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AMEX BCE Question

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QCS123
Established Contributor

AMEX BCE Question

We just got an AMEX BCE and we used it for a business purchase simply because we haven't yet qualified for a business card.  Does AMEX care about that?  AMEX did offer us the non revolver but again, not business a card and we have enough cards til we can get DH's FICO up a bit further he can't qualify for one.

 

The purchase itself was for Pella Windows but we want to pay from our business checking account, which ?may? raise brows?

...any idea?

 

 




Message 1 of 8
7 REPLIES 7
simplynoir
Community Leader
Mega Contributor

Re: AMEX BCE Question

In short there is nothing wrong with using a personal credit card for business expenses and AMEX typically won't scrutinize payment from business checking accounts since I doubt they would be able to tell the difference when the payment goes through. But if you and your husband are looking to make regular purchases on it I would stick with the plan on getting a business card when his scores allow it. May I ask what business card you both are looking to get? Because the BCE is one of the more harder revolvers to get with AMEX especially if you got a decent limit with it.

Message 2 of 8
QCS123
Established Contributor

Re: AMEX BCE Question

Thanks for the info.  I was given a 1K CL, so not that high but it's a start.  I didn't know BCE was hard to get with higher limits, now I feel bettter about the 1K limit.  It's a start and I'm using it regularly and paying it off fast too.  I haven't gotten my first statement and I've already used it several times with total charges over 1K on it and paid three payments paying it off and have another charge of $120 just hitting which will be payed off before closing date.  I"m hoping they will see regular usage and regular payment and give me the 3x CL increase.  Next month I'll use it a bit less and not be so aggressive.  

 

In terms of a business card, anything is good to start because his scores are in the mid 600's.  He is a General Contractor with some very high end clients, so some of the bills can be high.  We just put a 50% downpayment down on Pella Windows that was $10,750 and we had to split it between cards.   Ideally we are looking to get a Business card with a high CL (or one that will grow fast).  It would be great to get cash rewards on general purchases too, but really we just need to get started somewhere. So ultimately any business card that will grow nicely will be a good starter.

 

 




Message 3 of 8
simplynoir
Community Leader
Mega Contributor

Re: AMEX BCE Question

Hmm well that depends on whether you want a card with a credit limit that allows you to pay over time with some nice rewards or a charge card in which the limit is tied to your spending habits, payment history and so on to give you and your DH some spending power to make those big purchases as long as you two don't mind paying in full every month. In either case I would wait til his EX is around low 700s before trying to get a business card. Since he's now a member it will more than likely be a SP but with his scores it might hamper what type of approval he'll get whether you two go the revolver or charge card route. If you want more info I would call AMEX OPEN to see what options are available.

Message 4 of 8
QCS123
Established Contributor

Re: AMEX BCE Question

Thats a good point.  I'm not sure if a charge or a revolver would be more helpful.  I'll probably look back at our past material purchases and see what amounts were the largest and let that drive the decision.  We usually have between one and four clients at most at one given point in time and only two would be needing high dollar items at any given time.  I'm thinking a revolver would be good to give us more time to bill the client and get paid, but the charge would give us higher CL probably.  Is a charger usually easier to get or is it really just about that FICO score and mix of ingredients?

 

He does have a mailer with a RSVP code for the Gold Charge with AMEX but with the recent app spree we think it's best he not get it and we wait and garden and get a business card with a someone at some point when his FICO is higher.  I looked back at his old history and just before the car loan fiasco his TU score was 701 last Feb.  If I had looked then, we could have done it when we did the car before the FICO fell.  Oh well, time will help it recover, we just have to be patient (which is hard for the business side).  I also did one of the generator things on myfico and it says if we pay off the only credit card with a balance by $1K his score would jump to 700.  Not sure how reliable that is, but we are working at getting UT down to under 10% (with the charge off hitting there is only so low we can go).

 

 




Message 5 of 8
simplynoir
Community Leader
Mega Contributor

Re: AMEX BCE Question


wrote:

Thats a good point.  I'm not sure if a charge or a revolver would be more helpful.  I'll probably look back at our past material purchases and see what amounts were the largest and let that drive the decision.  We usually have between one and four clients at most at one given point in time and only two would be needing high dollar items at any given time.  I'm thinking a revolver would be good to give us more time to bill the client and get paid, but the charge would give us higher CL probably.  Is a charger usually easier to get or is it really just about that FICO score and mix of ingredients?

 

He does have a mailer with a RSVP code for the Gold Charge with AMEX but with the recent app spree we think it's best he not get it and we wait and garden and get a business card with a someone at some point when his FICO is higher.  I looked back at his old history and just before the car loan fiasco his TU score was 701 last Feb.  If I had looked then, we could have done it when we did the car before the FICO fell.  Oh well, time will help it recover, we just have to be patient (which is hard for the business side).  I also did one of the generator things on myfico and it says if we pay off the only credit card with a balance by $1K his score would jump to 700.  Not sure how reliable that is, but we are working at getting UT down to under 10% (with the charge off hitting there is only so low we can go).

 

 


Typically with charge cards the underwriting is easier - if not the easiest - to get approved for so if he has a RSVP for the PRG (unless you mean biz gold card) it's probably pretty solid if you're both considering it. And the spending typically grows with your needs on a charge card especially for a business so they typically seeing higher spending power than a revolver but again PIF is the key when considering that. Revolvers you might want to wait til his scores improve so that the next revolver app if you go that route will provide you with better terms and a higher spending limit to work with. You can maybe consider perhaps a CU for personal/buinsess credit if you want larger lines for the time being especially if they use FICO 09 scoring models which are more forgiving for people with collection/medial debts should that pertain to his credit situation.

Message 6 of 8
QCS123
Established Contributor

Re: AMEX BCE Question

Again, good feedback.  Thank you for taking the time.  The offer for the AMEX PRG card (which is a great offer 50,000pts for small spend) came in the midst of our app spree, so not sure it's valid anymore since it was based on old info? 

 

It might be wise to wait for the next offer or wait til April (offer ends) if he decides to apply for AMEX PRG card, that way they can see a few months of how we are handling the BCE card when they make their decision. Card opened Jan 1, we have run $1400 through it begining Jan 12th with a current balance of $0 after 3 payments and we haven't even reached the first statement date date yet. Hoping they like that.  CL is 1K, largest purchase was $741, paid, then $553, paid, then smaller purchases, paid.  Trying to run a lot through it but not run it up to the limit at any given point, if that makes sense.  




Message 7 of 8
simplynoir
Community Leader
Mega Contributor

Re: AMEX BCE Question

 Sounds like a plan. Good luck to whatever you decide!

Message 8 of 8
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