How Long to Wait Before Applying for a Credit Card
Author: Arcangel79
Posted: Tue Jan 31, 2006 11:37 am
Post subject: When should I apply for an AMEX?
I am currently in the process of building credit. I have had a Bank of America platinum card for almost a year now...I just got a credit increase to $2500. I have always paid my bill in full each month on time or before time. My equifax score is between 699-720 and my Experian score is 726; I do not know my Transunion score. Is it true that I should wait another year (for a total of at least 2 years of credit history) before applying for an AMEX Blue card? Also, are there any reccommendations for another good card that I should apply for (to increase the amount of revolving credit on my file)? Any advice/suggestions/reccommendations would be greatly appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: stevejk
Posted: Tue Jan 31, 2006 1:12 pm
Post subject: How Long to Wait Before Applying for a Credit Card
My $0.02 worth, although I can't speak for ease of acceptance...
Assuming you have no negative informaton on your CR, but by your relatively high scores I'm thinking you don't, you may not have trouble getting a better card deal. The short credit history would be the main negative but maybe someone will take a chance on you.
If you are good at managing your money and will swear to pay the bill on time, I'd point toward one of the cash back cards, e.g., Citi Dividend, Chase Cash Plus, or Chase Rewards Plus. Even if it is a low credit limit at first, good behavior will make it easier for them to grant you CL increases over time.
I'm sure someone else who has more experience or knows more about AMEX polices will post with more/better information.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rapjunkie
Posted: Tue Jan 31, 2006 2:11 pm
Post subject:How Long to Wait Before Applying for a Credit Card
Assuming you haven't applied for any new credit in quite a while, and given the fact that your credit score is good, adding an inquiry at this point wouldn't do you much harm. I've heard that the AMEX Blue card requires excellent credit, and with the score you stated, you would probably be fine.
As far as other cards you might want to consider, Chase cards typically offer 0% intro APRs for a year, and low rates after that. Citibank has similar ones too. And both (MC/VISA) are more widely accepted that AMEX.
Author: girlie
Posted: Tue Jan 31, 2006 2:27 pm
Post subject: How Long to Wait Before Applying for a Credit Card
I believe my score was right around 715 when I applied for AMEX blue Cash (I think that was the one). I was approved with great limit - called the next day and had it raised to 10k.
You may want to snoop through the sticky that contains credit application results. People post their score along with the credit application results. That way you can see what people with similar scores to yours got approved for.
If you apply and they deny you because of length of credit history - with a score like that they probably wont - but if they do call and ask them to reconsider.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jan 31, 2006 11:37 am
Post subject: When should I apply for an AMEX?
I am currently in the process of building credit. I have had a Bank of America platinum card for almost a year now...I just got a credit increase to $2500. I have always paid my bill in full each month on time or before time. My equifax score is between 699-720 and my Experian score is 726; I do not know my Transunion score. Is it true that I should wait another year (for a total of at least 2 years of credit history) before applying for an AMEX Blue card? Also, are there any reccommendations for another good card that I should apply for (to increase the amount of revolving credit on my file)? Any advice/suggestions/reccommendations would be greatly appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: stevejk
Posted: Tue Jan 31, 2006 1:12 pm
Post subject: How Long to Wait Before Applying for a Credit Card
My $0.02 worth, although I can't speak for ease of acceptance...
Assuming you have no negative informaton on your CR, but by your relatively high scores I'm thinking you don't, you may not have trouble getting a better card deal. The short credit history would be the main negative but maybe someone will take a chance on you.
If you are good at managing your money and will swear to pay the bill on time, I'd point toward one of the cash back cards, e.g., Citi Dividend, Chase Cash Plus, or Chase Rewards Plus. Even if it is a low credit limit at first, good behavior will make it easier for them to grant you CL increases over time.
I'm sure someone else who has more experience or knows more about AMEX polices will post with more/better information.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rapjunkie
Posted: Tue Jan 31, 2006 2:11 pm
Post subject:How Long to Wait Before Applying for a Credit Card
Assuming you haven't applied for any new credit in quite a while, and given the fact that your credit score is good, adding an inquiry at this point wouldn't do you much harm. I've heard that the AMEX Blue card requires excellent credit, and with the score you stated, you would probably be fine.
As far as other cards you might want to consider, Chase cards typically offer 0% intro APRs for a year, and low rates after that. Citibank has similar ones too. And both (MC/VISA) are more widely accepted that AMEX.
Author: girlie
Posted: Tue Jan 31, 2006 2:27 pm
Post subject: How Long to Wait Before Applying for a Credit Card
I believe my score was right around 715 when I applied for AMEX blue Cash (I think that was the one). I was approved with great limit - called the next day and had it raised to 10k.
You may want to snoop through the sticky that contains credit application results. People post their score along with the credit application results. That way you can see what people with similar scores to yours got approved for.
If you apply and they deny you because of length of credit history - with a score like that they probably wont - but if they do call and ask them to reconsider.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 5:55 PM
0 Comments:
Post a Comment
<< Home