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Contributor
Posts: 298
Registered: ‎08-16-2011
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"Good Graces With AMEX"

Does anyone know what that means? I keep seeing it all over the forums and I'm wondering how thats done? Just getting your score up or opening a savings account with them? I hate that I cant get a secured card with AMEX without coughing up $10,000. I'm 20 years old where would I get that money from.


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Valued Contributor
Posts: 1,413
Registered: ‎04-18-2008
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Re: "Good Graces With AMEX"

[ Edited ]

For many, it means that in the past mistakes may have been made. Many that once found themselves blacklisted made their way back into AMEXs "good graces".

Regular Contributor
Posts: 219
Registered: ‎06-17-2011
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Re: "Good Graces With AMEX"

It generally means that at one time someone had an account with AMEX and the account went either very late or more commonly into collections and charged off. Once you have had a charge off with AMEX or a BK which included an AMEX account it is all but impossible to ever get another account with AMEX. There have been exceptions with the old balance has been paid after the charge off but in general I do not believe they will even give you a secured card if you have burned them in the past.

Contributor
Posts: 298
Registered: ‎08-16-2011
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Re: "Good Graces With AMEX"

Well I dont have ANY history with them.. A rep on twitter told me to open a checking account, savings and apply for a card.. dont see the sense in the checking account (I already have two and there's appears to be a hassle) savings, I already have two and why would I apply when I know I'll be declined?


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Regular Contributor
Posts: 219
Registered: ‎06-17-2011
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Re: "Good Graces With AMEX"

If you dont have any bad history with AMEX then you should be able to get an account with them at somepoint. The first step is to pull your credit reports and see what is there. If you have a couple of accounts, scores in the mid 600's and no recent negatives, you may very well qualify for something like the Zync or Green card. If you have no credit history then now would be a good time to start establishing one. I would suggest getting a secured VISA/MC with either BoA, Capital One, or Orchard and use the cards for small items always PIF for at least 12 months. This will help generate a positive FICO score for you and once you have at least a 12 months credit history, AMEX MAY consider you. Good luck. Be patient. It takes time. There is excellent advice on this board.

Super Contributor
Posts: 6,028
Registered: ‎09-18-2007
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Re: "Good Graces With AMEX"

I would say wait for some time and apply for their zync card which is easier to get and start building the relationship with Amex. In the mean time Citi Forward is a good starter card to get started with Credit. Also Nordstrom is a very good card to get you started. If you dont have have bad history with Amex you'll get a card soon on your own with out having to cough up lot of money for security.

Contributor
Posts: 298
Registered: ‎08-16-2011
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Re: "Good Graces With AMEX"


concorduser wrote:

I would say wait for some time and apply for their zync card which is easier to get and start building the relationship with Amex. In the mean time Citi Forward is a good starter card to get started with Credit. Also Nordstrom is a very good card to get you started. If you dont have have bad history with Amex you'll get a card soon on your own with out having to cough up lot of money for security.



You think I'd be approved for a Forward card or Nordstrom card with my credit scores listed below and very little credit on my reports?


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Super Contributor
Posts: 6,028
Registered: ‎09-18-2007
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Re: "Good Graces With AMEX"


Pacman2012 wrote:

concorduser wrote:

I would say wait for some time and apply for their zync card which is easier to get and start building the relationship with Amex. In the mean time Citi Forward is a good starter card to get started with Credit. Also Nordstrom is a very good card to get you started. If you dont have have bad history with Amex you'll get a card soon on your own with out having to cough up lot of money for security.



You think I'd be approved for a Forward card or Nordstrom card with my credit scores listed below and very little credit on my reports?


If you do not have more than 3 inq's on EQ and not too many new accounts, you have very good chances of getting nordstorm. Nordstrom checks EQ and does not like too many inq's and new accounts. Even if you get the store card initially after 7 months you can ask for the upgrade to their visa card. It is very good card to have. Citi Freedom is a starter card and if you dont have bad information, you have a good shot at getting the freedom.

Frequent Contributor
Posts: 321
Registered: ‎10-25-2009
0

Re: "Good Graces With AMEX"


Pacman2012 wrote:

Well I dont have ANY history with them.. A rep on twitter told me to open a checking account, savings and apply for a card.. dont see the sense in the checking account (I already have two and there's appears to be a hassle) savings, I already have two and why would I apply when I know I'll be declined?


American Express doens't offer checking accounts...

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: "Good Graces With AMEX"

Amex really isn't a card for credit building, IMO.

 

An Amex card was more of a status symbol thing..... When all they offered was charge cards. Aside from the possibility of improving utilization %, nothing they have really floats my boat.

 

IMO, the "Good graces" thing refers to Amex's tendency to do financial reviews, suspend account activity, and assiduously monitor the credit reports of its cardholders. They seem to have an odd, internal manner of calculating risk and risky behavior. A lot of people would rather not have a card from Amex than deal with financial reviews or having their cards suspended while on vacation or some business transaction.

 

Not saying they're a bad company, though. It's more or less one of those situations where people need to be a little more educated about who they're doing business with before applying. If someone is planning on applying for a lot of credit (over a short period of time), having an Amex is a bad idea. This this will send up a red flag and Amex will think the cardholder is in financial trouble.


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


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