- Centurion Member
- Posts: 257
- Joined: Sun Oct 14, 2012 10:22 pm
- Location: California
My oldest tradeline is currently 3/12. My understanding is that, if I can open an amex in my own name (with me as the primary cardmember) by the end of this calendar year, because of backdating, in 2014 my credit history (and the opening date for the amex) will go back to 1/12 and future amex cards will have this opening date as well. I really, really want this. And if I wait until 2013, my oldest tradeline will always be 3/12.
The bad: I have multiple relatively new (1 mo. old) accounts, 3-6 hard inquiries w./ each bureau (many of them from Jan-Feb when I was credit illiterate), only 8 months of history, and an AAOA of just 3 months. I am only 18 (and so they are nervous because of the CARD act) and my occupation is student. My income (because I am a full time student) is only $30k. Amex is very picky and this is more than enough to scare them.
The good: My mom, a few days ago, added me as an authorized user on her Costco Amex with a $30k credit limit and years of good standing. I hope this will enable me to be associated with that relationship. Unfortunately, I have to have my own amex to get backdating. My credit score is relatively decent (low 700s), and I have many CC accounts, all in good standing w./ 100% on time payments, always pay most of the new purchases before the statement closing date, always pay remaining statement balance in full, 2% debt utilization, no student or car loans, no long term debt, no derogatory marks. They also take into account assets, and I have $14k+ in liquidable assets.
Bottom Line: Should I apply for the Amex Green, which is easier to get, or the BCE since I want to keep the account for backdating and would prefer not to have an annual fee? Do I have a decent chance of getting approved for either one of these? Should I apply ASAP before my balance for my Citi card posts to the bureaus after 11/21 (their system won't let me pay anything less than the statement balance, so I can't pay it down until the statement closes) or wait until mid-December, to let my accounts and inquiries age as much as possible? Will the AU amex help me get my foot in the door in any way?
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012