topic Re: Is AMEX worth it? in Credit Cards

Is AMEX worth it? (Update: APPROVED!)

Anonymous — Thu, 04 Dec 2014 20:42:00 GMT

UPDATE: Read my approved story! http://ficoforums.myfico.com/t5/Credit-Card-Approvals/AMEX-DISCOVER-BOA-SUCCESS/td-p/3674427

Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!

I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It.

I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.

SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card.

I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!

So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences!

Info about me:

0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report

Re: Is AMEX worth it?

SunriseEarth — Tue, 25 Nov 2014 23:02:37 GMT

@Anonymous wrote:
Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!

I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It.

I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.
SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card.

I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!

So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences!

Info about me:

0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report

I think PRG was suggested, since some see the charge cards as a good way to get your foot in the door with AMEX, and some see that one as a good choice. However, with a spend as low as yours, I don't think charge cards would be a good solution.

Since you've said you don't like BCE, that's out. Are you a Costco member or open to becoming one? TE gives 3% gas and 2% dining, which might fit your needs.

Re: Is AMEX worth it?

Anonymous — Tue, 25 Nov 2014 23:05:48 GMT

Ask BofA for CLI @ 6 months mark.
App for amex a week before the end of the year.

Re: Is AMEX worth it?

Burned2manybridgesB4 — Tue, 25 Nov 2014 23:11:35 GMT

With the oddity of Disco, since you're only at the $700 range, they'd probably give you a decent limit....???? Weird, but probable. They like starter profiles, IMO.

Agree with the CLI on BOA. They've been very good to me there, at the 3/6 month marks, but I pushed HP's to do it.

Re: Is AMEX worth it?

chalupaman — Tue, 25 Nov 2014 23:15:07 GMT

@Anonymous wrote:
Hi, all! Hope you Ficoers have been doing well! I just wanted to give a big thanks to every single one of you for helping others on here because without you folks, I wouldn't know a rabbits bottom about credit and how it works!

I'm hitting over 6 months of reported credit history now and I'm considering getting another card to make my credit file a little thicker (not to mention my current CL is something Mickey Mouse would laugh at). Many of you said the American Express Premiere Rewards Gold card should be something I should look into before the Discover It.

I have two problems with the PRG card that makes me fear it's not for me: I cringe at the $175 AF after the second year and there on out when you have the card. I feel like regardless of the sign-up offer, you will hit even with the cards rewards and AF in about the second year and then afterwards you are just paying to have the card in your wallet.
SECONDLY, I am not sure if my spending gets benefit enough for the card. I spend about $300 monthly on my current credit card and that's gasoline, restaurants, and a few department stores here and there. I don't really fly or travel much as I use my car. I'm a big fan of getting the best benefit from using my card.

I thought to myself that the Discover It fits me perfectly, but others disagreed and I valued their opinion about the low CL's Discover usually give first timers (especially with me only having 6 months of history), and how it's better to get your foot in the door with AMEX due to their respected company and cards, and also the backdating. I may add in my own vanity-shame it would also be an ego boost to whip out a beautiful AMEX card as it makes a statement that you've made it in the credit world. I'm not a fan of the BCE!

So please help me here Ficoers before I app! Tell me what you believe I should get based on my preferences!

Info about me:

0.62 AAoA
721 credit score (TU)
2 inquiries (One EX and other TU) Last app May 2014.
$18,000 annually
19 years old
One (and first) credit account opened May 2014- BOA Cash Rewards Platinum Plus $700 CL - 4% utilization next report

The main reason you wanna get an Amex as soon as you can is that the backdating will come in handy later on and they tend to be pretty generous with CLs even if you don't have a year of credit history. I credit them a lot in helping me get other kinds of cards and not getting as many starting toy limits anymore. The earlier you set up your MSD date, the better. Did you try looking at their other revolvers that don't have an AF you can get?

Re: Is AMEX worth it?

cottoncrown — Tue, 25 Nov 2014 23:14:36 GMT

Don't bother with an amex charge card if you don't need it, it's useless if you don't spend enough. Also, this time last year amex started putting the following years date for MSD. For instance some people applying in December 2013 had MSD 14 on their cards received in Dec 13.

Re: Is AMEX worth it?

Anonymous — Tue, 25 Nov 2014 23:16:23 GMT

New questions, if I may!

Should I save the hard pull and do both Discover and AMEX or should I do one for my current BoA card and the other for AMEX?

If so, should I do the apps and CLI's within a few minutes apart so the HP's won't show up?

And which task should I do first? AMEX application?

Re: Is AMEX worth it?

Burned2manybridgesB4 — Tue, 25 Nov 2014 23:17:38 GMT

@Anonymous wrote:
New questions, if I may!

Should I save the hard pull and do both Discover and AMEX or should I do one for my current BoA card and the other for AMEX?

If so, should I do the apps and CLI's within a few minutes apart so the HP's won't show up?

And which task should I do first? AMEX application?

Do you want growth, or diversification first?

Re: Is AMEX worth it?

Anonymous — Tue, 25 Nov 2014 23:18:16 GMT

Would it be a good idea to get the PRG and then close it on the second year or would that totally mess up my AAoA and future chances with AMEX?

Re: Is AMEX worth it?

chalupaman — Tue, 25 Nov 2014 23:18:37 GMT

@Anonymous wrote:
New questions, if I may!

Should I save the hard pull and do both Discover and AMEX or should I do one for my current BoA card and the other for AMEX?

If so, should I do the apps and CLI's within a few minutes apart so the HP's won't show up?

And which task should I do first? AMEX application?

I think Discover usually pulls from EQ in most places and BoA will use a TU report for CLIs. Amex always pulls from EX so I don't think it would matter that much which order you do the apps in.

Re: Is AMEX worth it?

cottoncrown — Tue, 25 Nov 2014 23:19:02 GMT

Ask for the CLI first then wait til it reports then apply for new cards.

Re: Is AMEX worth it?

sccredit — Tue, 25 Nov 2014 23:19:06 GMT

If it were me I would go for the Discover iT and the Blue Cash Everyday (or Preferred)

Re: Is AMEX worth it?

chalupaman — Tue, 25 Nov 2014 23:19:35 GMT

@Anonymous wrote:
Would it be a good idea to get the PRG and then close it on the second year or would that totally mess up my AAoA and future chances with AMEX?

It won't affect your AAoA if you close a card at all. It's still on your CR for 10 years after that and you can get other Amex cards if you don't wanna pay the AF for the card after the year is up. If you treat them right, they will be very good to you.

Re: Is AMEX worth it?

Anonymous — Tue, 25 Nov 2014 23:21:11 GMT

I'd like both, to be honest.. But I don't want to mess up my chances by doing them in a certain row and have a HP or two that would lead me to denial.

Re: Is AMEX worth it?

Burned2manybridgesB4 — Tue, 25 Nov 2014 23:21:01 GMT

@Anonymous wrote:
I'd like both, to be honest.. But I don't want to mess up my chances and have a HP or two that would lead me to denial.

Did you list your HP counts? If not, do so, if you know them.

Re: Is AMEX worth it?

Anonymous — Tue, 25 Nov 2014 23:24:32 GMT

The only current ones I know if are from back in Dec 2013 by Best Buy (Citi pulled TU; denial).. I made a naive mistake back in May 2014 and applied for the Visa Signature BOA (got 7-10 day message; denial when I called), then I did the BOA Cash Rewards for Students and was approved (got 7-10 day message; CSR told me they couldn't approve me for the Visa Signature card but gave me the Platinum Plus).. So I am not sure if that was two hard pulls or not.

Re: Is AMEX worth it?

lg8302ch — Tue, 25 Nov 2014 23:24:54 GMT

@Anonymous wrote:
@Anonymous BofA for CLI @ 6 months mark.
App for amex a week before the end of the year.

+1 to app for Amex in December to lock in MSD

you could apply for the PRG and before the AF hits cancel that card again. How do you like the ED card? As for Discover it is a lottery but if you like the card get it..and should you get a low CL you can keep trying to CLI and might have success. don't let the CL hold you back. When my Discover CL was 2,5K I did charge 5K and just had to pay it off more than once a month. With 18K income you are probably not going to spend 10K every month...so get your dream card and see how it goes. I like my Discover IT better than any Amex but have the Amex for backdating 😏

Re: Is AMEX worth it?

Burned2manybridgesB4 — Tue, 25 Nov 2014 23:25:25 GMT

@Anonymous wrote:
The only current ones I know if are from back in Dec 2013 by Best Buy (Citi pulled TU; denial).. I made a naive mistake back in May 2014 and applied for the Visa Signature BOA (got 7-10 day message; denial when I called), then I did the BOA Cash Rewards for Students and was approved (got 7-10 day message; CSR told me they couldn't approve me for the Visa Signature card but gave me the Platinum Plus).. So I am not sure if that was two hard pulls or not.

Get the reports. Try prequalificators. Time to see what's being offered.

Re: Is AMEX worth it?

chalupaman — Tue, 25 Nov 2014 23:26:44 GMT

@Burned2manybridgesB4 wrote:
@Anonymous wrote:
The only current ones I know if are from back in Dec 2013 by Best Buy (Citi pulled TU; denial).. I made a naive mistake back in May 2014 and applied for the Visa Signature BOA (got 7-10 day message; denial when I called), then I did the BOA Cash Rewards for Students and was approved (got 7-10 day message; CSR told me they couldn't approve me for the Visa Signature card but gave me the Platinum Plus).. So I am not sure if that was two hard pulls or not.
Get the reports. Try prequalificators. Time to see what's being offered.

I never got any prequalified offers from Amex but got instant approval on my first card with them no problem. I've never gotten prequalified offers except from crap like Credit One so I don't think that's any guarantee for everyone quite honestly.

Re: Is AMEX worth it?

Anonymous — Tue, 25 Nov 2014 23:28:48 GMT

No love on the pre-qualifying feature on AMEX, Chase, or Discover.. :/

Well, Discover I did.. But like everyone else is saying, you can put in any info you want and it would still pop up that you were qualified for the Discover It.. Pretty unreliable.