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Regular Contributor
Posts: 214
Registered: ‎08-02-2012
0

why does everyone want an AMEX?

hey ya'll im curius as I build my lineup of CCs...why does everyone seem to want some sort of AMEX card? is it the rewards or more of a status thing? Or does it look good on your CR? 

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: why does everyone want an AMEX?

Both. AMEX has some really good rewards cards mostly their revolvers. Their charge cards gain points for redemption. Most creditors see AMEX on your CR's and are more willing to lend to you. YMMV of course.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
Posts: 260
Registered: ‎08-29-2011
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Re: why does everyone want an AMEX?

And for backdating purposes as well :smileyhappy:


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Amazon EQ Pull: 781 Walmart TU08: 782 AMEX EX Pull: 745 08/03/2014 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$18,000$9,500$5,000$5,000$5,500$8,000$5,300$9,000$5,500$4,200$1,900$4,000$1,600
Frequent Contributor
Posts: 395
Registered: ‎04-02-2012
0

Re: why does everyone want an AMEX?

Status symbol 90% of the time.  I know that was the case for me.  But that's never enough, because now there's a heirarchy within AMEX itself.  Plus the accomplishement of one of the toughests cards to get.

My Wallet:
Discover It $14,300 | Chase Sapphire Preferred $7,500 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: why does everyone want an AMEX?

Forgot about the backdating, but that wouldn't be a perk for a new cardmember never having an AMEX.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Posts: 214
Registered: ‎08-02-2012
0

Re: why does everyone want an AMEX?

backdating?? explain please...

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Frequent Contributor
Posts: 395
Registered: ‎04-02-2012
0

Re: why does everyone want an AMEX?


beautybrainsbooty wrote:

backdating?? explain please...


Apparently it let's you have the date of your very first AMEX card when you sign up for new cards from them.  That way it looks like an "old" account on your credit report and helps out your credit score in the area of "average age of account (AAoA).  So if you have a card from 1990, and you get a Blue card in 2012, AMEX will back date that Blue card to 1990, giving you an instant 20 year history...I'm surprised CRA's haven't caught on to this.

My Wallet:
Discover It $14,300 | Chase Sapphire Preferred $7,500 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Contributor
Posts: 84
Registered: ‎08-29-2012
0

Re: why does everyone want an AMEX?

I think it was status-quo for me, lol....AMEX is one of the hardest cards to get and when I applied last month online, I had my fingers crossed...and it was just thinking and thinking.  I ended up closing the window cause it never gave me a response and said oh well, then i got an email a few seconds later saying that my card application has been approved....i was in heaven..

My Wallet: AMEX Gold NPSL, AMEX BCE 1K, Express 1350, Victoria Secret 2050, Macy's 2000, Kay's 7600, Capital One 1150, Capital One 2000, Quicksilver 1500; QVC 1600, Walmart 2700, Pier 1 1250, Kohl's 1500, JCrew 1550, JCPenny 2900, Discover 1500, Lowes 12000, Amazon 1200

Lender Pull: 2/16/13 TU: 672 EX: 681 EQ: 671
Current Scores: 2/6/15: TU 696 EX: 679 EQ: 658
Goal Score: 700
Frequent Contributor
Posts: 395
Registered: ‎04-02-2012
0

Re: why does everyone want an AMEX?


EmpressLuv wrote:

I think it was status-quo for me, lol....AMEX is one of the hardest cards to get and when I applied last month online, I had my fingers crossed...and it was just thinking and thinking.  I ended up closing the window cause it never gave me a response and said oh well, then i got an email a few seconds later saying that my card application has been approved....i was in heaven..


Did you damn near fall out of your chair like I did?:smileyvery-happy:

My Wallet:
Discover It $14,300 | Chase Sapphire Preferred $7,500 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Community Leader
Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
0

Re: why does everyone want an AMEX?

I don't want an AMEX.  They are not for everyone.  I travel throughout the world and am outside of the USA for long periods of time.  For me, the best cards are Visa and Mastercard, specifically the ones that charge 0% for foreign purchases.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k

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