Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 937
Registered: ‎07-24-2012
0

Re: 4 Inquiries

[ Edited ]

BearsAndTurtlesRtheBest wrote:

what is the point of a AMEX charge card? if it doesn't report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks


People seem to use charge cards as a foot hold with AMEX but it's actually a great product to carry even if you ignore the rewards. Why? It's a NPSL card (no preset spending limit) and even though it has some internal limit (that you will never know) it adapts to your spending. If you are spend heavy but always PIF it's a great product as it allows you to keep spending above and beyond a limit that your other cards might have. I have put nearly $50,000 on a charge card in one month (all work related) but my highest credit card limit is about $18,000. They never batted an eye and when the bill posted I paid it in full. I have two of them, one business and one personal and I would guess they have the greatest ability to spend compared to all of my other cards - combined. Also have the advantage of no reporting on limits or utilization and that can be a big help if you spend a lot. 

 

With huge spends like that monthly even a lowly green or plain gold AMEX will net you a ton of points. 

Valued Member
Posts: 34
Registered: ‎02-17-2013
0

Re: 4 Inquiries

Thanks for all the info guys. I think I'm going to wait for the year mark just to be extra careful, I've already waited this long so I don't see a point in not being able to wait another month. For those of you asking about AMEX I've always really wanted to carry a gold card, It's kind of a personal achievement I've set for myself. Nothing really more to it than that.






Senior Contributor
Posts: 3,947
Registered: ‎10-02-2012
0

Re: 4 Inquiries

Oh okay go it now alright thanks for explaning everyone. 

Secured: Non Secured:
(EQ FICO 614) (EX FICO 631) (TU FICO 628) Gardening Since 08/15/15 For All 3 Credit Bureaus
Established Contributor
Posts: 955
Registered: ‎02-02-2013
0

Re: 4 Inquiries

[ Edited ]

BearsAndTurtlesRtheBest wrote:

what is the point of a AMEX charge card? if it doesnt report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks


Bears, I think Amex Green is probably the best card for someone with over 6 months and under 18 months of credit history whose file is in good shape with regard to util and inquiries.

Amex is widely considered to be amoung if not the top tier credit card issuer.  When other issuers see a Amex card, I think they add a certain validity to that person's application. 

The Green card (and the other charge ones as well) help a "newish" to credit person to develop the pattern of PIF each month, which we all know is great for your file and score in the long run.  By developing that habit, folks learn not to overextend which leads to hopefully better credit management once they get into cards which can carry a balance.

 

I personally use the Amex green to pay all monthly bills such as Cell phone, electricity, gas, cable tv and anything else which I would normally pay with cash.  Then at the end of the month I pay Amex right before the statement date cuts so it reports a 0 or very low balance.  I pick up the points (sometimes even a bonus) and as the pattern continues, I never have to worry about falling into the "let's use a revolver to pay our bills" trap.

 

An amex green after 24 months is a great help to a score if its been managed correctly. Smiley Happy


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: 4 Inquiries


LS2982 wrote:
If your looking for just an AMEX charge card I think you would be fine now to app if you like.

I agree with this logic,  app now Smiley Happy


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Senior Contributor
Posts: 3,947
Registered: ‎10-02-2012
0

Re: 4 Inquiries

@Pilotdude now this clears it up even more, now I see the benefits of having a charge card. Thanks for taking time and explaining makes even more sense.

Secured: Non Secured:
(EQ FICO 614) (EX FICO 631) (TU FICO 628) Gardening Since 08/15/15 For All 3 Credit Bureaus
Valued Member
Posts: 34
Registered: ‎02-17-2013
0

Re: 4 Inquiries

[ Edited ]

Well after reading the advice I received on here, I couldn't' hold my urge and decided to apply for the AMEX Green card, and I was denied...I have no idea why, but as soon as I get the details I'll report them on here.






Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.