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Regular Contributor
cmthomas06
Posts: 174
Registered: ‎06-21-2012
0

Should I get an AMEX??

I have been reading on here that AMEX is a great card to have and has helped countless users build their score/ portfolio. Here are my current cards: 

 

Cap1 Cash Card: 730/2000 (3 yr history)

Chase Freedom: 100/700 (1 year)

Citi Platinum select: 930/1000 (high due to BT) (6 months)

Discover More: 200/1000 (1 month)

Walmart store card: 0/1600 (2 years)

Kay Jewlers: 0/400 (3 years)

total util: ~30% =/ 

 

I really want to get rid of my Cap1 card once its paid off since it has the highest interest rate and I highly doubt they will be increasing my limit anytime soon. My TU is 728 and my Ex is 730. Eq is at 690 because it has the most inq - most will be falling off in november. I have 0 baddies on my report and a car 2 yr car loan thats 50% paid off.  Im only 21 and want to build my credit within 18 months because I will then need to take out personal loans to pay for grad  school. I really like the AMEX blue card because of the rewards and flexibility and I was pre-approved for it on their site. Thoughts / suggestions? 

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Regular Contributor
cmthomas06
Posts: 174
Registered: ‎06-21-2012
0

Re: Should I get an AMEX??

* sorry, to clarify car loan is currently 2 years old. Financed for 6 yrs. 

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Should I get an AMEX??

IMO if you get your util. Below 10% you should be good for the blue cash.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
cmthomas06
Posts: 174
Registered: ‎06-21-2012
0

Re: Should I get an AMEX??

Thats what I was thinking as well. I wanted to get it now for backdating purposes later on in life. I know 30% util is pretty darn bad, but its mostly school expense related. I know the credit agencies dont care, but its not like I just went out and bought things I didnt need. I can handle paying more than the min payment on each card, but I cant do the $200 per month for 6 months to get it to 10%.  Being a broke college student sucks =/ haha

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Should I get an AMEX??

Util will play a big part in the process, I would def hold off until you have it under control.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
cmthomas06
Posts: 174
Registered: ‎06-21-2012
0

Re: Should I get an AMEX??

Yeah, Im supposed to be in the garden till 6/2013 anyways :smileytongue: I just get app crazy sometimes. 

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Contributor
NewSurrender
Posts: 81
Registered: ‎05-06-2012
0

Re: Should I get an AMEX??

If you plan on only applying for one AMEX card in the next year and a half, then go ahead and wait it out, and go through with your plan of gardening until 6/2013. If you think you'll apply for another AMEX in 2013, then make sure you apply for the first one in or before December 2012.

 

That way, if you apply for another AMEX in 6/2013, it'll be backdated to 6/2012, as opposed to receiving no backdating benefit if it was opened in the same year as your first AMEX.

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Should I get an AMEX??

I like the zync, very good little card to carry, easier to get than revolvers. Might go for zync if you have any interest in charge cards?

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
0

Re: Should I get an AMEX??


cmthomas06 wrote:

I have been reading on here that AMEX is a great card to have and has helped countless users build their score/ portfolio...I really like the AMEX blue card because of the rewards and flexibility and I was pre-approved for it on their site. Thoughts / suggestions? 


In my view, Amex is assuredly one of the best credit cards to have.  If you're pre-approved on the Amex site, I think you should apply.  More often than not, a pre-approval will result in an instant approval, unless you've recently gotten some blemish on your CRs.

Regular Contributor
cmthomas06
Posts: 174
Registered: ‎06-21-2012
0

Re: Should I get an AMEX??

Im just worried about charge cards as I have no experience with them at all. I use debit on all daily purchases so I can easily keep track of my spending. Only use credit for bigger expenses that I cant afford outright. 

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1

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