My husband was approved for American express gold card

[ladyvg270]

My husband was approved for the American express gold card, with a preset limit, I have never heard of that. Can someone please explain to me how this wrk and why would he get a preset limit? Also,I would like to know as his wife if I add myself on hos card will it help my credit report as well?

[Anonymous]

---

@ladyvg270 wrote:
My husband was approved for the American express gold card, with a preset limit, I have never heard of that. Can someone please explain to me how this wrk and why would he get a preset limit? Also,I would like to know as his wife if I add myself on hos card will it help my credit report as well?

---

Usually Amex puts a limit until the card is activated. Once activated, the visible limit goes away and you can spend up to what Amex thinks you will be able to pay each month.

You being added as an AU would help your score, especially if this isn't his first Amex account and he is backdated.

[MarineVietVet]

---

@ladyvg270 wrote:
My husband was approved for the American express gold card, with a preset limit, I have never heard of that. Can someone please explain to me how this wrk and why would he get a preset limit? Also,I would like to know as his wife if I add myself on hos card will it help my credit report as well?

---

Being an AU doesn't automatically help that person.

It can help IF the account is older than any of yours, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[ladyvg270]

Hello!

I am trying to get my credit report where yours is over 700 my highest is 659. I would like to get it over 700  can you tell me how you got yours so high. This is what i have:

finger hut account cl 300 i bal 188.34

bestbuy cl 500 bal 188

Visa through credit union cl 800 bal 203

speedway cl bal 240

loan cl 500 bal 237

Overdraft protection through credit union cl 1,000 bal 531.70

Capital one cl 1,000 bal 484

BOA visa platnum cl 2000 bal 550

Visa from credit union cl 2000 bal 969.25

Kay Jel cl 5,000 bal 130

I also have the following accounts below but I paid them off

montgomery ward cl 400 bal zero

walmart cl 125 bal zero

Radio Shack 500 bal zero

macy 200 bal zero

target 200 bal zero

im also on my husband American Express Gold card charge card zero bal

I have 30 inquiries alone in 2011 and its only Aug.. please someone give me some advice on how to get my score over 700 right now my score is 659 transunion not sure what equifax and experian is. I havent applied for credit sense June 2011 and Im trying my best not to. I know I will get denied but I keep thinking I'm not. 

Oh I forgot to mention I pay all my accounts ontime I have never missed a payment I have on about five credit cards above that was open this year in the beginning of 2011.  and I have a medical judgement that was paid off on my transunion credit report. and thats it nothing else in collections on my reports. all showing good standing.

Thanks

[Anonymous]

Quit applying for new cards and pay down the balances you have. There's no reason to pay cc companies interest. Then just continue to pif every month. Be patient. It takes time.

[cdtotten]

---

Racking up all these small limit sub-prime credit cards is not going to help your AAoA at all, and carrying a balance on almost all of them is killing you.

1. Utilization - Your overall utilization is not great, around 35% or so from a quick count, but you also have cards that are well above that level, which also hurts you. You need to pay off ALL these balances and let a single card report a balance of less than 10% (closer to 1% the better).

2. AAoA - With all these cards, your average age of accounts has got to be really short. There is nothing you can do to fix this problem now other than wait for your accounts to age.

3. Inquiries - 30 inquiries in a year?! Really?! STOP APPLYING FOR STUFF. It is rediculous to rack up that kind of inquiries, even if you were looking for a house/car in the same year. You will never be approved for any significant credit with this kind of app-history.

My suggestion - pay everything off immediately (some of these cards carry high interest rates), stop applying, and wait 2-3 years and grow with what you have. BTW - paying your bills on time is what is expected (not rewarded) in FICO scoring. You need to pay more than the minimum though to get your debt under control.

[flyingmd]

When I first got my AMEX platinum charge, they put a 13,100 preset limit which showed online. I always knew what credit I had left. After 12 months they automatically removed my limit (without aCR pull). I averaged 20-25K per month while I had the limit by making frequent payments. I don't believe they set a limit for everybody all the time. Would guess it depends on charge use, income reported, and internal and FICO scoring. But it's not uncommon for a stated limit and I am pretty sure that everybody with the charge version of their cards has an internal limit, above which Amex will start to decline charges. Even if it's not listed online when u log in you can get that limit by calling them. They will tell you what it is.