Recently I have been seeing a lot of threads open up about the Amex pre-paid card I am curious why that is.
Will Amex give you a pre-approved letter for an unsecured card?
or
Do people just like having the card because its an Amex?
Thanks..
@timmis1127 wrote:Recently I have been seeing a lot of threads open up about the Amex pre-paid card I am curious why that is.
Will Amex give you a pre-approved letter for an unsecured card?
or
Do people just like having the card because its an Amex?
Thanks..
If you hold the card and treat it right for 6 months if your file looks good to them you will receive an invite to apply for AMEX Zync.
@LS2982 wrote:
@timmis1127 wrote:Recently I have been seeing a lot of threads open up about the Amex pre-paid card I am curious why that is.
Will Amex give you a pre-approved letter for an unsecured card?
or
Do people just like having the card because its an Amex?
Thanks..
If you hold the card and treat it right for 6 months if your file looks good to them you will receive an invite to apply for AMEX Zync.
I think thats a good move by AMEX. They are not risking their money but they are observing what youre doing with yours. At the same time you're using their product. its a win win for them.
@timmis1127 wrote:Recently I have been seeing a lot of threads open up about the Amex pre-paid card I am curious why that is.
Will Amex give you a pre-approved letter for an unsecured card?
or
Do people just like having the card because its an Amex?
Thanks..
I agree with this too. AMEX is considered prime of the prime, prestige maybe, status
I am also a believer that it encourages other creditors to 'trust' you when they see you ahve an AMEX account in good standing.
@timmis1127 wrote:Recently I have been seeing a lot of threads open up about the Amex pre-paid card I am curious why that is.
Will Amex give you a pre-approved letter for an unsecured card?
or
Do people just like having the card because its an Amex?
Thanks..
I have the card, but I can't say that I like having the card because it's an Amex. I like the card because it's been said that it can eventually help with getting an Amex in the future. If another card could help me get an AMEX, I'd maybe try that too. The card looks so different from a normal Amex card that people don't even notice it when I pay. There's no prestige in a pre-paid card. I just want (hope) to reap the benefits 6 months from now.
@ccb2115 wrote:
@timmis1127 wrote:Recently I have been seeing a lot of threads open up about the Amex pre-paid card I am curious why that is.
Will Amex give you a pre-approved letter for an unsecured card?
or
Do people just like having the card because its an Amex?
Thanks..
I have the card, but I can't say that I like having the card because it's an Amex. I like the card because it's been said that it can eventually help with getting an Amex in the future. If another card could help me get an AMEX, I'd maybe try that too. The card looks so different from a normal Amex card that people don't even notice it when I pay. There's no prestige in a pre-paid card. I just want (hope) to reap the benefits 6 months from now.
Exactly why I have it.
Amex backdates, Amex backdates, Amex backdates.
I don't even know if Amex backdates to the debit cards, and I realized it doesn't matter in my case, though it'd be even better if it does.
It's simple math for me: I'm having to build credit from what would be a thin file if I didn't have some silly (and one outright stupid) negative lines on it. There's no way I qualify for an Amex now, and not in six months, *maybe* I'd have a small shot in a year, but it's probably more like two years.
The pre-paid debit card risks and downsides: it costs me next to nothing besides a little bit of time and some annoyance that I'll get over. It's money I was going to spend anyway, and it's not my entire monthly spend, only 1/2 to 1/3 of it depending how much I eat... so I'm not really even risking that much on the rest of my credit building, as I'm still using the credit cards I have for everything else. Come to think about it, I have a few $350ish one-time expenses coming up, I could use the debit card for that too.
The pre-paid debit card, well let's call it what it is, prayer: if it cuts six months or maybe even a year on my conservative estimate out of my time to get a *real* Amex (by definition: one that they will backdate to), at some point that statistically buys me probably another half year on my AAoA when I start transitioning my rebuilder cards if I manage it right. Given that I need a mortgage in the next year and a half, and then probably will need another one five or so years after that, that's a non-trivial benefit from a scoring perspective on those timelines.
I don't care about Amex from a prestiege perspective, I never cared about material things of any sort probably as a defense mechanism from my youth; however, I do care about my credit report and the corresponding credit score. That's the only reason I'm doing this, is just for the possible chance, no matter how ridiculous it looks, to try to improve my financial standing when it comes to the big ticket items in my life over the next decade.
@Revelate wrote:Amex backdates, Amex backdates, Amex backdates.
I don't even know if Amex backdates to the debit cards, and I realized it doesn't matter in my case, though it'd be even better if it does.
It's simple math for me: I'm having to build credit from what would be a thin file if I didn't have some silly (and one outright stupid) negative lines on it. There's no way I qualify for an Amex now, and not in six months, *maybe* I'd have a small shot in a year, but it's probably more like two years.
The pre-paid debit card risks and downsides: it costs me next to nothing besides a little bit of time and some annoyance that I'll get over. It's money I was going to spend anyway, and it's not my entire monthly spend, only 1/2 to 1/3 of it depending how much I eat... so I'm not really even risking that much on the rest of my credit building, as I'm still using the credit cards I have for everything else. Come to think about it, I have a few $350ish one-time expenses coming up, I could use the debit card for that too.
The pre-paid debit card, well let's call it what it is, prayer: if it cuts six months or maybe even a year on my conservative estimate out of my time to get a *real* Amex (by definition: one that they will backdate to), at some point that statistically buys me probably another half year on my AAoA when I start transitioning my rebuilder cards if I manage it right. Given that I need a mortgage in the next year and a half, and then probably will need another one five or so years after that, that's a non-trivial benefit from a scoring perspective on those timelines.
I don't care about Amex from a prestiege perspective, I never cared about material things of any sort probably as a defense mechanism from my youth; however, I do care about my credit report and the corresponding credit score. That's the only reason I'm doing this, is just for the possible chance, no matter how ridiculous it looks, to try to improve my financial standing when it comes to the big ticket items in my life over the next decade.
I agree with the backdating and dont worry, it takes time to rebuild but it's time well spend. You will reap the benefits big time. WE have all been there. But the satisfaction of having good scores and the world that it opens is priceless. 
