Holy Mother of God!

[Anonymous]

---

@Anonymous wrote:
So here's a q on what they like/don't like... I have a large purchase I was going to make cash (well check) in a few weeks, if I put that on Amex (hit them with a $8k charge on $10k card opening month) and then PIF two weeks later is that good or bad?  I'd like to use them for everything and PIF/early is that a good idea?

---

PIF-ing is pretty much essential with AmEx these days - maybe ok to carry a balance over 2-3 months while paying it off in big chunks, but I wouldn't recommend that until you've had the card a little while - I'd say you definitely want to PIF without fail for now. If you want to put a big purchase like that on the card... first of all I'd get them 'used' to you a bit by charging some smaller things and paying that all off in full. And before you make the big charge, definitely call and warn them that you're going to do that - I'd also say you're doing it because of the rewards and protection etc, but will be paying the full balance off straight away. And maybe I'm a bit paranoid, but I wouldn't even wait two weeks to do it - that is a BIG charge to have just sitting there, AmEx are nervous and edgy at the best of times, and you won't have had time to build up a spending/payment pattern for them to get used to yet. I'd be looking at not making the purchase until you know you can pay it off as soon as the charge hits your card, and then doing just that! Maybe I'm overly cautious... but my current modus operandi with AmEx is to never run up a balance of more than a few hundred dollars, and to pay the card off weekly so the balance doesn't even get a chance to accumulate.

 

I do use mine (Blue Cash) for everything and am constantly PIF-ing - weekly, as I said above. Nothing bad has happened to me yet, but someone who was CLD'd earlier this week reported being told by an  AmEx CSR that using your card a lot (even if you're paying it in full) makes you potential CLD material. Makes no sense to me, but there you go. I'm not going to stop using mine, though - there's no point having it if I'm not going to use it! If they CLD me, THEN I will stop using it. It used to be the case that "AmEx loves lots of use and paying in full", but now it seems they may not even like use! So... don't know WHAT to advise you there - I know a lot of people are treating their AmEx cards with kid gloves and basically putting a tiny monthly charge on them to keep them active, and always PIF-ing, of course... 

 

One last thing - if you DO put that large charge on the card, make sure it's PIF'd before your statement cuts. Or when AmEx finally gets around to reporting to the CRAs, the card will show as pretty much maxed out, which will trash your scores and not do you any good at all! 

[Anonymous]

That's good advice; I think what I'll do is a) call them and tell them I plan to make a purchase to get the points etc and b) pay in full as soon as it posts.  At least then I'll have at least one experience with them of a large charge.  Then I'll set up some monthly bill (phone/etc.) and set up my auto-pay or bank account to pay the balance each month 1-2 weeks early without fail.

Definitley important because one thing I want to is when I get my fathers corp reinstated and transferred to me, plan is to apply for Amex since he had one from '92 to '01 or so.  This time I'll be PG, but I'd bet if by then I have two cards with at least some good history and in theory 'opened 1986' it will make getting the Corp Amex easier. Which in turn is critical to getting actual LOC's in a few month, i.e. good scores and long-standing Amex credit.  So it is less about the access to their lines and more about access to their history/name.

BTW the charge I am making I will have cash in bank ready to pay the moment it hits.  Amex probably won't be reporting then so I can't do Scorewatch (I think they take 2-3 months for new cards) so I'll just check manually each day.

Message Edited by nyccc2 on 11-22-2008 02:28 PM

[notmyname]

A really great job all around. It reminds me of my own experiences a few years ago and I have no regret and have exceeded all expectatons.

Good for you,

NMN

[Anonymous]

---

@notmyname wrote:

A really great job all around. It reminds me of my own experiences a few years ago and I have no regret and have exceeded all expectatons.

Good for you,

NMN

---

Thanks!

Reconsidering my tacticts with Amex considering some of the CLD horrors I've heard.  A big charge right after activation even with call and immediate pay probably won't go over well, plan is to make tiny monthly charges for the first 3 months (e.g $100) and PIF before due to let them get used to me.

[manyquestions]

Yeah, scared to use them, scared not to. In this climate, I have started using all my cards each month for about $10 to $50.  Then pay in full all but one before statement cuts, rotate the one that reports.  Seems to be the conventional wisdom of the month, but who knows what tommorrow will bring.

Message Edited by manyquestions on 11-23-2008 12:15 PM