Hi all,
I've recently improved my financial situation and I'm starting to qualify for good credit cards. Somehow Chase loves me. They approved me for a Visa Signature card and then another Visa, total credit limit of $15,000. I will ask them to raise that limit this week, because I max out and then fully pay my Signature card several times throughout the month. The Signature card has a $5,000 limit which I hit and pay in full usually twice a month, it's annoying.
My credit score is in the 640s, so I'm thinking that Chase must be using some OTHER formula for giving me credit. Obviously their formula has worked, because I pay in full every month, despite my weak credit score. Somehow they correctly identified me as being worthy of $15k in credit despite my score.
But I applied for a Amex gold and was denied! I'm a frequent traveler and really really need all the enhancements that come with a Amex Platinum so that's my long-term goal. I want airport lounges and free wifi and room upgrades. (Actually my real long term goal is to get a corporate Centurion card and then put some key employees on it, as a job benefit they will never find anywhere else.)
I did apply for the Amex Platinum Business card, and I'm worried that there could be something in my biz credit report that blocked that and then that made them also deny giving me a personal gold card. In retrospect I should have applied for the personal card
first.
What's my strategy? What should I do?
I read this on another site:
Anyways, my best advice would be to wait until THEY contact you so you don't get dinged on the credit report. I have read many reviews about people applying for Amex and looks like majority of people who receive a preapproval letter DO get approved (this is not the case with Chase Bank which sends "invitations to apply" not genuine preapprovals). In my experience, people with fair credit usually get denied automatically (especially online) when they initiate an application on their own.
Does that sound right? I did apply on-line, without an invitation. Maybe I should just wait for it?