Just rencently started paying attention to my scores. My EQ is 643 and TU is 637. I have two credit cards, Sovereign Student MC and Discover Open. One car loan for 15k and 2.5k student loan (not making payments yet on that).
At the time of my score check last week, my CC balances were $1048/1200. I have since lowered that to $500 and plan on having it at the desired 9% by next week.
Oldest account is 1 year, average account age is 7 months. No lates or baddies.
Is my best bet going for a Best Buy (or similar store) card? I have my eye on an AmEx (I know about the horror stories) but am not sure which one to apply for. Green? Blue?
If I'm apping, I want to make it count and get a solid approval.
Green would be easier probably.
A store card would probably be a better option to start with, I lean towards Macy's but if Best Buy makes more since sure, but you might not be happy with CL and growing with you.
I would definitely recommend holding off on apping until the your CCs report the 9 percent util on your CRs.
High util is one of Amex's automatic denials.
Don't you have to PIF every month with the green card?
I am staying away from AMEX all together especially when many stores don't accept Amex in the Midwest (Glad I just moved down South however I go back to WI every once in a while).
I like the idea of a PIF charge card over another credit card. The rewards system looks nice, membership benefits seem useful, and I feel like now is the time for me to build a solid relationship with AmEx.
I think it's time for you to build a solid relationship with Discover. That's the card you just opened, isn't it?
IMO, don't be in such a rush to open new accounts. Wait nine months, just as if you're an expectant father. You'll be better off in the long run.
Build up your rep with Discover, and eventually your mailbox will be filled with your pick of pre-approved offers at good rates/terms.
Just my two cents...
American Express is a good card to have if you would like that PIF every month feature. I like the fact that I won't build up debt and keeps me in check when I feel like going on a spending spree because I know I have to PIF. Also, ticketmaster usually has advanced ticket sales for AMEX GOLD members or even preferred seating (which I use all the time)
However, I think other credit cards (MC, Visa, Disc) have more benefits when it comes to credit scoring. Isn't that true?
I built 800 level credit scores from Amex charge accounts alone a few years ago. Good payment history is recognized as is length of history.
To the guy who has no Amex charge cards and is glad he doesn't because they are not taken at many places.
LOL..........I am always a bit amused that these guys who don't have the cards all seem to know who doesn't take it. Do you just walk into businesses and say " I don't have the card but if I did would you take it?" LOL
I have used my Amex accounts for many years and have had so few occasions that it was not taken as to be irrelevant. All gas stations, department stores, airlines , hotels , car rental, groceries. I won't go on, but if you are serious get on line and check out the business who do and don't take it.
I would not bother to write this except it bothers me when people make these statements that are blatantly untrue and will mislead others who don't realize everything you read is not necessarily based in fact or personal knowledge.
I agree, less people take Discover than those who take Amex and I think more and more places just take them all.
I know in my store it costs me almost a full 1.5% MORE to take a Discover card than Amex and over 2% more over visa/mc.. if I was going to ditch one, it would be discover.
I think the only time I have been told no amex is my phone merchants or trying to pay bills like cable and stuff, out shopping at stores or eating, I have NEVER been told no. the 1980's are far in the past.
It seems there's just a general feeling of Amex dislike on the boards. Most of the threads I read deal with their credit cards through. I've rarely seen bad things said about the charge cards.
Wait I shall do.
Can anyone chime in on my score goals for a Green or Gold?