AMEX Credit Mix

[WJL]

Hello - I've heard and read about the following, but would like your confirmation. Is it true that having an AMEX card is good for your credit profile because it diversifies the type of credit accounts you have? Thanks in advance for your insight.

[TheCreditKid]

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@WJL wrote:

Hello - I've heard and read about the following, but would like your confirmation. Is it true that having an AMEX card is good for your credit profile because it diversifies the type of credit accounts you have? Thanks in advance for your insight.

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It can be Amex, Orchard, Discover or whatever. As long as you have a mix of any credit cards with ontime payment and low-ulti then it should help your credit. AMEX is just a good company to be with because of their rewards and Customer Service, but its like any other card. Get a few mix credit( Installation loan, mortage, 1-3 credit cards). Then your good to go.

[jforsyth]

I believe the OP is referring to AMEX charge cards for which the terms are "open" instead of "revolving."

Word of mouth says that these cards DO help your mix of credit, although I haven't done any personal testing myself. It definitely would make sense if they did.