above 8 so hoping not to take too much of a knock although I am sure adding 4 or more cards and therefore affecting negatively AAoA has me a little concerned.

That would be a question to you DJ (or others) you mention about also going for UA explorer, Citi etc would that be ok to go for at once (again just trying to keep credit somewhat in mind ;) ) or should I do the 4 then leave it 60-90 days before adding more if I want ?

If only 1 card had great bonus spending (without changing categories), dining plus an option of cash back at the higher rates or miles with the perks of platinum :) heheheh now we really are creating a dream card

Thanks all

WC


Crashem wrote:You don't need to do the multiple window thing for Amex. They don't care that you are apping for multiple cards. Don't be surprised or assume denial if you get waiting message on card 2 or 3.

I believe the multiple window thing was for people like Citibank and to get multiple sign up bonuses.

BTW, what FICO scores are you rocking.

As for App Spree, you need to take into account where your inquiries are likely to go and who is more inquiry sensitive. For example, Amex is likely to go on Experian. As for Chase, might want to see where they like to use for your area. The important thing is to spread out your inquiries to reduce hit from app spree

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djrez4
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Postby djrez4 » Mon Aug 12, 2013 9:42 pm

May as well do them all now. Inquiries don't matter when you have a score of 800+, but if you do them all now, they'll all age at the same pace. Expect a 20-40 point drop in FICO, depending on how many inquiries you have right now. It'll bounce back in 6-12 months.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

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Crashem
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Postby Crashem » Mon Aug 12, 2013 10:34 pm

I think you are okay inquiry wise. Expect a drop in any case. Might want to consider throwing in US Cash+ card (if still available) and maybe a cash back card like, Fidelity AMEX/VISA (2% or up to 2%)/Barclay's Arrival Card/NASA CU (up to 2%). I would apply for all you want. If you start getting rejections then come back here with whats left on your list and we can advise at that point.
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

MemberSince99
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Postby MemberSince99 » Tue Aug 13, 2013 6:24 am

I kind of disagree on the Cash +. It's nothing like it was a year ago. I can't see wasting an inquiry for what is a very narrowly defined niche card. And US Bank in my experience is a LOT more inquiry sensitive than Amex is, so if you do waste a hard pull on that card, do it BEFORE your other apps. But that card isn't worth an inquiry the way it sits today unless you spend a grand a month on cellphones, then you can combine 5% on that with 5% on restaurants for example. Otherwise, I don't see it being worth it.

Crashem
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Postby Crashem » Tue Aug 13, 2013 11:04 am

MemberSince99 wrote:I kind of disagree on the Cash +. It's nothing like it was a year ago. I can't see wasting an inquiry for what is a very narrowly defined niche card. And US Bank in my experience is a LOT more inquiry sensitive than Amex is, so if you do waste a hard pull on that card, do it BEFORE your other apps. But that card isn't worth an inquiry the way it sits today unless you spend a grand a month on cellphones, then you can combine 5% on that with 5% on restaurants for example. Otherwise, I don't see it being worth it.


Cash+ has definitely taken turn for the worse. With the limiting of 5% spending per quarter, it isn't as good as it was. However, you can still easy max out 5% by using bookstore for all amazon/amazon marketplace purchases. Since it is 0 AF, I think still worthwhile, but not the must have card it was last year.
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



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