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When to get an American Express Charge car?

New Member

When to get an American Express Charge car?

Hi, I'm 18 & new to this forum, this is the first time I've seen my credit score and it is 720 provided by Discover It (TU 08 bank enhanced version probably). My credit history so far has been great, utilization under 5%, always on time payments (payoff, not minimum), AAoA 3 months, 4 credit inquiry. How long do you think I should wait until apply for an AMEX charge card?

Message 1 of 30
29 REPLIES
Senior Contributor

Re: When to get an American Express Charge car?

3 months may be a little young. Chances would be better in December.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Message 2 of 30
Established Contributor

Re: When to get an American Express Charge car?

3 months history is a bit short right now. I was able to get my green card after 6 months of perfect payment history. Although, I have to ask why you think you need a charge card right now? I understand the desire to build history with Amex, but charge cards are designed for spend centric customers who never carry a balance. Unless you are spending a pretty decent amount each month on the card you really won't see much benefit to an Amex charge card, especially given the high annual fees. You are better off gardening for a year and then applying with Chase, Bank of America, Discover, Citi, etc to get your foot in the door to a cash back card and worry about Amex later on 

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 3 of 30
Regular Contributor

Re: When to get an American Express Charge car?

I got my AMEX GREEN and BCP only after 1 month history, I think it is YMMV problem, if you really want to get them and REALLY NEED THEM, if you don't care the HP why not try for yourself?Smiley Surprised BUT, do you really need Charge Card? I applied for Green only for getting in AMEX, and when I got BCP 30 seconds after my Green, I knew I would cancel my green especially when I got my SPG.

Message 4 of 30
Regular Contributor

Re: When to get an American Express Charge car?

I would apply TODAY.

 

AMEX uses a internal scoring and you should be pretty good in their eyes. Unlike Chase and other banks that rely on FICO alone.



FICO: EX 662 | EQ 670 | TU 681
Message 5 of 30
Established Contributor

Re: When to get an American Express Charge car?

Ehhh not likely to score very high with just three months of history. Also Amex takes income and assets into account...which might not be very substantial for most 18 year olds 

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 6 of 30
Regular Contributor

Re: When to get an American Express Charge car?


espnjunkie wrote:

Ehhh not likely to score very high with just three months of history. Also Amex takes income and assets into account...which might not be very substantial for most 18 year olds 


This will definitely depend on the 18 year old. At 18 I was making ok income at 34K a year with obviously just high school education. All I had on my credit was a newish car loan and a capital one card. Amex approved me for a 2k optima card way back in the day when you could directly app for it.  I closed it when I went to college but it was really good that I got in with them at such a young age. 

Message 7 of 30
Valued Contributor

Re: When to get an American Express Charge car?

I can't say whether OP should get an Amex charge card, given the short history and AF and so on.

 

However, it's worth pointing out that Amex has ways of limiting risk in this situation -- there's an AF of at least $95, charge cards require PIF, and Amex can set the internal limit to some low value like $500.

 

Limiting risk is true even for Amex revolvers.  I have one with a $15K limit, but I doubt I could actually spend nearly that much on it.

 

Message 8 of 30
Frequent Contributor

Re: When to get an American Express Charge car?

I like to see youngsters starting relationships with AMEX charge cards. Being required to pay in full every month teaches great credit habits plus starting an early relationship with AMEX is very valuable considering the benefits of backdating. I say go for it!



AMEX PRG NPSL, FIDELITY REWARDS 50K, CHASE SAPPHIRE RESERVE 27K, AMEX DELTA SKYMIES GOLD 25K, CITI DIAMOND PREFERRED 22K, CHASE FREEDOM 20K, CITI DOUBLE CASH 15.5K, BARCLAYCARD REWARDS MASTERCARD 15K, CHASE MARRIOTT PREMIER 5K, CAPITAL ONE SONY CARD 5.75K, CAPITAL ONE QUICKSILVER 3.5K, AMAZON STORECARD 6K, VICTORIAS SECRET 2650, EXPRESS NEXT 1850,Gardening2/17/17.
Message 9 of 30
Established Contributor

Re: When to get an American Express Charge car?


user5387 wrote:

I can't say whether OP should get an Amex charge card, given the short history and AF and so on.

 

However, it's worth pointing out that Amex has ways of limiting risk in this situation -- there's an AF of at least $95, charge cards require PIF, and Amex can set the internal limit to some low value like $500.

 

Limiting risk is true even for Amex revolvers.  I have one with a $15K limit, but I doubt I could actually spend nearly that much on it.

 


That is true. I just don't see much benefit of applying for a high annual fee card unless your spending warrants it 

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 10 of 30