I'm thinking about getting Amex Blue for Business plus as a general spend card along with the sign-up bonus. I'm not sure if it's overall goodor bad for fico if that card doesn't report to CRA. I'm worried it might not let me get a thick profile. Although 2xMR I think beats 2% cashback from citiDC and ofc Amex gives sign-up bonus. I have 1 closed account, 1 LOC, 1 SSL,1 secu card, 1 disco card, 1 amex card, and 1 bbr card
Starting Score: Ex08-732,Eq08-713,Tu08-717
@Anonymous wrote:Hello SubEx! My comments in blue below.
@Subexistence wrote:I'm thinking about getting Amex Blue for Business plus as a general spend card along with the sign-up bonus. I'm not sure if it's overall good or bad for fico if that card doesn't report to CRA.
Your FICO score is based on what is in your report. Therefore it is neither bad nor good that the card won't appear on your report. It would be good if the account appeared and it showed something good. It would be bad if it appeared and said something bad. In the same way that the color of your cat and your height and your favorite rock star do not appear on your report and therefore cannot affect your score, neither can an account that does not appear affect your score.
I'm worried it might not let me get a thick profile.
Having a buisness card that doesn't appear on your report does not stop you from getting a thick profile. Just like having a cat or being 5'11" does not stop you.
What you might be saying is that such a card does not in itself make your profile thicker, which is of course by definition true since it does not appear on your report.
Although 2xMR I think beats 2% cashback from citiDC and ofc Amex gives sign-up bonus. I have 1 closed account, 1 LOC, 1 SSL,1 secu card, 1 disco card, 1 amex card, and 1 bbr card
Your profile is already thick enough so that you would not be assigned to one of FICO's "thin" scorecards. Those are for people with very few accounts. You have seven accounts, which is more than enough.
The last you and I chatted about this, you wanted to explore bonus chasing for credit cards, and you had a pretty cool way to meet the minimum spend requirements. If that is still true, I'd just continue to move forward with that plan -- your profile will naturally get thicker over time without having to intentionally make it do that.
I guess my profile will fall into thick scorecard bucket even after my 3 secu accounts become closed from inactivity. I was actually hoping to get chase cards on my 20th birthday. I got 4 accounts opened on the month of my 18th birthday so I was hoping by my 20th, I could get past 5/24 rule by getting business cards and avoiding sign-up bonuses. Of course I'm still not sure if it's worth foregoing many SUB just for the chance of getting Chase SUB. In any case, I know that Chase business cards are hard to get and maintain as sole proprietorship while CO biz cards report on personal report so I'm left with Amex biz cards.
@Anonymous wrote:
@Subexistence wrote:
I guess my profile will fall into thick scorecard bucket even after my 3 secu accounts become closed from inactivity.
You are right. Thickness depends on total number of accounts, closed or open.
I was actually hoping to get chase cards on my 20th birthday. I got 4 accounts opened on the month of my 18th birthday so I was hoping by my 20th, I could get past 5/24 rule by getting business cards and avoiding sign-up bonuses.
The only reason I can imagine for getting a business card is because it has a sign-up bonus. (Unless of course one has an actual true business, and one plans to use the card for making lots of pure business purchases, but that's untrue about most people here.)
Of course I'm still not sure if it's worth foregoing many SUB just for the chance of getting Chase SUB. In any case, I know that Chase business cards are hard to get and maintain as sole proprietorship while CO biz cards report on personal report so I'm left with Amex biz cards.
I guess I do like sign up bonuses so I'll look into getting some SUB from biz cards. Luckily Amex BBP has a SUB even as a general spend card. Afterwards, I might get simply Cash from Amex although I have to be wary of 4 account rule with Amex. Also will I be free to have whatever utilization on biz cards. I hope biz fico scoring doesn't record utilization history. Also if I were to start an LLC business in the future, would my Amex Biz card affect my Biz fico score for my LLC?