American Express (amex) Wanting to get a gold eventually.. Can I ever?

[longtimelurker]

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@Anonymous wrote:

Most American Express cardholders make much more than the average household. It makes much more sense to inflate the amount spent on the card, especially with charge cards. Citi Price Rewind (which I use) is just a fancy name for marketing purposes... Every Visa, MasterCard, American Express, and Discover card has a price protection feature---it's not exclusive to Citi. Citi is famous for rebanding the card network's features as their own. I should also add along with the advantages of American Express Card perks, their customer service is much better than anything you would see from Visa or MasterCard.

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The major difference with Price Rewind is that is proactive, you don't need to find the lower price as in standard price protection.  Not aware of other cards doing that.

As discussed here often, Amex service is YMMV (as it is for most issuers)   I agree that Amex and Discover seem to come top in surveys

[elim]

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@gibeon wrote:
I've found Amex to be fairly forgiving. I settled with CAs for less than owed on 4-5 accounts from 2011 (lay off) in June 2015 and got an Amex ED in November 2015, got an invitation and approxed for Platinum Charge in May 2016 that I then converted to PRG.

I also have an unpaid chargeoff from Amex from back in 2002-ish. When I lost my job back then. I might pay that off this summer, because I'd rather not have it out there forever.

I think that even settled accounts look a hell of a lot better than open collections or "closed and owed" accounts.

I would think you would have a very good chance. For reference my income is lower than yours and current debt way way way higher, but more assets too.

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   +1

   680 EX with a 2010 unpaid 13k tax lien when I applied in 14'  no problem.  If you are a first time AMEX holder you can check the prequal. If one shows up... search for a 65k offer or 50k if that works for you.

[elim]

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@Anonymous wrote:
I agree. It is a very pretty looking card. I'm just wondering if the prettiness is worth $195 a year lol!

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   $100 airline credit and 4 tows per year handles the AF.

[Anonymous]

Great salary here but I just simply don't spend a whole lot of money lol! Sometimes I sit and wish there was stuff I wanted to buy..

[Anonymous]

Thanks for the detailed advice.. very appreciated

I should have stated that I wanted the PRG and not the regular gold.. to be honest I was not aware of there being two before... See you learn so much here.

SOOOO my FIANCE has been listening to the knowledge that I have aquired from this board... and received a damn offer letter YESTERDAY WHEN I GOT HOME!!!!!! Right after talking to you fine folks... I figured it was a sign.... So we took the plunge (after really reading the forums.. she has no past dues her only negative is a limited credit history... but she pays off her balances every month and has for over a year) and SHE was APPROVED!!!!! OMG.. I mean im very jealous.. very.. but so happy for her!

Just as an FYI they automatically two day your card to you.. AND they give you your free FICO 8 scores the next day!! Again.. not my card.. I still have a long way to go.. but I thank you all for giving me the courage to guide her.. she was so happy!

Just so everyone knows:

She had a FICO of 715

Bring home of 80k

2.5 years of credit history (including store cards)

no missed payment. Recently paid off her only medical bill of 2k 

Had a Capital One platinum (now a cash back version) and a NFCU go rewards card (total limits of 5500 for all).

and now... a FREAKING AMEX PGC!!!! I searched for the 65k points offer as well (40k for sign up now and 25k next year) with no annual fee the first year.. THAT was a direct result of research from you all as well!

So many great benefits... Ill let you know when I take the plunge

[takeshi74]

Why do want a Gold?  Have you carefully done your due diligence or is this based on the image/prestige of the Gold?

Most of AmEx's charge cards are generally regarded as being easier to qualify for than their credit cards so keep that in mind if image/prestige/etc are primary reasons for you.

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@Anonymous wrote:

I honestly just want it, as it fits my usage the best.

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The Gold doesn't offer as good of an earn rate as the PRG but you need to consider much more than just the earn rate.  Even with the PRG are it's bonus earn categories your biggest spend categories?  You also need to consider much more than just the earn rate.  To benefit from programs like Membership Rewards you generally need to run a large amount of spend through them.  You also need to carefully research the redemption options to ensure that you can make use of options that offer higher rewards value as redemption method can have a significant impact in this regard.  At best I can get about 0.6 to 0.8 cents per MR whereas I can get much more than that with Ultimate Rewards.  YMMV depending on what you can leverage and generally you're going to need to look into redemptions with a program's transfer partners as well to determine the rewards value you can get.

Make sure you're starting out by looking at where the majority of your spend is going and finding cards that maximize rewards on that spend.  Don't just look at % or X earn rates.  Run the numbers to understand the $ impact for your spend.  For programs like MR, UR, etc you also need to run the numbers all the way through the redemptions process to understand the reward value you can get.  Carefully do your due diligence for any card and don't just select one because of the brand, image, prestige, etc.

If you don't want to hassle with this, can't use higher value redemption options, don't have sufficient spend, etc then a cash back card may be better suited to you.  Determining rewards value is also generally a lot more straightforward with cash back cards and you can do the math there as well to compare the options.  Run the numbers and you'll have what you need to compare rewards with either approach to see which might be a better fit for your spend.

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@Anonymous wrote:

 I have TWO credit card charge offs on my report..... I have two settlement offers for them in my hand (I owe capital one $775 they will take $630, HSBC I owe $350 they will take $180). I can do the settlements today no questions asked. 

But if I do the settlements... Will I ever be able to get an AMEX? is it already to late for me? Or should I pay in the full amount due (as in will that help my case more). Both of these are from 2013/2012 when I lost my job... I had a Repo that fell off a year ago as well... I made some real bad mistakes in my early 20's but I am working very very hard on them now.

Generally you want your credit in the best shape possible when applying and if you have derogs then you should really work on addressing them before worrying about applying.  Paying generally provides little to no benefit.  You want removal where possible.  Don't overlook the Rebuilding subforum.  Carefully research in there before taking action.

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@Anonymous wrote:

Again I know that I am not ready right now... I understand that.. Just looking for a good roadmap and to know if I will ever be able to have one... \

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Ever is a very long time.  Even a person with a number of significant issues can certainly get to a point where approval is possible.  It may take a long time.  It may take a lof of effort.  However, you can certainly get there.  Just don't expect quick fixes.

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@Anonymous wrote:

I know that this is a stupid question but the whole reason I asked if I would EVER be able to get an AMEX is because I thought that I read somewhere that those types of things never entirely fall off your report.. that even after 7 years, the damage is still visable to the CC companies... I know that sounds extreame as I was under the impression that once your 7 years passed you were in the clear. Hope that makes sense...

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You need to always consider your sources, validate, corroborate, etc.  There's a lot of misinformation, misunderstanding, etc out there.  You can always pull your reports and what you see is exactly what is on your report.  7 years is typical for most derogs and when they fall off they fall off.  However, falling off doesn't mean that the item ceases to exist.  If you've defaulted with a creditor they can certainly retain their own records well beyond the credit report exclusion period.  Generally, speaking if you want to get back in with such creditors you'll probably need to settle with them first.

[Anonymous]

Where is the 65K offer? All I see when logging into American Express is 25K. 

[Anonymous]

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@Anonymous wrote:

Where is the 65K offer? All I see when logging into American Express is 25K. 

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Try using incognito mode on a browser, and/or refreshing multiple times.

[Anonymous]

Takeshi74:

 Thank you for taking the time to really customize your response to me.. I greatly appreciate that!

I would end up using the PRG over the gold... But thanks for checking.... I am a firm believer that the PRG is going to be right for me.

Our typical spend category is going to be at resturaunts/entertainment.. which gives us 2x rewards. That is my highest spend so far. Grocery stores will be second, as well as Gas coming in third. My plan is to use that card for absolutly everything humanly possible, and pay it off without fail. I am going to put all revolving bills, utilities, everything on this card. I also travel a good amount, so I am going to use the baggage credit and will also benefit from the insurance that comes with. The free Fico scores is nice.. that saves me per month as well.

In regards to the removal of the collection.. I was told that if I pay the settlement amount, the creditor will issue me a letter stating that the account is settled in full. They will not make any guarantees regarding removal though..

Thanks again for your guidance Maybe I will just go with the Saphire in the meantime...

[Anonymous]

12velectronics:

 I did exactly that.. Use Incognito mode on your browser and refresh several times. It should come directly from the AMEX website. Took me a whopping 10mins to complete. Hope that helps!