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Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
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Re: what is so good about an amex card?



MercyMe wrote:
I can rest assured, then, that I was successful in my efforts to clean up the company credit (that my father-in-law and his sons ran into the ground) well enough for it to have earned the right to carry the AmEx Gold for Business, huh?
 
mercy, and man was that a task!


That's a nice cc. 
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Contributor
Posts: 89
Registered: ‎06-09-2007
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Re: what is so good about an amex card?



loloswims wrote:
What is so good about amex cards?
Absolutely Nothing! The only reason I have a Costco Amex card is due to their 3% cash rebate when eating out.  They're not the only one's to have this though. Like all company out there, they make pretend they care about you but the moment you're one day late, they show you the teeth.  The only way to deal with credit card companies is by using them as convinience and pay them off every month.  No matter what your debt to income ratio, how high your balances are, they can increase your rate to 1000%, if you payoff your balance every month they can't hurt you!
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Registered: ‎03-12-2007
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Re: what is so good about an amex card?



crocpa wrote:


loloswims wrote:
What is so good about amex cards?
Absolutely Nothing! The only reason I have a Costco Amex card is due to their 3% cash rebate when eating out.  They're not the only one's to have this though. Like all company out there, they make pretend they care about you but the moment you're one day late, they show you the teeth.  The only way to deal with credit card companies is by using them as convinience and pay them off every month.  No matter what your debt to income ratio, how high your balances are, they can increase your rate to 1000%, if you payoff your balance every month they can't hurt you!


Your talking about saving $$ and I absolutely agree with you on that.  For the purposes of max FICO points, 1-9% util reporting is ideal.  If scores do not matter to one, then PIF is the way go.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: what is so good about an amex card?



Boswd wrote:
I was just thinking about that with all the low and mid 600's getting Amex. Kind of reminds of Caddy Shack when the Exclusive Country Club Busch Woods having it's employee day at the pool. :smileyvery-happy:



LOL.
Senior Contributor
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Registered: ‎04-20-2007
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Re: what is so good about an amex card?



fused111 wrote:


crocpa wrote:


loloswims wrote:
What is so good about amex cards?
Absolutely Nothing! The only reason I have a Costco Amex card is due to their 3% cash rebate when eating out. They're not the only one's to have this though. Like all company out there, they make pretend they care about you but the moment you're one day late, they show you the teeth. The only way to deal with credit card companies is by using them as convinience and pay them off every month. No matter what your debt to income ratio, how high your balances are, they can increase your rate to 1000%, if you payoff your balance every month they can't hurt you!


Your talking about saving $$ and I absolutely agree with you on that. For the purposes of max FICO points, 1-9% util reporting is ideal. If scores do not matter to one, then PIF is the way go.



You can still PIF by the statement date (cycle date) and leave a 1-9% balance for the CCC to report to the CRA's. I think some people are getting confused. As long as you pay before the statement is due you pay no interest. If you want the card to report a balance for FICO purposes (and I've heard many say this is a YMMV kind of thing) leave a balance on the cycle statement cut date. You don't have to pay interest for FICO to be pleased.
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: what is so good about an amex card?



Boswd wrote:


Tuscani wrote:


loloswims wrote:
Hey guys I come on here and see all of this talk about amex cards.  What is so good about amex cards? 



The drunken pool parties Amex throughs for you... duh.


LOL  LOL   Post of the day!!!!!!!!



Drunken pool parties. Wow! And all this time I had been thinking it was spending $250K on strippers.
 
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Registered: ‎03-12-2007
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Re: what is so good about an amex card?



smallfry wrote:


fused111 wrote:


crocpa wrote:


loloswims wrote:
What is so good about amex cards?
Absolutely Nothing! The only reason I have a Costco Amex card is due to their 3% cash rebate when eating out. They're not the only one's to have this though. Like all company out there, they make pretend they care about you but the moment you're one day late, they show you the teeth. The only way to deal with credit card companies is by using them as convinience and pay them off every month. No matter what your debt to income ratio, how high your balances are, they can increase your rate to 1000%, if you payoff your balance every month they can't hurt you!


Your talking about saving $$ and I absolutely agree with you on that. For the purposes of max FICO points, 1-9% util reporting is ideal. If scores do not matter to one, then PIF is the way go.



You can still PIF by the statement date (cycle date) and leave a 1-9% balance for the CCC to report to the CRA's. I think some people are getting confused. As long as you pay before the statement is due you pay no interest. If you want the card to report a balance for FICO purposes (and I've heard many say this is a YMMV kind of thing) leave a balance on the cycle statement cut date. You don't have to pay interest for FICO to be pleased.

Yes, this is true!  My fingers are sore and I just decided to omit that part.:smileyhappy:
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: what is so good about an amex card?

One caveat to the 1-9 percent util rule. AMEX charge cards require that you PIF each month. They also don't report a CL because, in theory, you don't have one. However, much like with Cap 1 CCs, you can run them up, PIF, and your high balance will report acting as a de facto CL.
 
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Re: what is so good about an amex card?



Noah_Bodie wrote:
One caveat to the 1-9 percent util rule. AMEX charge cards require that you PIF each month. They also don't report a CL because, in theory, you don't have one. However, much like with Cap 1 CCs, you can run them up, PIF, and your high balance will report acting as a de facto CL.
 


To remedy this problem, I stop charging 5 days prior to statement date and also PIF about 2 days before statement date.  Thus, 0 bal.  I noticed TU and EX treat charge cards as rev cc, but EQ reports my gold card as other account.  It seems to have less of a negative effect.  Can you comment on this Noah?
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: what is so good about an amex card?



fused111 wrote:
 
To remedy this problem, I stop charging 5 days prior to statement date and also PIF about 2 days before statement date.  Thus, 0 bal.  I noticed TU and EX treat charge cards as rev cc, but EQ reports my gold card as other account.  It seems to have less of a negative effect.  Can you comment on this Noah?


Are you seeing the other account reporting on TC? If so, then I'm thinking it's yet another of the reporting weirdnesses between EQ and TC.
 
Barry or Tuscani?
 
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