I am not applying for credit (unless it's for an increase on current cards) until February 2002. I currently hold a Sterling, Orchard, Target, and soon Citibank AA Advantage silver. In the next 6-18 months, I intend to get: Lane Bryant another Citibank or an upgrade KMart (if CapOne works with me!) another Citibank probably maybe Victoria's Secret and/or Express Diner's Club maybe in 18-24 months. I truly want American Express Gold Rewards and either the Optima Platinum or The Hilton HHonors® Platinum Credit Card. I know it will not happen overnight. (what I've heard is at least 2 years of 2 or more solid lines with 100% timely payment history) What I'd love to hear is what AMEX wants to see as far as use of credit and what, if any, derogatory information is allowed. I have derogs from 1995-1998 (4 on EQ, 2 on EX, and 5 on TU) and certainly will not give up getting rid of these, either myself or using a lawyer. Anyone who has experience getting Diner's and/or AMEX cards, I'd love to hear from you Steph
Well, I have experience NOT getting an Amex card, specifically the blue Delta SkyMiles card. They gave me four reasons for turning me down. Length of credit history was one of them, and pretty much confirms the "two accounts for two years" rule. My oldest current account is 8 years old; my second oldest is less than 2 years old. I don't have a lot of derogs, especially on Equifax, which they pulled. But there are two items over four years old, and that was enough to get mentioned for delinquent accounts, or whatever their term is. I had about 94% utilization when they pulled the Equifax report. (Now it's more like 85%.) They mentioned ratio of balances to credit, and I can understand that. They also mentioned total balances. I presume that means in relation to my income, although that was not stated in the letter. My balances are significant, shall I say. About 25% of my income. I hope this helps.
Yeah, if you go apply for all those useless store cards, you'll be denied for sure by amex. Wait several months, maybe get another citi, but amex wants a very nice score (650-680+) hardly any inquiries, and the two good tradelines for 2 years+. Very hard, and honestly, hardly worth the effort imo. vanity does have its costs.
