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Regular Contributor
Posts: 144
Registered: ‎09-17-2012
0

Re: is American Express worth it?

[ Edited ]

Open123 wrote:

TheRealJosh94 wrote:

What are the pro's and con's to them? 


Pros 

 

1.  Backdating - Most unique benefit which has value over a lifetime.

2.  Only true NPSL with extremely high purchasing power and convenience.

"3.  Most pro consumer during merchant disputes."


I disagree lol CHASE is killing the game right now in that third categorey, hahahha 

20 Years & 1 Month Young; Total Income: $53k (Credit History): 1.9 years AAOA: 1.0 years
Fico Scores: Exp: 725 (12/4) EQ: 703 (11/13) TU: 736 (12/6) Total Credit Available: 89k
Wallet: AmEx Plat- NPSL | AmEx BCP $10.5K | BestBuy SC $10k | Duck Card $8k | BoFA CR Plat Plus Sig. $5k | Discover IT $6k | Chase Freedom Sig. $7k | CSP Sig. $5k | USBank Cash+ Sig. $5k | Barclays R MC $5k | Chevron Visa $5k | BR Visa $5k | Walmart Discover $4k | DCU Plat Visa $3k | QuickSilver CR $3k | Macy's Store CC/Macy's Amex $2.5k/$3k | BML $1.2k | Citi Divi Plat Visa $500
Open Loans: Sallie Mae SL: ($5.6k) (Def.) Car Loan (Red Devil FR-S): $20k/33k Remaining -Will Pay Off in 2yrs. Advice Welcomed!
Established Contributor
Posts: 560
Registered: ‎09-29-2012
0

Re: is American Express worth it?

It can be worth it depending on one's needs.  Like if you travel a lot.  But the green, imo, doesn't seem to be worth it.  But the revolvers like the BCE and the BCP yeah.  

Senior Contributor
Posts: 4,694
Registered: ‎02-23-2011
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Re: is American Express worth it?


ReaLiLJ wrote:

Open123 wrote:

TheRealJosh94 wrote:

What are the pro's and con's to them? 


Pros 

 

1.  Backdating - Most unique benefit which has value over a lifetime.

2.  Only true NPSL with extremely high purchasing power and convenience.

"3.  Most pro consumer during merchant disputes."


I disagree lol CHASE is killing the game right now in that third categorey, hahahha 


I agree, Chase being run by Gordon Smith has certainly been "killing the game!"  And, there's no doubt they'll continue to do so.  At this rate, Chase will have "killed the game" soon enough.

 

However, Chase will always be confined by the rules set by Visa/MC, since they are the network.  Unlike Amex who is both issuer and network, Chase isn't able to completely control the cardmember experience, which is a subtle but potentially signficiant difference, such as chargebacks.

Regular Contributor
Posts: 144
Registered: ‎09-17-2012
0

Re: is American Express worth it?

[ Edited ]

TheRealJosh94 wrote:

"I figured out that my thin file <1 year of credit history, I'm a college student working full time at BB, so I might want to buy a tv soon.

AAoa 4 months 

Credit history 8 months 

6 inquires on EQ. 

4 inquires on TU.

(PIF always) "


Josh play the waiting game! It's amazing how many people you find in your position, with close to the same cards and the same limits, but I guess today is that day! 

-My advice, wait it out, I got denied with a thin file as well 6 months ago, and 90 days before then. To me even with Pifing, and having a credit score in the mid-high 600 hundreds, given your situation: secure job, most likely with a student loan in deferrment, and the thin file I say apply for a different major credit card, one that will give you a higher chance for approval and ignore going for a charge card/ paying a fee and better your odds by securing a credit card with someone else like chase (I'd say that chase freedom) -where you have way better odds with this one as they are more friendlier than amex when it comes to approvals (can't say the same about credit increases) god got to love AMEX!- or try getting a store card from BB either or, build on that for 6 more months and opt in for that amex revolver :smileywink: because you will have that added 6 months on your credit file, 1 more inquiry and since your Pifing a score; it should be right in that 700+ range and with a not as thin record going in for the app at the end of this year! (I only say this because you have about one year under your belt, in school with the loan, its not hurting, but (its not helping), 2 cards with limited history, and short lines as well! And a lot of recent inquiries that will surely all in all hurt you! 

The route I think you should go: Stay away from amex for about 6-9 months, and get a card of your choosing from somewhere else for right now, that will give you a good limit to show you can handle it i.e. credit union, or a card from a bank that you can get an easy approval with (best bet is credit union) most likely will start you off with a decent limit 3k+ if your score are where I think they are (mid-high 600's). --> *****DCU is pretty friendly.****

Next check on that Cap 1 inc, if you started at 300, and just moved to 500, and its been 3 months, or you started at 500, move to 750 and in 6 months (end of this year --> follow p-'s guide to get a bigger limit from Cap 1 ( http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-a-PC-or-CLI-from-Capital-One/td-p/1690104 ) It will work!

So it's been six months, you either got the freedom card from chase with a measly 1 or 2k limit, or a credit card with your credit union with a 2-3k+ limit, or a store card, and now a cap1 card with a higher limit, and about a 1.4-1.5 of credit history, and your almost ready to put in that app! What I would do now, take which ever card has the higher limit, hopefully the freedom/ or cu card/ or discover card!?/ and try to up the limit for the last time, and if they deny you, its fine its a sp, won't hurt nobody, and then try to bring all of your cards to the card with the highest limit (if there offering to do manual reviews or with SP's), and once those cards report a month after (make sure with a 1% util) you should be ready to put in a app for either the BCE or a revolver that you want thats easy to attain! I think by then, you should be qualified to get approved since your over that year + some months of credit history, have 700+ score, 3 major credit cards with okay limits, nice utilization (1%), with your loans in def. and if my math is correct; since it should be right around a year since you had those old 5-6 inq's they won't be considered in the new app for amex only that new 1 for which ever card you go to, (since amex dislikes that crazy spree of apps right before you apply) you should be in top notch qualified shape! -But hey you don't have to, just my 2 cents, since I was in a similar situation 9 months ago, except without the advice, this forum, and no hesistation in hitting those submit buttons, not knowing what I was getting myself into! #Denial ;[ But whatever you do goodluck to you and let me know if you have any questions :smileyhappy: #Cheers -LJ

 

P.S.: I think the DCU route would be the easiest, as I said you should get a 3k+ limit, in addition a free eq04 score every month, for the rest of your life, or until the economy forces them to stop doing that, and their real genuine when it comes to lending, especially to people with thin files for only $10 that goes to charity, and withat least $5 in your savings. (So a at a $15 cost) And in this way you can try to have your cards matched to this limit!

20 Years & 1 Month Young; Total Income: $53k (Credit History): 1.9 years AAOA: 1.0 years
Fico Scores: Exp: 725 (12/4) EQ: 703 (11/13) TU: 736 (12/6) Total Credit Available: 89k
Wallet: AmEx Plat- NPSL | AmEx BCP $10.5K | BestBuy SC $10k | Duck Card $8k | BoFA CR Plat Plus Sig. $5k | Discover IT $6k | Chase Freedom Sig. $7k | CSP Sig. $5k | USBank Cash+ Sig. $5k | Barclays R MC $5k | Chevron Visa $5k | BR Visa $5k | Walmart Discover $4k | DCU Plat Visa $3k | QuickSilver CR $3k | Macy's Store CC/Macy's Amex $2.5k/$3k | BML $1.2k | Citi Divi Plat Visa $500
Open Loans: Sallie Mae SL: ($5.6k) (Def.) Car Loan (Red Devil FR-S): $20k/33k Remaining -Will Pay Off in 2yrs. Advice Welcomed!
New Contributor
Posts: 58
Registered: ‎12-30-2012
0

Re: is American Express worth it?

Wow that pretty much sums it all up! And thanks to everyone's advice/help I feel very confident now; also the term credit is not a race, but a marathon is very true! I'm glad I'm not alone and they're other people in my situation. Very glad that this forum exists, and I'll keep you all posted if anything major happens (credit wise) :smileyhappy:
Current line: Capital One Journey's, $500 CL, Discover IT card, $2100 CL , American Express Gold Card, NPSL, My BestBuy Citi Card, $3000
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