Credit Cards

[Schoolbuskid]

I need one more good card to complete my apping...any ideas?

My scores are TU-636 EX-619 EQ-606

No baddies except for 1 medical collection unpaid!

Message Edited by Schoolbuskid on 07-03-2008 06:17 PM

[mjbfan79]

Total Visa

[UpTheDernCreek]

If you want to wait a bit, app for an American Express Green Preferred Rewards. It's a charge card. It's not a credit card. It will still look good on your report. It will not count towards your util.

Good Luck

[cheddar]

I agree with the Amex recommendation, as long as that unpaid collection is more than two years old.

[Schoolbuskid]

nope its not more than two years old...it was assigned in October 07! What about National City?

[Wonderin]

*showing ignorance*

What's a "charge card" and what's the difference? Especially with an AMEX charge card???

[Schoolbuskid]

i would like to know as well? Does that Amex account report limits?

[fused]

- Amex charge cards: Green, the Gold's and Platinum do not report CLs only high balance (similar to how Cap1 use to).

- Amex credit cards report CL and balance

[cheddar]

A charge card must be paid in full every month.  Unlike credit cards, there is no option to revolve a balance, or to carry a balance from one month to the next.  Anything less than payment of the balance in full each month, and the cardholder is considered delinquent.

Amex's traditional credit product is charge cards.  Today, however, they offer charge cards and credit cards both.

Amex charge cards do not have a credit limit in the same sense that a credit card does.  They are advertised as having no preset spending limit, although they do place an internal limit on your monthly spending that changes from month to month, and is based on your monthly spending patterns and payment history with Amex.

Because of their history in the charge card business and their overall skittishness in general, it is advisable to treat any Amex credit product as a PIF-type card.  Even if you have a card that allows you to carry a balance, they really hate it when you do, and have been known to get nervous and close accounts or lower limits on credit cardholders who carry a balance for more than a few months at a time.

[Watchmann]

cheddar wrote:

Because of their history in the charge card business and their overall skittishness in general, it is advisable to treat any Amex credit product as a PIF-type card.  Even if you have a card that allows you to carry a balance, they really hate it when you do, and have been known to get nervous and close accounts or lower limits on credit cardholders who carry a balance for more than a few months at a time.

---------------------------------

True if you have a short history with AMEX, but the longer the history the more lenient they are with you carrying a balance.  I've carried balances with AMEX for six months or so with no effect on my CL (in fact they increased the CL during these periods), but that is with a 28 year credit history.  The greatest asset with AMEX is TIME, so you might as well get started.  Once they trust you you will have a very good relationship with them.  I've probably pushed close to $1,000,000 through my three accounts with them over the years with never a missed payment.  They do not worry about me carrying an $8k to $10k balance for a few months on my Optima card.  Their internal risk programs and their continual softing of my approx 790 FICO score causes them no concern.

Message Edited by Watchmann on 07-03-2008 10:34 PM