Timing of Eligibility Checks

Superhoopza

Hi,

After being able to reduce down my debt and paying off a fair chunk each month, I've been improving my eligiblity for better credit. With a consolidation loan, I now pay off all my cards in full each month and would like to get an Amex card for my everyday spending, to take advantage of their cashback offers. I've been given a 70% chance and 90% chance of being approved by two different CRAs. I can do an eligiblity check on the Amex website. If I were to do one, would I have to wait a few months before being able to do another one?

The reason for asking is some of my balances still aren't showing as fully paid off which is annoying as I paid them all off 2 months ago. Therefore if I need to wait before redoing the eligiblity check, timing could be important to enhance the chance of being approved. Therefore should I wait until all my CRAs are showing my balances paid off and showing a modest balance that I'm paying off in full before doing an eligiblity check or does the timing not really matter?

adamp87

Are you checking the free monthly reports?

it was my understanding that the report creditors see is usually almost up to date which would mean your free monthly report wouldn’t show the same data..

someone else may be able to clarify 

Superhoopza

adamp87 said:

Are you checking the free monthly reports?

it was my understanding that the report creditors see is usually almost up to date which would mean your free monthly report wouldn’t show the same data..

someone else may be able to clarify 

I use a few different reports, some are produced monthly, some weekly. Barclaycard annoyingly told me they report a statement balance 6 weeks later, meaning it can take 2 and a half months to be updated on a monthly report.

[Deleted User]

Superhoop91 said:

adamp87 said:

Are you checking the free monthly reports?

it was my understanding that the report creditors see is usually almost up to date which would mean your free monthly report wouldn’t show the same data..

someone else may be able to clarify 

I use a few different reports, some are produced monthly, some weekly. Barclaycard annoyingly told me they report a statement balance 6 weeks later, meaning it can take 2 and a half months to be updated on a monthly report.

The live report (the statutory one you can request for free) is updated usually the day or so of the update from the lender, the free ones might take 2 1/2 months but that is not always what lenders see.

The eligibility checks are typically a soft search which isn't seen and disappears from the report after a while, you would only get a hard search if you apply for the card. If you want one, do the check on the AmEx site (or a similar site e.g. Nectar or Avios AmEx, that sort of thing) 

Superhoopza

Thanks, tried and eligiblity checker on the Amex site and I got reduced to 2/10 chance. So I'll wait for all my records to get updated and maybe let them rest a month or two before looking on their eligiblity checker again. I guess it depends how long they want stable credit utilisation for and what level of overall debt they are comfortable with before issuing a new card

born_again

Superhoop91 said:

Hi,

After being able to reduce down my debt and paying off a fair chunk each month, I've been improving my eligiblity for better credit. With a consolidation loan, I now pay off all my cards in full each month and would like to get an Amex card for my everyday spending, to take advantage of their cashback offers. I've been given a 70% chance and 90% chance of being approved by two different CRAs. I can do an eligiblity check on the Amex website. If I were to do one, would I have to wait a few months before being able to do another one?

The reason for asking is some of my balances still aren't showing as fully paid off which is annoying as I paid them all off 2 months ago. Therefore if I need to wait before redoing the eligiblity check, timing could be important to enhance the chance of being approved. Therefore should I wait until all my CRAs are showing my balances paid off and showing a modest balance that I'm paying off in full before doing an eligiblity check or does the timing not really matter?

So you still have a debt outstanding for this loan?

AMEX are going to look at debt to income levels.

Superhoopza

born_again said:

Superhoop91 said:

Hi,

After being able to reduce down my debt and paying off a fair chunk each month, I've been improving my eligiblity for better credit. With a consolidation loan, I now pay off all my cards in full each month and would like to get an Amex card for my everyday spending, to take advantage of their cashback offers. I've been given a 70% chance and 90% chance of being approved by two different CRAs. I can do an eligiblity check on the Amex website. If I were to do one, would I have to wait a few months before being able to do another one?

The reason for asking is some of my balances still aren't showing as fully paid off which is annoying as I paid them all off 2 months ago. Therefore if I need to wait before redoing the eligiblity check, timing could be important to enhance the chance of being approved. Therefore should I wait until all my CRAs are showing my balances paid off and showing a modest balance that I'm paying off in full before doing an eligiblity check or does the timing not really matter?

So you still have a debt outstanding for this loan?

AMEX are going to look at debt to income levels.

Yeah I referenced that in my last post. My debt to income levels are dropping each month so it depends on what level they are comfortable with before accepting. 

born_again

If you have multiple credit cards (which you infer in the OP) & a loan. Then they are looking at the total credit you have available compared to your income.

So even if the loan was paid off & you pay cards in full each month. They will consider that the available credit on these cards is a risk to far for them.

Superhoopza

Superhoop91 said:

Thanks, tried and eligiblity checker on the Amex site and I got reduced to 2/10 chance. So I'll wait for all my records to get updated and maybe let them rest a month or two before looking on their eligiblity checker again. I guess it depends how long they want stable credit utilisation for and what level of overall debt they are comfortable with before issuing a new card

Some more of my creditors have updated their records and I'm up to 4/10 chance with Amex' eligibility checker. So to answer my original question, it seems as if I can run that checker whenever I like. It's still annoying that other websites say I have a 9/10 chance but I guess they are just trying to make their commission.

Brie

But as others have said - as long as you have ample credit available, even if you are not using it, it will be included in Amex's calculations.

Superhoopza

I'm torn then as others have said to keep cards you have and others have said to not have too much credit or it may make it difficult to get more in the future. A bit stuck as to what to do now.