AmEx Preapproval

smallfry · ‎09-12-2008

My college age daughter was preapproved on their website for Preferred Rewards Gold the Green Preferred Rewards Huilton Honors and for Blue.

She currently has a Citi with 3K a BofA with 3K and a Cap One with 1K. There are 0 balances on her Citi and Cap One card I think the BofA is around 60% utilized.

Since I am her Dad and of course know nothing I am having a bit of a time trying to relay what is the proper use of the cards. Usage and utilization have bought blank stares but I think I am making a little headway lately.

She works part time and is a full time student. What would be an appropriate AmEx card for her at this time and what should she state for HHI? Last known address is the ex-wife so that is fairly legit at least in my eyes. I think it would be a good idea to get in with AmEx early for a variety of reasons the least of which is card history. Which card would be best?

haulingthescoreup · ‎09-12-2008

I'd say Blue. It has a limited rewards program, and if she likes, she can pay $40 to register it in the full rewards program, but there's no particular hurry on that for now. And it seems to be the most stable of the revolvers.

My 23-year-old daughter got a Blue Sky, and she's really not using the benefits from it. But she used it for a $3400 BT, and her limit is up to $4500, last I heard. Her scores are in the 760's. (Sigh.)

I'm *pretty sure* that they give you the option of using HHI instead of personal income.

* 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

smallfry · ‎09-12-2008

Thanks Hauling. They have a Blue for Students also I think? Would that be more appropriate?

haulingthescoreup · ‎09-12-2008

Oddly, there have been posts that the student version is harder to get.

* 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

fused · ‎09-12-2008

I respectfully disagree with Hauling. I think your daughter should learn to be a PIFer and go for a Green card. This will teach her the importance of paying an entire bill on a monthly basis and she will get use to doing it. It's important to learn fiscal responsibility first, then learn the FICO util game. As for her stated income, she could state her HHI to include her mother's.

haulingthescoreup · ‎09-12-2008

@fused wrote:
I respectfully disagree with Hauling. I think your daughter should learn to be a PIFer and go for a Green card. This will teach her the importance of paying an entire bill on a monthly basis and she will get use to doing it. It's important to learn fiscal responsibility first, then learn the FICO util game. As for her stated income, she could state her HHI to include her mother's.

True; I'm just cheap.

Hate the fee!

But that's a good point. There's nothing like having an old-fashioned charge card to get a young person (or old) attuned to budgets and due dates.

* 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

smallfry · ‎09-13-2008

I was thinking it might be a bit easier to get a charge card and I understand they are a bit less likely to bring on a F/R. Think they would consider waiving the fee the first year? I think the Green is $95.

On the topic of children. I was not able to add any of mine to any of my cards. While the issuer's websites appeared to add my son and daughters to a few of my cards none of their reports picked up my cards.

It must have something to do with the addresses because my SO did pick up all my AU attempts with the except of Transunion and Walmart. Chase and Citi made all her reports Walmart was picked up on EX and EQ but not TU. Since she has been able to get Cap One, Orchard and Walmart on her own I have removed her as AU on all of my cards. Experian has removed all record of my cards on her reports but EQ and TU still show the cards on her reports but have not updated my recent payments for September.

This is very minor but I cannot believe how many errors are present on these reports. It seems there are more errors nowadays using computers than when everything was done by a thinking human being. I thought that once an AU was removed it would update once the statement reported to the bureaus. All my cards have reported to the bureaus with September activity yet TU and EQ still show the cards on her reports with 0 balances. Only Experian seems to be able to get everything right. No wonder creditors use them more than EQ and TU.