Is AMEX worth it? (Update: APPROVED!)

[Anonymous]

Now or never.

[Burned2manybridgesB4]

We're cheering for ya. Do one thing at a time, and update the thread.

[chalupaman]

You'll never know unless you try.

[CreditCuriosity]

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@Anonymous wrote:

Don't do it, kid. My father is a senior analysist. Save your hard pull. 

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Says the person that can't spell analyst correctly

[Anonymous]

I can just picture the little angel and little devil on your shoulders right now.

[longtimelurker]

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@Anonymous wrote:
I can just picture the little angel and little devil on your shoulders right now.

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I suggest you wait a week, then do it all.   That way you will annoy everyone cheering you on (for the delay), AND the analyst's child (for doing it all)   Good a reason as any.

[Burned2manybridgesB4]

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@longtimelurker wrote:

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@Anonymous wrote:
I can just picture the little angel and little devil on your shoulders right now.

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I suggest you wait a week, then do it all.   That way you will annoy everyone cheering you on (for the delay), AND the analyst's child (for doing it all)   Good a reason as any.

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You suck.

[14Fiesta]

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@Anonymous wrote:

Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!

I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It. 

I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.

SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card. 

I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!

So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences! 

Info about me: 

0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report

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MY TURN TO HELP YOU!!!

If you are at 6 months, and you can generate true FICO scores, then AMEX is in reach. I suggest waiting until your 4% utilization reports then you can app for any of their cards you like, with a high chance of approval. If you want no annual fee to worry about, go with BCE or Everyday depending on what fits your spend better. The whole reason to go for these cards from AMEX is backdating, so if possible, app before the end of December to lock in a 2014 Member Since Date. And given that your situation is really similar to mine, I would not be shocked if they blew your other limits out of the water. I apped BCE with 2% utilization at 6 months, and they gave me $8,000 with less income than you. Good luck

[Anonymous]

Excuse me, but I am sharing my opinion like the OP wanted just like everyone else. 

I find it great that you are here to give the young man confidence, but doing so knowing he does not stand a chance is a different story. You know should how "recent inquiries" look to lenders with that amount of credit cards you all have. 

The OP said it himself. He has only 6 months with one small credit card. Do you really think he is going to get in with 2 new companies on, let's be honest, pretty hard to get credit cards? You need excellent credit to have the American Express and the Discover It. His chances are slim to none. 

Instead of cheering him on, you should be a realist and tell him like it is instead of getting his hopes up. 

[Anonymous]

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@Anonymous wrote:

Excuse me, but I am sharing my opinion like the OP wanted just like everyone else. 

I find it great that you are here to give the young man confidence, but doing so knowing he does not stand a chance is a different story. You know should how "recent inquiries" look to lenders with that amount of credit cards you all have. 

The OP said it himself. He has only 6 months with one small credit card. Do you really think he is going to get in with 2 new companies on, let's be honest, pretty hard to get credit cards? You need excellent credit to have the American Express and the Discover It. His chances are slim to none. 

Instead of cheering him on, you should be a realist and tell him like it is instead of getting his hopes up. 

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If you think people here would deliberately encourage someone to apply for a credit card while knowing that he or she would be declined then you really don't know the posters here very well.