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Amex. App questions

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taxi818
Super Contributor

Amex. App questions

Hello all. Just a small question from what I noticed here at my fico.  I will be apping amex charge card. Current score. Experian. 683.  But m. Waiting because I have 5 inquiries falling off first week of December. Why do people have so many cards from amex. I noticed people with 3-4 different cards. Why is the question? 2 I can understand. 1 charge. 1 revolver. But 4 and 5. What gives. I have more cards that I can use now. Only getting amex charge to have all networks. And if I don't earn enough rewards from it. It will get ax.  I think you are asking for amex to do their famous review. 

Because I can get something does not mean I should. Just wondering the rational behind this. Thanks all. 

Message 1 of 6
5 REPLIES 5
jamesdwi
Valued Contributor

Re: Amex. App questions


@taxi818 wrote:

Hello all. Just a small question from what I noticed here at my fico.  I will be apping amex charge card. Current score. Experian. 683.  But m. Waiting because I have 5 inquiries falling off first week of December. Why do people have so many cards from amex. I noticed people with 3-4 different cards. Why is the question? 2 I can understand. 1 charge. 1 revolver. But 4 and 5. What gives. I have more cards that I can use now. Only getting amex charge to have all networks. And if I don't earn enough rewards from it. It will get ax.  I think you are asking for amex to do their famous review. 

Because I can get something does not mean I should. Just wondering the rational behind this. Thanks all. 


Rewards plus backdating goodness and a decent APR, my Amex revolvers are 15.25, and 17.25% APR not awesome but deffinetly better that a lot of other cards. My BCP gets me 6% at grocery stores, and 3% for gas...  and awesome CLI's that help my UTL,  HHonors surpass gets me silver status (not that it matters, i'm currently diamond status untill the end of 2015) for Hilton, and 12 pts/$ in hilton properties. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 2 of 6
DawgZ
Contributor

Re: Amex. App questions

For me it is all about the backdating. If I add a new AMEX card it will backdate to 2006. That adds 8 years of credit history to the AAoA formula which is 15% of your credit score.



My Wallet - Cap1 Visa Signature $13k, Chase Saphire Prefered $13.5k, Well's Fargo Rewards $10k, Cap1 Quicksilver MC $6.5k, Cap1 Quicksilver V $4k, Chase Freedom $9k, Discover IT $7.5k, Amex BCE $34k, Amazon/Chase $2.5k,PenFed V $10.5k, Amex Green

EQ 810(Fico), EX 806 (Fico), TU 815 (Fico)

Message 3 of 6
Anonymous
Not applicable

Re: Amex. App questions

I'm trying to get in the Amex game so I can get that backdating goodness ...long road
Message 4 of 6
taxi818
Super Contributor

Re: Amex. App questions

@Dawgz. Well that makes sense. I can see that. But at what point do one stop chasing score. When you are well over 750. No need to keep adding and adding. I just don't get it.
Message 5 of 6
DawgZ
Contributor

Re: Amex. App questions

I would think the answer to 'When do you stop chasing credit' might be different for everyone. For me I had 3 goals when i started this crazy adventure.

 

1) Get enough credit on credit cards for emergengy expenses. (Example: My transmission went out in my car and the repair costs just over $4200)

2) Increase credit score to get a 3.9% mortgage loan instead of a 4.4%. (This will save me about $225 a month in payments)

3) Increase my 584 score to 720 to accomplish the above goals and learn how this stuff works so I can help others around me to do the same.



My Wallet - Cap1 Visa Signature $13k, Chase Saphire Prefered $13.5k, Well's Fargo Rewards $10k, Cap1 Quicksilver MC $6.5k, Cap1 Quicksilver V $4k, Chase Freedom $9k, Discover IT $7.5k, Amex BCE $34k, Amazon/Chase $2.5k,PenFed V $10.5k, Amex Green

EQ 810(Fico), EX 806 (Fico), TU 815 (Fico)

Message 6 of 6
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