How come so many have multiple Amex cards ?

[improvingmycredit]

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@Gollum wrote:

FICO gives us aggregate, general information regarding FICO scores, but the specifics are a trade secret.  Surely FICO knows about American Express backdating.  I think FICO scoring algorithms probably take it into account.

It seems to me that American Express backdating does not necessarily increase FICO scores.

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I most definitely and humbly disagree.   A year ago- pre fico forums, I had 627 EQ FICO. (lender pull)  After having a couple of baddies removed, my score increased to my starting score in my siggy.  I added 3 Amex with backdating to 89 and viola, AAoA increases dramatically and I'm well on my way to the 800's in less then a year.(My current FICO scores in siggy.)   (Thank you very much myFICO friends!)  So there is something to be said about Amex and their backdating.  I'm a firm believer.   

Edited:  to highlight statement

[bichonmom]

#1, Backdating -- which also means that your CR doesn't take the AAoA hit from adding a new acct.

#2, Their different cards have different types of rewards. Some %, some points, different types of travel, etc. Some are better for gas, some for restaurants, etc.

I am anxiously waiting for my 2 new Amexes to post backdated to 87. I'm hoping my FICO score will take a big leap, especially since my EQ is so low, and it's the only one w/o an older acct. reporting.

There are definite perks to multiple Amex cards. I have read posts here where some people have added an Amex just to boost their AAoA.

Also, Zync appears to be a good starter card, and has lower criteria than other Amexes. It's not a rebuilder or sub-prime; just a little easier to qualify for than other Amexes.

[littlesister]

Rewards and customer service is outstanding. The backdating is a great benefit also. My new card is technically older then

my first card now!

 When you hand someone an amex card they look at you differently,. as if you're a VIP.  Like you're saying," I have arrived".

 I worked very hard for this card and am proud to show it off.

[drkaje]

The backdating and social appeal can be hard to resist, LOL! I had a really difficult time turning down a recent PRG offer, despite having no need for it.

[dharalex]

I have 3.
PRG- 1st, pre app offer, use for travel, tickets, large purchases
Blue- 2nd, pre approved, got at the same time as PRG. They gave me an awesome original CL which is now at $20K
BCP-3rd, this is what I really wanted. Now that there is no spending min, I grabbed it for the obvious cash rewards< br>
I love Amex for the excellent benefits, the great CL and CLI, the backdating, and prestige. Each card maximizes my savings. I plan up PC Blue for BSP in Sept.

[Brian_Trying_700]

Thank you all for helping me with the information you provided me with. Now I know.

[tinuviel]

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@improvingmycredit wrote:

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@Gollum wrote:

FICO gives us aggregate, general information regarding FICO scores, but the specifics are a trade secret.  Surely FICO knows about American Express backdating.  I think FICO scoring algorithms probably take it into account.

It seems to me that American Express backdating does not necessarily increase FICO scores.

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I most definitely and humbly disagree.   A year ago- pre fico forums, I had 627 EQ FICO. (lender pull)  After having a couple of baddies removed, my score increased to my starting score in my siggy.  I added 3 Amex with backdating to 89 and viola, AAoA increases dramatically and I'm well on my way to the 800's in less then a year.(My current FICO scores in siggy.)   (Thank you very much myFICO friends!)  So there is something to be said about Amex and their backdating.  I'm a firm believer.   

Edited:  to highlight statement

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+1. When I got my Amex last year, it was backdated to 1987. I definitely got a boost to my AAoA and, other than the inq, no new credit ding. It did not affect my FICO score as new credit.

[arlibguy]

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@littlesister wrote:

Rewards and customer service is outstanding. The backdating is a great benefit also. My new card is technically older then

my first card now!

 When you hand someone an amex card they look at you differently,. as if you're a VIP.  Like you're saying," I have arrived".

 I worked very hard for this card and am proud to show it off.

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I don't totally agree with this. Most cashiers don't even pay attention to the type of card, just that it swipes. Perhaps it's different at hotels and with airlines. It might also depend on the card you have. Given that alot of credit card companies issue platinum and gold cards, I really wonder if the person taking the card blinks an eye -- unless they know about credit cards or are instructed to give special customer service to AMEX members (thinking Platinum and Centurion).

In full disclosure, I did have an American Express Optima card, which I included in my BK ten years ago. When I used the card, no one looked at me differently as when I used any other of my credit cards. I'm not certain I'll ever be able to get in with AMEX again. I burned them for a little over $5K. It happened and I made my bed. Yes, I've heard about the special Optima program for defaulted customers. Truth is though, if they asked me to pay $5K to get back in their good graces -- assuming I had $5K -- I don't think it would be worth it. Partially I'd feel like I'm giving AMEX "special treatment" by paying them back and not the other creditors that I included in my BK. Number two, in the end, it's just a credit or charge card. There are plenty others out there, and I'll survive if I don't have an AMEX again.

[stan_the_man]

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@webhopper wrote:

Many people have several revolving accounts and several charge accounts with AMEX.  They have been a customer for a long time, and AMEX backdates... So if they have been a customer of AMEX for 10 yrs... they could have 4 accounts with 10 yrs of age each, which equals 40 yrs of good credit history, even though they may have only recently opened up the account.

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In my case, I went from 2 Amex cards to 6 in order to help DW's credit. I wouldn't have gotten the other 4 cards without backdating.

[Anonymous]

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@littlesister wrote:

 When you hand someone an amex card they look at you differently,. as if you're a VIP.  Like you're saying," I have arrived".

 I worked very hard for this card and am proud to show it off.

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Where do people experience this?  Everyone looks at mine confused because there's no signature.  Is acting confused the VIP treatment?