Can Amex Work For Me?

[Boldilocks]

OK, so I plead guilty to being ignorant about Amex cards in general - it's my own fault.

Anyway, today I responded to an offer and was instantly approved for the Amex Premier Rewards Gold Card.  I am not a high flying sort - I don;t travel a lot, stay in hotels a lot, rent cars a lot or wine and dine a lot.

I read (somewhere) that charging small sums of around the same amount every month (like $500 grocery shopping, say) could result not only in the invisible credit limit being very low, but also also it would look on my reports like I was maxing it out.

Can I make this card play nicely?  Should I just sock drawer it and keep it for the age it will add as time goes on?  I need to come up with a game plan - it has been pointed out to me that the damage has already been done in terms of the inquiry, the reduction in my aaoa and in the new credit.

[score_building]

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@Boldilocks wrote:

OK, so I plead guilty to being ignorant about Amex cards in general - it's my own fault.

Anyway, today I responded to an offer and was instantly approved for the Amex Premier Rewards Gold Card.  I am not a high flying sort - I don;t travel a lot, stay in hotels a lot, rent cars a lot or wine and dine a lot.

I read (somewhere) that charging small sums of around the same amount every month (like $500 grocery shopping, say) could result not only in the invisible credit limit being very low, but also also it would look on my reports like I was maxing it out.

Can I make this card play nicely?  Should I just sock drawer it and keep it for the age it will add as time goes on?  I need to come up with a game plan - it has been pointed out to me that the damage has already been done in terms of the inquiry, the reduction in my aaoa and in the new credit.

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App to SD?  not a good move in this climate especially, you'll for sure want to PC after your 1st year free to a lower fee card like Zync (since you say you won't benefit much from the Gold rewards.)

[Boldilocks]

I think I'll just use it for paying my monthly bills - electric, gas, cable, insurance, groceries, etc., then pay it right back.  Makes paying bills a two step process rather than one, but at least the card will get some use and rack up some points in case I do ever need them for that trip home to ireland!  :-)

[Anonymous]

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@Boldilocks wrote:

I think I'll just use it for paying my monthly bills - electric, gas, cable, insurance, groceries, etc., then pay it right back.  Makes paying bills a two step process rather than one, but at least the card will get some use and rack up some points in case I do ever need them for that trip home to ireland!  :-)

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That's what I'm using mine for CONGRATS!

[haulingthescoreup]

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@Boldilocks wrote:

OK, so I plead guilty to being ignorant about Amex cards in general - it's my own fault.

Anyway, today I responded to an offer and was instantly approved for the Amex Premier Rewards Gold Card.  I am not a high flying sort - I don;t travel a lot, stay in hotels a lot, rent cars a lot or wine and dine a lot.

I read (somewhere) that charging small sums of around the same amount every month (like $500 grocery shopping, say) could result not only in the invisible credit limit being very low, but also also it would look on my reports like I was maxing it out.

Can I make this card play nicely?  Should I just sock drawer it and keep it for the age it will add as time goes on?  I need to come up with a game plan - it has been pointed out to me that the damage has already been done in terms of the inquiry, the reduction in my aaoa and in the new credit.

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I think that the comment that you read sounds like someone worrying out loud. Other than a few times where trips were on my Gold card, it usually got about the same amount of usage every month. And in fact, the balances were usually $0, unless a charge hit right at the cut-off time. (The highest balance during the month does show on reports.)

I wouldn't worry about this. Setting it up for recurring charges is a great way to use your card.

We can easily go crazy wondering what lenders think when they look at our reports. But as far as I can tell, lenders aren't using that "thinking" thing at all.

Congrats on your card!

[Boldilocks]

LOL, thanks Hauling!  The place where I got that (though I saw it more than once) was here:  http://www.answerbag.com/q_view/1973021

I'll try to relax about it and feel may way.  There isn't a lot of damage it can do as long as I pay properly, my scores are pretty high and my reports are completely clean - hopefully it'll be more "tweaking" than anything else.

Never thought I'd be worried about being approved for a new card - I need my heads seen to! 

Incidentally, do you have any idea what your invisible limit is?  Or you mj?

[haulingthescoreup]

I dropped my Gold right before the AF was due. I'm cheap; what can I say? I never did have the nerve to test the internal limit. I have a Blue now, and it's right there staring at me: $5K.

I'll step aside for mjbfan.

[Anonymous]

Congrats on this Approval..I was approved as well a few days ago. 

[Anonymous]

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@haulingthescoreup wrote:

I'll step aside for mjbfan.

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LOL