Just paid off Bt to AMEX, now what?

[dizzier]

Ok first of all, I am so flipping excited, I don't know what to do with myself.

about 4 years ago, I ran up 4k in CC debt. Now i know this does not seem like a lot, but I was, and still am, a full-time student, so the prospect of paying off 4k was daunting to me. So after ignoring the problem for about a year, i made my first BT to my wamu card. After the 0% intro rate was up, I BTed the balance to AMEX. Well today i just made my final payment. That 4K debt is GONE. It is such a weight lifted off my shoulders (and my wallet).

Now here is the thing. I kept that BT on my Amex card for almost 1 year. now granted, it was still at the 0% intro rate, but I am worried. The 0% rate ends next month. Should I expect AA because I had a balance with them for so long? Is it safe to make regular purchases (and PIF) with the card now?

Also, What do you think will happen with my FICO scores? I have 4 CCs. when I pulled my scores before (see below) I had 2 CC reporting balances. Now I will have only one CC reporting a balance with about 8% util.

[CHARGE_IT]

Hello,

Your scores are so high that you probably won't see the boost someone would get with lower scores. Be proud, you have great scores.

On the Amex; you have earned trust and shown excellent credit usage and they have not AAed you during this past year. For all the stories you read here, there are millions in the real world that show a completely different picture of Amex. Remember, this is primarily a place where people come because they have credit issues, therefore you should expect a higher percentage of people with complaints.

Use your Amex well, just as you said. You are doing what it takes to make a long and lasting relationship.

Now , I'll step aside while the OTHER side of this issue sweeps through.

Good luck,

CI

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@dizzier wrote:
Ok first of all, I am so flipping excited, I don't know what to do with myself.

about 4 years ago, I ran up 4k in CC debt. Now i know this does not seem like a lot, but I was, and still am, a full-time student, so the prospect of paying off 4k was daunting to me. So after ignoring the problem for about a year, i made my first BT to my wamu card. After the 0% intro rate was up, I BTed the balance to AMEX. Well today i just made my final payment. That 4K debt is GONE. It is such a weight lifted off my shoulders (and my wallet).

Now here is the thing. I kept that BT on my Amex card for almost 1 year. now granted, it was still at the 0% intro rate, but I am worried. The 0% rate ends next month. Should I expect AA because I had a balance with them for so long? Is it safe to make regular purchases (and PIF) with the card now?

Also, What do you think will happen with my FICO scores? I have 4 CCs. when I pulled my scores before (see below) I had 2 CC reporting balances. Now I will have only one CC reporting a balance with about 8% util.

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[dizzier]

Thanks for the response Charge it.

I just get so worried about AMEX. I know they are good to some of their customers, but you see so much AA complaints here that it can all become stressful. This is especially true then they AA people with good credit and history with them or people who shop at walmart!

You really don't think my score will go up at all? that's depressing. I, like most everyone here, want to be in the 800 club. At this point there is little I can do except live longer. where is the fun in that?

So this brings me to another question: At what point does playing the FICO game become irrelevant? Does there come a point where really all you can do is sitl there and wait?

Message Edited by dizzier on 02-13-2009 04:03 PM

[haulingthescoreup]

Per possible AA: ain't no telling. Seriously. I've seen reports of AA in circumstances where I thought, Well, duh, and others where I was just flat astonished.

Per all you can do is wait: that's where I am now. Other than controlling the number of cards reporting, there's absolutely nothing else I can do other than play the waiting game, short of suddenly discovering a time machine on my front porch and using it.

[oracles]

Congrats Dizzier

awesome job. Depending on how much the last payment was for and how much your util decrease will decide on how much of a point increase you will receive,

Let us know and let the fico guessing game begin.

Congrats again

[dizzier]

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@oracles wrote:

Congrats Dizzier

awesome job. Depending on how much the last payment was for and how much your util decrease will decide on how much of a point increase you will receive,

Let us know and let the fico guessing game begin.

Congrats again

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Well, i am going from 11.3% util (when I pulled my scores) to 4.3% util. also I am going from having 2/4 CCs reporting a balance to 1/4 CCs reporting a balance. Now also, my Amex is turning 1 year old next month... it is my newest account. This also means that the inquiry is going bye bye (as in not affecting my score though still there).

anything else you want to know?

[CHARGE_IT]

Hi again,

Reaching high scores presents a lot of challenges in terms of patience. Look up some of Haulingupthescore's posts on BUCKETS and how higher scores affect your scoring progress. It is a little depressing, but just think, you will be waiting on those better scores with scores that are already enviable.

Good luck with your continuing credit path.

CI

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@dizzier wrote:
Thanks for the response Charge it.

I just get so worried about AMEX. I know they are good to some of their customers, but you see so much AA complaints here that it can all become stressful. This is especially true then they AA people with good credit and history with them or people who shop at walmart!

You really don't think my score will go up at all? that's depressing. I, like most everyone here, want to be in the 800 club. At this point there is little I can do except live longer. where is the fun in that?

So this brings me to another question: At what point does playing the FICO game become irrelevant? Does there come a point where really all you can do is sitl there and wait?

Message Edited by dizzier on 02-13-2009 04:03 PM

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[GregB]

If you want to play it safe with Amex, you could do what I have been doing with my one remaining Amex account. I use it for transaction adding up to less than half of my previous average monthly use. Then I log on to their website and pay it before the statement generates. This show activity but zero balance reporting to the CRAs. I might never use it if Costco took any other cards. Then I would need to use it several times per year to keep it active.

PS: my scores were similar to yours with 26 years history with Amex. I did, however, have large transactions in and out of my Amex Line of Credit Account. This might have looked suspicious to them based upon their new parameters but not based upon my historical norm for that account. Also my scores had gone from high 700s to low 700s.

Perhaps the best advice is to be careful with them but not afraid of them.