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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.
@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.
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.
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.