topic Re: Benefits of a Green Card? in Credit Card Applications

Benefits of a Green Card?

comebackkid15 — Wed, 06 Jan 2021 12:34:48 GMT

So I've been looking at the pre-approval page for Amex, and I seem it thinks I'm worthy of eith the Green, Gold or Platinum Amex card.

Now, AF being the biggest issue, the Green card seems a good compromise and its mor elikely to fall into a current spending pattern for me IF I were tro get the SUB. The AF isn't bad, $150 and some of the point structure is also nice, so its a card I would USE, if sparingly for those "Oh Heck!" kinda issues, and would be PIF within 90 days.

Question is, is it a good addition to my credit file and would it help my score any?

I do have a good amount of cards, 1 open and current PL from CU: A Green/Gold/Platinum type would be my first.

I'm aware that my EX score is in mid 650's and I do have current 60% UTI across my cards. OTOH I did get a small CL from both my Disco and C1 cards, and and a nice bump to $3500 on my Prime Store card...all in Dec 20.

Input as always is welcome!

Re: Benefits of a Green Card?

ccquest — Wed, 06 Jan 2021 13:55:27 GMT

It won't help your score in the short term at all, it's a charge card and won't affect utilization calculations, will bring down AAoA, and may add a HP as well (not sure if you have an Amex card already).

As far as PIF in 90 days, since it is a charge card always be prepared to pay within 30 or receive that phone call from them reminding you of your due payments. These aren't really meant as "safety net" cards.

Re: Benefits of a Green Card?

Anonymous — Wed, 06 Jan 2021 14:07:38 GMT

@comebackkid15 It might be a better idea to work on bringing down your utilization before apping if you do decide to go that route.

I believe Amex tends to pull Experian.

Also, can you list your exact cards and limits if you don't mind?

Re: Benefits of a Green Card?

comebackkid15 — Wed, 06 Jan 2021 15:25:52 GMT

@Anonymous wrote:
@comebackkid15 It might be a better idea to work on bringing down your utilization before apping if you do decide to go that route.

I believe Amex tends to pull Experian.

Also, can you list your exact cards and limits if you don't mind?

Cards are 3 Amex $1k each 2 yrs, 1 each; Prime Store card $3.5k 2 yrs, Disco $2.3k 2yrs, QS1 $850 3rys, Platinum $400 5 yrs, and Opensky $300 3 yrs.

Yeah, util is going down. But i didn't really count yet until next round of payments reflected in report.

Re: Benefits of a Green Card?

comebackkid15 — Wed, 06 Jan 2021 15:29:24 GMT

@ccquest wrote:
It won't help your score in the short term at all, it's a charge card and won't affect utilization calculations, will bring down AAoA, and may add a HP as well (not sure if you have an Amex card already).

As far as PIF in 90 days, since it is a charge card always be prepared to pay within 30 or receive that phone call from them reminding you of your due payments. These aren't really meant as "safety net" cards.

Well this was pre qualified page from Amex account I already have, so I wasn't taking it 100% even then.

As for the 90 day bit..it was a just in case scenario, if I really had to use it, it would have to be pif by me in 30 days no matter what since I dont want that hanging over my head....nut again was interesting to see if it would be reasonable or even worth the app....

Re: Benefits of a Green Card?

MyDataMyChoice — Wed, 06 Jan 2021 17:31:23 GMT

The only time to have the 90 days is

In theory you can get Net 60 ish

Charge something Jan 23rd.... Statement Closed Feb 22nd.... you have until the statement closes again before its past due... March 21 (please pay by date is prob Mar 7th)

For >60 days... like 90 or more days... you would want to use the POT (Pay over time) feature in order not to be LATE

I guess you could stretch to 89 days if you timed it out right before showing a 30 day past due... but you would still be 'late' with amex internally.

Re: Benefits of a Green Card?

Anonymous — Wed, 06 Jan 2021 18:00:07 GMT

@comebackkid15 Thanks! Kudos for keeping the Cap1 QS1 active for as long as you have. I would have tried to PC it or close it out by the second year.

Also search for the Cap1 upgrade link on here to PC your platinum (if the link doesn't work for you try calling in and asking if you have any upgrades).

Hmm your credit limits on your Amex cards has me worried that if you did app for the Green it might not be approved.

While Amex doesn't bucket their cards like Cap One (where its basically impossible to increase the credit limit), I've seen on the forum that $1000 limits are harder to grow. If you haven't, you should check out that 3X CLI Amex thread.

IMO, you don't need to add the card to improve your credit. I would try to grow my limits with Amex a bit more.

If it matches your spend and makes sense for you, go ahead and app for it (after getting your utilization down). Keep in mind this would not be for credit improvement purposes since a new account might temporarily lower your credit score.

This is all just my opinion though. Best of luck!

Re: Benefits of a Green Card?

Anonymous — Wed, 06 Jan 2021 19:35:30 GMT

I would be cautious about applying for an Amex card with credit scores around 650 and utilization around 60%. Fixing that utilization would probably bring your scores up to a more comfortable 700 or so.

Re: Benefits of a Green Card?

ccquest — Wed, 06 Jan 2021 20:47:49 GMT

@comebackkid15 wrote:
Cards are 3 Amex $1k each 2 yrs

Have you tried asking for CLIs on these at all? You might be past the "pergatory" period for the $1k limits and could get one bumped to $3k, on one maybe.

Re: Benefits of a Green Card?

FinStar — Wed, 06 Jan 2021 20:55:30 GMT

@ccquest wrote:
@comebackkid15 wrote:
Cards are 3 Amex $1k each 2 yrs
Have you tried asking for CLIs on these at all? You might be past the "pergatory" period for the $1k limits and could get one bumped to $3k, on one maybe.

The OP posted a separate thread below, but they have not provided feedback on the same [CLI] question 🤷‍♂️

https://ficoforums.myfico.com/t5/Credit-Cards/Closing-Combining-Amex-accounts-input/m-p/6218584

Re: Benefits of a Green Card?

AverageJoesCredit — Wed, 06 Jan 2021 20:56:01 GMT

Can work in US?

Re: Benefits of a Green Card?

coldfusion — Wed, 06 Jan 2021 21:26:01 GMT

@comebackkid15 wrote:
@Anonymous wrote:
@comebackkid15 It might be a better idea to work on bringing down your utilization before apping if you do decide to go that route.

I believe Amex tends to pull Experian.

Also, can you list your exact cards and limits if you don't mind?
Cards are 3 Amex $1k each 2 yrs, 1 each; Prime Store card $3.5k 2 yrs, Disco $2.3k 2yrs, QS1 $850 3rys, Platinum $400 5 yrs, and Opensky $300 3 yrs.

Yeah, util is going down. But i didn't really count yet until next round of payments reflected in report.

Having 3 ea. American Express cards each with a $1K CL is a pretty good indicator that you might want to think twice about applying for any more AMEX cards in the near future and instead work on growing what you've already got. While the green card technically does not have a hard limit like a CC, AMEX does set thresholds on allowable spend based upon one's current profile and spend/repayment habits so there's a real risk that you'll start off with another low limit that you can't address by consolidating credit limits.

Re: Benefits of a Green Card?

comebackkid15 — Fri, 08 Jan 2021 17:09:35 GMT

Welp, thanks for all the input on the topic. While it wasn't a priority card to go for, I was mostly concerned about maximizing any chance to bump my CL and make my report more attractive to prime lenders.

Unless something radical happens to warrant it, any need for obtaining the Green card is pretty much shelved.

Thanks again for all the input!