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jdp2134
Posts: 87
Registered: ‎07-23-2009
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AMEX through Bank?

USAA offers a AMEX card.

 

I hear all the time its better to have some CC that isnt from a Credit Union. Would this qualify as one of those cards even though i would get it through USAA? 

 

Cards i will probably keep for years to come so please let me know which route i should take.

 

USAA Plat. MC= 5k CL

NFCU Cash Rewards (just got today!!!)= 7500 CL

Best Buy Store Card= 2200 CL.

 

Should i keep Best Buy open and get 2 other different MAJOR credit cards and not worry about if best buy gets closed or not? Im asking the credit gurus what option to take in order for A) cards i can grow with and keep for a long time B) what fico likes to see.

 

Thank you in advance.

 

Looking to add 1 more good CC to the mix so i can start credit gardening.

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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: AMEX through Bank?

The USAA AmEx (and BofA AmEx, and Citi AmEx, if they still have it, etc.) is processed through the American Express card processing network, but it still counts as a card from USAA.

If you want to have a card from a national bank, to avoid the nothing-but-CU's ding, this one won't work. You'd have to go through whichever big banks are still in business this week. USAA isn't a CU, but their cards are treated as such by the scoring formula.

That being said, if the USAA AmEx has turned up in your offers section, it's a great card to have. It's pretty hard to go wrong with two cards from them, and it does offer the AmEx consumer protections.
* 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
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: AMEX through Bank?

If/when you have an offer for a USAA Amex card I would accept it. That will hopefully throw up another nice CL for you. Make sure you work all your existing CC's for CLI's - then app for a card from Citi, Discover or BofA. They will look at your existing CL's when setting your opening CL. So higher existing CL's will make a difference. This will get you a major bank card, and you only need one.
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jdp2134
Posts: 87
Registered: ‎07-23-2009
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Re: AMEX through Bank?

good to know. Thank you guys.
Contributor
jdp2134
Posts: 87
Registered: ‎07-23-2009
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Re: AMEX through Bank?

[ Edited ]

got approved for the AMEX at 3k CL.

 

How does my CC portfolio look? Like i said i plan on keeping these cards and seeing those 20k CL one day lol.

 

I still need my major bank card but that can come in due time  im not to worried about it.

 

Current CC.

 

USAA MC-5K CL

USAA AMEX- 3K CL

NFCU CASH REWARDS- 7500 CL

BEST BUY STORE CARD- 2200.

 

Any suggestions on gardening? I will be closing my Ochard Bank card shortly as they wont waive the AF and its only for 500.  It was my rebuilder card like most.

 

ETA: i feel very lucky to have these cards and the decent CL i do have considering my age (22). Should make applying for a mortgage in 5yrs really easy and worry free and also making my credit work for me.

Message Edited by jdp2134 on 09-04-2009 10:27 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: AMEX through Bank?


jdp2134 wrote:

got approved for the AMEX at 3k CL.

 

How does my CC portfolio look? Like i said i plan on keeping these cards and seeing those 20k CL one day lol.

 

I still need my major bank card but that can come in due time  im not to worried about it.

 

Current CC.

 

USAA MC-5K CL

USAA AMEX- 3K CL

NFCU CASH REWARDS- 7500 CL

BEST BUY STORE CARD- 2200.

 

Any suggestions on gardening? I will be closing my Ochard Bank card shortly as they wont waive the AF and its only for 500.  It was my rebuilder card like most.

 

ETA: i feel very lucky to have these cards and the decent CL i do have considering my age (22). Should make applying for a mortgage in 5yrs really easy and worry free and also making my credit work for me.


Congrats on the approval! Nice job.

 

Now wait a year, pay everything one time. Then work your existing CC's for the CLI's you can get without a hard INQ and then app as I indicated about. You will do fine.

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txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: AMEX through Bank?

[ Edited ]

haulingthescoreup wrote:
The USAA AmEx (and BofA AmEx, and Citi AmEx, if they still have it, etc.) is processed through the American Express card processing network, but it still counts as a card from USAA.

If you want to have a card from a national bank, to avoid the nothing-but-CU's ding, this one won't work. You'd have to go through whichever big banks are still in business this week. USAA isn't a CU, but their cards are treated as such by the scoring formula.

That being said, if the USAA AmEx has turned up in your offers section, it's a great card to have. It's pretty hard to go wrong with two cards from them, and it does offer the AmEx consumer protections.

I don't think the potential "ding" of no prime banks is a big deal.  It isn't going to be a significant score reduction.  And if you build up substantial credit and CL's with CU's, then you are more apt to get better rates, terms and CL's with a prime bank later when you apply.

 

In my mind, you build up a tweaked FICO to get credit, loans and financial services at the best rates.  After that, tweaked isn't necessary.  Just maintaining good credit habits and thus clean reports and good scores will protect you from most AA and provide you the best insurance rates.

 

The 2 things that I think get too much attention is the "prime card/bank" issue and the inquiry issue.  If you aren't looking for new credit, then spend your FICO capital to get the best deals.  The end game or objective is the useable credit at good rates/terms, not a tweaked high FICO for bragging rights.  Let's not forget the true use and benefit of FICO.....the number by itself is worthless.  What it gets you in financial value is the point of the "game" IMO.

 

Many people post their "fears" of AMEX on the boards.  I don't hear anybody talking about "fear" of USAA.  Thus I am very happy to have my AMEX through USAA.  I get all of the cardholder benefits (warranty extension, purchase protection, travel insurance, consierge, etc) but don't have to deal with the bipolar behavior of AMEX direct.  USAA gave me $20k on my AMEX.  That's good enough for me.

 

:smileyhappy:

 

 

Message Edited by txjohn on 09-05-2009 08:30 AM

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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: AMEX through Bank?


txjohn wrote:

 

The 2 things that I think get too much attention is the "prime card/bank" issue and the inquiry issue.


Being on the wrong side of one of these two issues gets a lot of people denied!


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