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Established Contributor
Ulan
Posts: 790
Registered: ‎09-09-2008
0

Re: AMEX - Costco Card


Pj1369 wrote:
Hmmm...the Amex CSR said I should get a nice increase after 60 days.

Did they specify how long after 60 days :smileyvery-happy:? I'm still at $2,000 after 9 months.

Valued Member
xav
Posts: 45
Registered: ‎10-30-2008
0

Re: AMEX - Costco Card

I'd like to apply for this card..

 

Does anyone know whether I should do it in store or online?  (i.e. is the approval process faster in store.??)

 

Thanks

Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007
0

Re: AMEX - Costco Card

Approval process in store is immediate. You have an answer within about 60 seconds.
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Frequent Contributor
jaysdad2k
Posts: 368
Registered: ‎02-07-2008
0

Re: AMEX - Costco Card

Go to the store!

 

They almost always pull EX. Make sure your address is accurate or it may trigger a 7-10 delay.

 

 

"Knowledge is of no value unless you put it into practice."- Anton Chekhov
4/11 TU 743 4/11 EQ 763
Valued Member
xav
Posts: 45
Registered: ‎10-30-2008
0

Re: AMEX - Costco Card

Approved instantly! Thanks guys. A little disapointed with the CL ($2,000) but very happy overall.. FYI exactly a year ago I was denied.

 

What's the best practice with Amex? What utilization ratio would you recommend? My monthly expenses with the card (counting gas, costco and restaurants) should be close to $600 which seems rather high for a $2,000 limit.

 

$600 would be an utilization ratio of 30 percent. Is that acceptable?

 

What if right before my statement drops I make a $401 payment to keep the utilization ratio below 10 percent?

 

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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: AMEX - Costco Card

Why do you want to have a balance report? And AmEx does not like balances to be carried, by new members at any rate.

American Express can be all over the map, but most of us do well to use it a lot through the month and then PIF. Rinse, wash, and repeat.

Just a note: banks don't care about the let-something-report-and-then-PIF. That's a FICO scoring issue. Banks care about whether you do or don't pay in full every month --before or after the statement date is of no concern to them, as long as it's before the due date. Until AmEx gets used to you, you'd be wise to pay in full at some point before the due date.

One good reason to have $0 report on AmEx, even if you aren't trying to maximize your FICO's, is that they report the balance on your statement, but they don't actually send in that info for another four weeks. So your first statement might appear on 12/22. If you have a balance of $100 showing on that statement, your reports will show a $0 balance (or won't show the account at all yet, as it's new), and then on 1/19, AmEx will report that balance, and you'll have $100 showing up on your reports. It will stay there until (at a guess) 2/19, even if you paid that $100 off back on 12/23. This can be frustrating if an opportunity pops up, and you don't want to have a balance reporting.

Anyway, congrats on the card. That's a good one.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Member
xav
Posts: 45
Registered: ‎10-30-2008
0

Re: AMEX - Costco Card

One other question..

 

I'm a new Amex user. This month I ended up using the Amex a lot due to Christmas and the fact that I'm in charge of food supplies with my company.

 

I have $270 of credit available for a $2,000 limit (i'm no longer using the card). Is it OK? I always pay my bill in full or close to before my statement drops.

 

I have scheduled two bill payments from my 2 checking account but it's going to take a couple days to process (Amex won't let me do it from their website since I've paid my previous statement balance already). Should I give amex a call to let them know that I'm gonna clear that high balance?

 

I've become a little paranoid with Amex after reading several comments on this forum. Thanks.

Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
0

Re: AMEX - Costco Card


xav wrote:

One other question..

 

I'm a new Amex user. This month I ended up using the Amex a lot due to Christmas and the fact that I'm in charge of food supplies with my company.

 

I have $270 of credit available for a $2,000 limit (i'm no longer using the card). Is it OK? I always pay my bill in full or close to before my statement drops.

 

I have scheduled two bill payments from my 2 checking account but it's going to take a couple days to process (Amex won't let me do it from their website since I've paid my previous statement balance already). Should I give amex a call to let them know that I'm gonna clear that high balance?

 

I've become a little paranoid with Amex after reading several comments on this forum. Thanks.

 

 
I would say it's not that big of a deal especially if the payments are on their way BUT you never know with Amex.  
 
This is directed @ Amex - God forbid your customers actually use your product.
No one else finds it unacceptable  that Amex has their customers so scared stiff that they feel the need to call in just to let them know the payment is processing?
This is not a company - it's more like a loan shark.  

 

Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009
0

Re: AMEX - Costco Card

AMEX is no joke, once with them, they will watch you monthly.

 

Also when they put you on hold with music, they record every word you say, so don't say anything you do not what them to here, because that is why they do it in the first place.

-800 or Bust...!
Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: AMEX - Costco Card


-RED wrote:

AMEX is no joke, once with them, they will watch you monthly.

 

Also when they put you on hold with music, they record every word you say, so don't say anything you do not what them to here, because that is why they do it in the first place.


Could you please share with us how you know this?


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