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Frequent Contributor
ChemGuy
Posts: 286
Registered: ‎05-02-2007

Re: Everyone wrong about Amex



cheddar wrote:


rred4 wrote:
I always read how Amex likes PIF, I've had my Delta Sky for about  9 months, CL started out a $3,400.  I never PIF my util is always around 30%.  About a month ago I received a letter asking me to upgrade to Plat so I did and today I get a letter from Amex.  WE'VE INCREASED YOUR LINE OF CREDIT.  More than double my CL  so it looks like a lot of people have been guessing what they think Amex likes. And yes I have 3 other cards and the all have at least 15% util



How did you get a credit limit increase on a Platinum?  It doesn't have a CL.
 
Or did you get an "upgrade" to the Platinum Delta Skymiles card?
 


Message Edited by cheddar on 07-10-2008 04:27 PM

He probably was referring to Delta Sky Plat.  Personally, I think it's messy business carrying a balance.  Remember, Amex is still in the business of "chasing balances" to zero, so I wouldn't be so cavalier about high utility and Amex not caring...they do!
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Everyone wrong about Amex

If so, the Platinum Delta Skymiles card is not the one commonly referred to as "the Plat."
 
I agree with you.  Carrying a balance for a long period with Amex is risky.  YMMV, as always, but generally speaking, this is not the way to get upgrade offers and auto-CLI with them.
 
I get offers to "upgrade" to different types of Delta cards all the time.  Platinum Delta Skymiles, the new Delta Reserve credit card (along with its $450 AF).  I always thought they sent them to all Delta cardholders.  No thanks.  I'll stick with the Gold DSM.
 
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Established Member
holuh3
Posts: 21
Registered: ‎05-14-2008

Re: Everyone wrong about Amex

I dunno;  I've been a 'bad' AmEx customer for over 14 years-never PIFd, a charge-off (KD on my credit report-I called and they removed it in a GW gesture), flipped my original green to Optima, then dragged that out over several years, re-opened my history with them a few years ago with a Delta, carried a 70% balance for several months (now at 10%). Oh, and twice in the last year, I accidentally paid my bill using the wrong checking account, causing the payment to 'bounce'. I buy wine and groceries and pay my phone bill and no one seems to care.  Now I have a new Green card that I just ran $2000 through (and PIFd) and I changed my Delta to Blue Cash.  Have they ever given me a CLI?  No.  But FR?  Not yet.  I have not very good FICOs, huge revolving debt, astronomical installment debt and I don't own any real property.  Beats me; maybe my number's just not up yet; I'll let you know.
Regular Contributor
rred4
Posts: 174
Registered: ‎04-18-2007

Re: Everyone wrong about Amex

Phoenix-rising  no I didn't get a hard inq because I never requested any CLI or upgrade.  And if there was any confusion I was upgraded from Delta Skymiles Gold to Delta Skymile Plat.  And someone said its not a good idea if I carry a balance, that's the whole purpose I post this thread because I didn't want to upgrade and I didn't want a CLI so I wasn't trying to PIF each month or keep my util low on my other accounts like most people suggest and I still got it while a lot of people are walking on egg shells and cant get CLI or get FR

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Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: Everyone wrong about Amex

This just goes to show how some of the larger card issuers have their own rubric, and it doesn't always jive with FICO scoring.

Remember, FICO scoring measures your risk of default. The best way to show you have a low risk of default is to barely use credit at all...just like your insurance company would love it if you only drove your car two or three times a month, and just to the corner supermarket for groceries.

Credit card companies certainly don't want you to default, which is why they look at your FICO score. But they also want to make money from your account, and if you use the card every other month to buy a Slurpee, they're making maybe $0.09 a month in finance charges, which is actually a net loss when you factor in the costs of servicing your account. FICO will love you, however, because you're "driving" your credit card like a baby carriage.

So, what the CCC really wants to see is conservative behavior overall, but at least that occasional month where you hit 30 to 50% and pay $20 to $30 in finance charges.
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Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007

Re: Everyone wrong about Amex

With Amex, you don't always have to PIF (though always advisable, even if it isn't Amex, it's the principle of free rewards). However, I wouldn't carry a balance with them for longer than a couple months.

I revolved a balance for a plane ticket on my Clear for a month. But as it is now, I normally run my cash through Gold, so that isn't an option.

Given all the posts about balance chasing, CLD, rate jacking, FR, and all the other things that Amex does that makes them Amex, I can still say confidently that they would prefer everyone to PIF. For every 1 person that gets AA'd and posts here, there's another 25 who don't.

Notice the way they word it on their website "...with the option to pay over time". To me, that's phrased to mean they like PIF.

As always, YMMV. Obviously, account history goes a long way with Amex, as you would expect it. But at the end of the day, they are still three times as likely to universal default you than any other lender, IMO.

And I'm an Amex guy.
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Frequent Contributor
Phoenix-rising
Posts: 474
Registered: ‎06-16-2008

Re: Everyone wrong about Amex

rred, I guess you're one of the lucky ones who don't seem to get hurt by carrying a balance.  I carried a balance for a several months too (took advantage of the first year at 0% interest).  Like I said, I've only had my Amex for a year, but they've been good to me in that year.  They didn't have a chance to auto CLI me because I initiated the CLIs myself.  :smileytongue:
 
Enjoy your new card and count your blessings that Amex likes you.  That's what I do. :smileywink:
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