Do NOT get an Amex Gold or Plat puh-leeze!
Look, you're making ~$22k/year
Some amount of that is going to your online clases (let's just say ~$200/month? That's on the VERY conservative end of things)
You have a $12,300 car loan? Let's say that it's a 5-year auto loan (about average). That's $205/month for that.
Let's ignore your other credit card balances -
You're looking at around ~$17k/year in disposable income. This does not include your rent.
In order for the Platinum (AF=$450) to pay itself off with points (I know that it is not usually used as a reward card), you'll need to purchase $45,000 worth of stuff/year. You're not even close.
In order to pay for the Gold (AF=$160), you'll need to purchase $16,000 worth of stuff/year. Or, if you use the bonus restaurants category, you'll have to spend $8,000/year to break even. You're not going to reach close to that with rent/utilities/other miscellaneous purchases included.
In order to pay for the PRG (AF=$195), you'll need to purchase $19,500 worth of stuff/year (more than you make in disposable income). Or if you use the 2x categories, you'll have to spend $9,750/year to break even (again, that's not happening). And you're most likely not buying many flights for the 3x categories as a student.
You're going to end up in the red. You're going to end up in the red BIG TIME with an amex charge card (gold/plat). You'll end up least in the red with a Green card, but the rewards suck for it.
The reason why I wrote this all out is to convince you to PLEASE not get an Amex charge card. You don't need to "get in" with them. Who cares? They don't backdate anymore; there's no reason to rush to get in with them.
If you REALLY need an amex card, go for a credit card with them since. Heck, even go for the Everyday if you'd like. There's no AF, you get points, and you "get in" with Amex. Granted, the Everyday is not the easiest Amex card to get.
That being said, it's not impossible AT ALL for you to get it (or another card for that matter). Heck, I don't even like Amex that much and would recommend you get the Freedom instead (I like Chase points more than Amex points and with the Sapphire Preferred, you can trasnfer them just like the Everyday). Just sit on your current cards, use them, and pay them off! Demonstrate the ability to pay off debts, utilize the limits that you currently have responsibly, and hold yourself back from applying to useless credit. Your current credit card portfolio is not too sexy (lot of store/secured/random cards and low limits) and applying to more cards is NOT the way to go. Let your current cards grow and let the inquiries fall off so that you can apply and get better cards (eg. Citi Double Cash = 2% CB with no AF is ARGUABLY the best Cash back card out there! Freedom = 1-5% CB with no AF and can potentially transfer to airlines - a SOLID cash back card!).
Bottom line: Stop rushing. I got my first credit cad when I was 20 in college with a $200 limit. I used the heck out of that card (Citi Forward); I used ONLY it and paid it off multiple times per month because of its low limit. Once I did that for long enough, the limit grew, and by the time I got around to applying for my second card (Chase Freedom), I had shown that I can handle credit responsibly without a crap ton of random cards + inquiries. Stop rushing and slow down buddy, and you'll have a good time 
@Anonymous wrote:Do NOT get an Amex Gold or Plat puh-leeze!
Look, you're making ~$22k/year
Some amount of that is going to your online clases (let's just say ~$200/month? That's on the VERY conservative end of things)
You have a $12,300 car loan? Let's say that it's a 5-year auto loan (about average). That's $205/month for that.
Let's ignore your other credit card balances -
You're looking at around ~$17k/year in disposable income. This does not include your rent.
In order for the Platinum (AF=$450) to pay itself off with points (I know that it is not usually used as a reward card), you'll need to purchase $45,000 worth of stuff/year. You're not even close.
In order to pay for the Gold (AF=$160), you'll need to purchase $16,000 worth of stuff/year. Or, if you use the bonus restaurants category, you'll have to spend $8,000/year to break even. You're not going to reach close to that with rent/utilities/other miscellaneous purchases included.
In order to pay for the PRG (AF=$195), you'll need to purchase $19,500 worth of stuff/year (more than you make in disposable income). Or if you use the 2x categories, you'll have to spend $9,750/year to break even (again, that's not happening). And you're most likely not buying many flights for the 3x categories as a student.
You're going to end up in the red. You're going to end up in the red BIG TIME with an amex charge card (gold/plat). You'll end up least in the red with a Green card, but the rewards suck for it.
The reason why I wrote this all out is to convince you to PLEASE not get an Amex charge card. You don't need to "get in" with them. Who cares? They don't backdate anymore; there's no reason to rush to get in with them.
If you REALLY need an amex card, go for a credit card with them since. Heck, even go for the Everyday if you'd like. There's no AF, you get points, and you "get in" with Amex. Granted, the Everyday is not the easiest Amex card to get.
That being said, it's not impossible AT ALL for you to get it (or another card for that matter). Heck, I don't even like Amex that much and would recommend you get the Freedom instead (I like Chase points more than Amex points and with the Sapphire Preferred, you can trasnfer them just like the Everyday). Just sit on your current cards, use them, and pay them off! Demonstrate the ability to pay off debts, utilize the limits that you currently have responsibly, and hold yourself back from applying to useless credit. Your current credit card portfolio is not too sexy (lot of store/secured/random cards and low limits) and applying to more cards is NOT the way to go. Let your current cards grow and let the inquiries fall off so that you can apply and get better cards (eg. Citi Double Cash = 2% CB with no AF is ARGUABLY the best Cash back card out there! Freedom = 1-5% CB with no AF and can potentially transfer to airlines - a SOLID cash back card!).
Bottom line: Stop rushing. I got my first credit cad when I was 20 in college with a $200 limit. I used the heck out of that card (Citi Forward); I used ONLY it and paid it off multiple times per month because of its low limit. Once I did that for long enough, the limit grew, and by the time I got around to applying for my second card (Chase Freedom), I had shown that I can handle credit responsibly without a crap ton of random cards + inquiries. Stop rushing and slow down buddy, and you'll have a good time
Well he can always get the PRG for the Sign Up Offer to build a relationship with them. Within the first year, apply for the ED, and cancel the PRG at the end of the first year before the AF hits.
@Anonymous wrote:Do NOT get an Amex Gold or Plat puh-leeze!
Look, you're making ~$22k/year
Some amount of that is going to your online clases (let's just say ~$200/month? That's on the VERY conservative end of things)
You have a $12,300 car loan? Let's say that it's a 5-year auto loan (about average). That's $205/month for that.
Let's ignore your other credit card balances -
You're looking at around ~$17k/year in disposable income. This does not include your rent.
In order for the Platinum (AF=$450) to pay itself off with points (I know that it is not usually used as a reward card), you'll need to purchase $45,000 worth of stuff/year. You're not even close.
In order to pay for the Gold (AF=$160), you'll need to purchase $16,000 worth of stuff/year. Or, if you use the bonus restaurants category, you'll have to spend $8,000/year to break even. You're not going to reach close to that with rent/utilities/other miscellaneous purchases included.
In order to pay for the PRG (AF=$195), you'll need to purchase $19,500 worth of stuff/year (more than you make in disposable income). Or if you use the 2x categories, you'll have to spend $9,750/year to break even (again, that's not happening). And you're most likely not buying many flights for the 3x categories as a student.
You're going to end up in the red. You're going to end up in the red BIG TIME with an amex charge card (gold/plat). You'll end up least in the red with a Green card, but the rewards suck for it.
The reason why I wrote this all out is to convince you to PLEASE not get an Amex charge card. You don't need to "get in" with them. Who cares? They don't backdate anymore; there's no reason to rush to get in with them.
If you REALLY need an amex card, go for a credit card with them since. Heck, even go for the Everyday if you'd like. There's no AF, you get points, and you "get in" with Amex. Granted, the Everyday is not the easiest Amex card to get.
That being said, it's not impossible AT ALL for you to get it (or another card for that matter). Heck, I don't even like Amex that much and would recommend you get the Freedom instead (I like Chase points more than Amex points and with the Sapphire Preferred, you can trasnfer them just like the Everyday). Just sit on your current cards, use them, and pay them off! Demonstrate the ability to pay off debts, utilize the limits that you currently have responsibly, and hold yourself back from applying to useless credit. Your current credit card portfolio is not too sexy (lot of store/secured/random cards and low limits) and applying to more cards is NOT the way to go. Let your current cards grow and let the inquiries fall off so that you can apply and get better cards (eg. Citi Double Cash = 2% CB with no AF is ARGUABLY the best Cash back card out there! Freedom = 1-5% CB with no AF and can potentially transfer to airlines - a SOLID cash back card!).
Bottom line: Stop rushing. I got my first credit cad when I was 20 in college with a $200 limit. I used the heck out of that card (Citi Forward); I used ONLY it and paid it off multiple times per month because of its low limit. Once I did that for long enough, the limit grew, and by the time I got around to applying for my second card (Chase Freedom), I had shown that I can handle credit responsibly without a crap ton of random cards + inquiries. Stop rushing and slow down buddy, and you'll have a good time
A lot of your analysis is flawed. For example, you count spend to offset an AF, but you exclude benefits that certain cards have that hold actual value. These cards are not only for spend, but for benefits that people find value in. You have to consider this, instead of taking the vacuum spend approach when determining if a card is right for you.
@Anonymous wrote:
@Anonymous wrote:Do NOT get an Amex Gold or Plat puh-leeze!
Look, you're making ~$22k/year
Some amount of that is going to your online clases (let's just say ~$200/month? That's on the VERY conservative end of things)
You have a $12,300 car loan? Let's say that it's a 5-year auto loan (about average). That's $205/month for that.
Let's ignore your other credit card balances -
You're looking at around ~$17k/year in disposable income. This does not include your rent.
In order for the Platinum (AF=$450) to pay itself off with points (I know that it is not usually used as a reward card), you'll need to purchase $45,000 worth of stuff/year. You're not even close.
In order to pay for the Gold (AF=$160), you'll need to purchase $16,000 worth of stuff/year. Or, if you use the bonus restaurants category, you'll have to spend $8,000/year to break even. You're not going to reach close to that with rent/utilities/other miscellaneous purchases included.
In order to pay for the PRG (AF=$195), you'll need to purchase $19,500 worth of stuff/year (more than you make in disposable income). Or if you use the 2x categories, you'll have to spend $9,750/year to break even (again, that's not happening). And you're most likely not buying many flights for the 3x categories as a student.
You're going to end up in the red. You're going to end up in the red BIG TIME with an amex charge card (gold/plat). You'll end up least in the red with a Green card, but the rewards suck for it.
The reason why I wrote this all out is to convince you to PLEASE not get an Amex charge card. You don't need to "get in" with them. Who cares? They don't backdate anymore; there's no reason to rush to get in with them.
If you REALLY need an amex card, go for a credit card with them since. Heck, even go for the Everyday if you'd like. There's no AF, you get points, and you "get in" with Amex. Granted, the Everyday is not the easiest Amex card to get.
That being said, it's not impossible AT ALL for you to get it (or another card for that matter). Heck, I don't even like Amex that much and would recommend you get the Freedom instead (I like Chase points more than Amex points and with the Sapphire Preferred, you can trasnfer them just like the Everyday). Just sit on your current cards, use them, and pay them off! Demonstrate the ability to pay off debts, utilize the limits that you currently have responsibly, and hold yourself back from applying to useless credit. Your current credit card portfolio is not too sexy (lot of store/secured/random cards and low limits) and applying to more cards is NOT the way to go. Let your current cards grow and let the inquiries fall off so that you can apply and get better cards (eg. Citi Double Cash = 2% CB with no AF is ARGUABLY the best Cash back card out there! Freedom = 1-5% CB with no AF and can potentially transfer to airlines - a SOLID cash back card!).
Bottom line: Stop rushing. I got my first credit cad when I was 20 in college with a $200 limit. I used the heck out of that card (Citi Forward); I used ONLY it and paid it off multiple times per month because of its low limit. Once I did that for long enough, the limit grew, and by the time I got around to applying for my second card (Chase Freedom), I had shown that I can handle credit responsibly without a crap ton of random cards + inquiries. Stop rushing and slow down buddy, and you'll have a good time
A lot of your analysis is flawed. For example, you count spend to offset an AF, but you exclude benefits that certain cards have that hold actual value. These cards are not only for spend, but for benefits that people find value in. You have to consider this, instead of taking the vacuum spend approach when determining if a card is right for you.
That is definitely true. I touched up on that briefly in my talk about him being a student in my PRG talk. Basically, he's a student with $22k/year with a ton of loans. He's not going to be doing much traveling at all, which is all the Platinum/PRG are good for (aside from maybe roadside assistance... and 90 day insurance... but many no AF cards have that).
So basically, the main benefits of the PRG/Platinum which lie in travel are near useless to him.
@Anonymous wrote:Hi everyone, this is my first post.
I would really like to get an american express card... preferably the Amex Gold or Platinum.
I'm 19 years old (almost 20)
My average income is $900 Bi weekly after Tax & SS.
I'm full time in online college as well (not sure if that helps)
My debts are...
Auto Loan: $12300 ( 2 months old ) Starting balance: 12700
Personal Loan for Motorcycle: Closed ( opened 10 months ago)
Discover Secured IT card: $90 ( opened 5 months ago ) LIMIT: 300
Local Credit Union Visa Platinum: $188 ( Opened 6 months ago) LIMIT: 500
Amazon Store card Through Syncrony Bank: $388 ( Opened 3 months ago) LIMIT: 2000
Paypal Credit ( DOES NOT REPORT TO CREDIT COMPANIES) : $140
My main problem obviously being age of accounts, recently opened accounts, and my low limits.
My current scores recently dropped when I paid off my personal loan, my fico dropping from a healthy 690 to 646. The personal loan was my first reported account ever.
I have no missed payments.
Im wondering what everyone suggests to getting an american Express charge card, I would really like to just get my foot in the door at the moment so honestly I would settle for the low return Green Card if i had to...
My goal is to get one as soon as possible, but I cant seem to find a consise answer on what score I should have, how many accounts I should have, if I should not open any accounts for 6 months before applying, or what....
Does anyone have any goals I should set before trying to apply again, should I get back over 700 before applying again? Im also open to getting one of their credit cards as a starting point ( like the delta gold )
Thanks for any suggestions!
Personally the worst card I have is my Amex charge card. It doesn't report to credit bureaus so you can't build credit with it, it doesn't give you extended payment terms like a credit card, and it charges a high annual fee. My advice: get over it, and get yourself something more useful.
@AvadaKedavra wrote:
@Anonymous wrote:Do NOT get an Amex Gold or Plat puh-leeze!
Look, you're making ~$22k/year
Some amount of that is going to your online clases (let's just say ~$200/month? That's on the VERY conservative end of things)
You have a $12,300 car loan? Let's say that it's a 5-year auto loan (about average). That's $205/month for that.
Let's ignore your other credit card balances -
You're looking at around ~$17k/year in disposable income. This does not include your rent.
In order for the Platinum (AF=$450) to pay itself off with points (I know that it is not usually used as a reward card), you'll need to purchase $45,000 worth of stuff/year. You're not even close.
In order to pay for the Gold (AF=$160), you'll need to purchase $16,000 worth of stuff/year. Or, if you use the bonus restaurants category, you'll have to spend $8,000/year to break even. You're not going to reach close to that with rent/utilities/other miscellaneous purchases included.
In order to pay for the PRG (AF=$195), you'll need to purchase $19,500 worth of stuff/year (more than you make in disposable income). Or if you use the 2x categories, you'll have to spend $9,750/year to break even (again, that's not happening). And you're most likely not buying many flights for the 3x categories as a student.
You're going to end up in the red. You're going to end up in the red BIG TIME with an amex charge card (gold/plat). You'll end up least in the red with a Green card, but the rewards suck for it.
The reason why I wrote this all out is to convince you to PLEASE not get an Amex charge card. You don't need to "get in" with them. Who cares? They don't backdate anymore; there's no reason to rush to get in with them.
If you REALLY need an amex card, go for a credit card with them since. Heck, even go for the Everyday if you'd like. There's no AF, you get points, and you "get in" with Amex. Granted, the Everyday is not the easiest Amex card to get.
That being said, it's not impossible AT ALL for you to get it (or another card for that matter). Heck, I don't even like Amex that much and would recommend you get the Freedom instead (I like Chase points more than Amex points and with the Sapphire Preferred, you can trasnfer them just like the Everyday). Just sit on your current cards, use them, and pay them off! Demonstrate the ability to pay off debts, utilize the limits that you currently have responsibly, and hold yourself back from applying to useless credit. Your current credit card portfolio is not too sexy (lot of store/secured/random cards and low limits) and applying to more cards is NOT the way to go. Let your current cards grow and let the inquiries fall off so that you can apply and get better cards (eg. Citi Double Cash = 2% CB with no AF is ARGUABLY the best Cash back card out there! Freedom = 1-5% CB with no AF and can potentially transfer to airlines - a SOLID cash back card!).
Bottom line: Stop rushing. I got my first credit cad when I was 20 in college with a $200 limit. I used the heck out of that card (Citi Forward); I used ONLY it and paid it off multiple times per month because of its low limit. Once I did that for long enough, the limit grew, and by the time I got around to applying for my second card (Chase Freedom), I had shown that I can handle credit responsibly without a crap ton of random cards + inquiries. Stop rushing and slow down buddy, and you'll have a good time
Well he can always get the PRG for the Sign Up Offer to build a relationship with them. Within the first year, apply for the ED, and cancel the PRG at the end of the first year before the AF hits.
He could... but I'm on the team that doesn't enjoy applying for cards and canceling right away. Those cards really bring down your average credit age history, and it's kind of a nuisance having them show up on my report/take up space/call to cancel, etc.
Of course, everyone is different, so if OP is fine with doing that, then I say go for it. But in my opinion, he/she needs to slow down with applying for cards that he won't need, because judging by the cards he has right now, they're all pretty bad cards (i.e. no great benefits, no real rewards, etc.) and there's no point of adding another card that although not bad, will be canceled. He/she should add a permanent card that can grow with him imho.