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Valued Contributor
red259
Posts: 2,115
Registered: ‎06-05-2013
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Amex charge cards as viewed by other CC companies

When my two current cards age some I was thinking about applying for an Amex charge card to get my foot in the door with Amex. in hopes of getting a revolver down the line. With that in mind how do other credit card companies view Amex charge cards when it comes to setting CLs and/or approvals. My understanding is if you have a high credit limit from another CC company you have a much better chance of getting a higher limit from new card issuers. How does this play out with an amex charge card where my understanding is it does not show a CL because its a charge card? I'm also still a bit confused on how charge cards impact utlization if at all.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Amex charge cards as viewed by other CC companies


red259 wrote:

When my two current cards age some I was thinking about applying for an Amex charge card to get my foot in the door with Amex. in hopes of getting a revolver down the line. With that in mind how do other credit card companies view Amex charge cards when it comes to setting CLs and/or approvals. My understanding is if you have a high credit limit from another CC company you have a much better chance of getting a higher limit from new card issuers. How does this play out with an amex charge card where my understanding is it does not show a CL because its a charge card? I'm also still a bit confused on how charge cards impact utlization if at all.


Charge cards do not impact overall utilization.

 

IMO I think the lender looks at the age of the account and how much money has been spent/paid on time for charge cards. Maybe even use your high balance as an indicator of where to start.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
red259
Posts: 2,115
Registered: ‎06-05-2013
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Re: Amex charge cards as viewed by other CC companies

So in the situation where you have a charge card it would be a good idea to run up a very high balance and then pay it all off right before applying for new cards?


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
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LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Amex charge cards as viewed by other CC companies


red259 wrote:

So in the situation where you have a charge card it would be a good idea to run up a very high balance and then pay it all off right before applying for new cards?


Eh....I wouldn't put yourself in a pickle for it, but if you have things you nee put it all on the car and PIF. 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
red259
Posts: 2,115
Registered: ‎06-05-2013
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Re: Amex charge cards as viewed by other CC companies

Yep, I would never intentionally put myself in a pickle, but sometimes I can let expenses gather up into one month and then pay them all at once instead of spread out.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Amex charge cards as viewed by other CC companies


red259 wrote:

Yep, I would never intentionally put myself in a pickle, but sometimes I can let expenses gather up into one month and then pay them all at once instead of spread out.


You got the right Idea!!! :smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: Amex charge cards as viewed by other CC companies

Your average balances and amount paid is shown in your CR.

While charge cards do not affect utilization, anyone who looks at your CR will be able to tell how much you're using and paying each individual card, including your charge cards, each month.

 

There's no need to go out of your way and rack up a high balance. Having a constant "not-as-high" balance is good enough as well.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Super Contributor
longtimelurker
Posts: 8,002
Registered: ‎04-22-2013
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Re: Amex charge cards as viewed by other CC companies


enharu wrote:

Your average balances and amount paid is shown in your CR.

While charge cards do not affect utilization, anyone who looks at your CR will be able to tell how much you're using and paying each individual card, including your charge cards, each month.

 

There's no need to go out of your way and rack up a high balance. Having a constant "not-as-high" balance is good enough as well.

 


Where is this info in the CR?  Pulling my EQ from here and my three-agency from Amex, I don't see that.

Frequent Contributor
b_seeker
Posts: 390
Registered: ‎03-24-2013
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Re: Amex charge cards as viewed by other CC companies


longtimelurker wrote:

enharu wrote:

Your average balances and amount paid is shown in your CR.

While charge cards do not affect utilization, anyone who looks at your CR will be able to tell how much you're using and paying each individual card, including your charge cards, each month.

 

There's no need to go out of your way and rack up a high balance. Having a constant "not-as-high" balance is good enough as well.

 


Where is this info in the CR?  Pulling my EQ from here and my three-agency from Amex, I don't see that.


Pull them from the bureaus themselves. CreditSecure is pretty barebones. Can't comment on the one here.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: Amex charge cards as viewed by other CC companies


b_seeker wrote:

longtimelurker wrote:

enharu wrote:

Your average balances and amount paid is shown in your CR.

While charge cards do not affect utilization, anyone who looks at your CR will be able to tell how much you're using and paying each individual card, including your charge cards, each month.

 

There's no need to go out of your way and rack up a high balance. Having a constant "not-as-high" balance is good enough as well.

 


Where is this info in the CR?  Pulling my EQ from here and my three-agency from Amex, I don't see that.


Pull them from the bureaus themselves. CreditSecure is pretty barebones. Can't comment on the one here.


+1.

I pull my reports from Experian directly (thanks to the Amex denial in March) and Equifax.com monitoring service also reflects everything.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

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