topic Re: american express suggestions in Credit Cards

american express suggestions

Anonymous — Sun, 11 Oct 2009 05:21:03 GMT

i just checked my experian score today and it's 727, but i have a lot of inquiries. is it possible to be approved for an amex card? any opinions on which amex cards are easiest to get?

Re: american express suggestions

pattycake — Sun, 11 Oct 2009 05:37:17 GMT

How many is "a lot" of inquiries? I app'd and was approved for the Costco Amex True Earnings with an EX of about 750 (ballpark) and two inquiries.

Re: american express suggestions

Anonymous — Sun, 11 Oct 2009 07:17:19 GMT

@Anonymous wrote:
i just checked my experian score today and it's 727, but i have a lot of inquiries. is it possible to be approved for an amex card? any opinions on which amex cards are easiest to get?

Where did you get your EX score from?

Re: american express suggestions

haulingthescoreup — Sun, 11 Oct 2009 12:35:32 GMT

kents wrote:
i just checked my experian score today and it's 727...

Unless you belong to PSECU, and you see your EX score on your monthly statement, or you applied for a mortgage and your lender showed you your FICO scores, that's a FAKO.

Experian stopped allowing consumers to buy our EX FICO scores on 2/13/2009. But they're doing a nice business in selling consumers their home-grown FAKO's.

What negatives (if any) are on your Experian credit report, other than lots of inquiries? What's your revolving utilization (balances reported divided by total credit limit)? Have you ever had an AmEx in the past and burned them? How many (if any) new accounts over the past 6 months and 12 months?

Re: american express suggestions

Anonymous — Mon, 12 Oct 2009 02:42:14 GMT

I got my experian score from the experian website. But myfico equifax and transunion scores are both above 700. I have 12 inquiries listed along with the negatives. Only negatives include a low age for credit (1 year and 4 months) and recently opened accounts (student loans and 3 new credit cards the past three months). Do student loans affect my chances? I have never missed a payment on anything. My revolving credit utilization is only 7%. I just turned 19 years old, and I'm going to be traveling abroad a lot for school. I want at least two more rewards card that will give me good deals.

Re: american express suggestions

smallfry — Mon, 12 Oct 2009 02:46:00 GMT

Don't apply now.

Re: american express suggestions

Anonymous — Mon, 12 Oct 2009 02:52:24 GMT

@Anonymous wrote:
I got my experian score from the experian website. But myfico equifax and transunion scores are both above 700. I have 12 inquiries listed along with the negatives. Only negatives include a low age for credit (1 year and 4 months) and recently opened accounts (student loans and 3 new credit cards the past three months). Do student loans affect my chances? I have never missed a payment on anything. My revolving credit utilization is only 7%. I just turned 19 years old, and I'm going to be traveling abroad a lot for school. I want at least two more rewards card that will give me good deals.

Student loans doesn't affect your chances. Your AAoA and utilization may pose a problem. Before being recon to get approved, I was denied while having pristine credit and with no recent inquiries and $0 CC balances. I was told by the CSR my risk score was too high. I didn't accept that. I told her I have high FICO scores and she offered to send my app for recon. I got approved for $2000 a day later.

Good luck getting approve with AMEX.

Re: american express suggestions

Anonymous — Mon, 12 Oct 2009 03:02:41 GMT

I am only one year older then the OP and I got an instant approval for Amex gold. My AAOA is very low and I had a decent amount of inquiries.

Re: american express suggestions

Anonymous — Mon, 12 Oct 2009 03:04:36 GMT

@Anonymous wrote:
I am only one year older then the OP and I got an instant approval for Amex gold. My AAOA is very low and I had a decent amount of inquiries.

Hear that OP. You may have a chance. The only way to find out is apply. If you get denied ask for a recon immediately.

Re: american express suggestions

Watchmann — Mon, 12 Oct 2009 03:37:04 GMT

My question to the OP is, "Why do you need an AMEX card?". They are pickier than most of the mainstream CCC's so with your scores unless there is some overriding reason why you need it I would pass until you scores are stronger. If you NEED one, go ahead and apply. If you just WANT one, I'd hold off for now.

Re: american express suggestions

Anonymous — Mon, 12 Oct 2009 04:31:20 GMT

I don't need an american express card. I kept reading that they have great rewards. Just thought I'd hear some opinions. What are other great rewards credit cards for good, but not excellent credit?

Re: american express suggestions

smallfry — Mon, 12 Oct 2009 04:44:05 GMT

Penfed.

Re: american express suggestions

Anonymous — Mon, 12 Oct 2009 12:37:17 GMT

I like my chase freedom card, It is very easy to earn cash back. My mother just got a discover more card last month and it seems like a good card.

Re: american express suggestions

tray — Mon, 12 Oct 2009 13:32:17 GMT

Hi, have you tried the american express pre-selected card site to see if for curiousity if any card shows up for you.

Re: american express suggestions

haulingthescoreup — Mon, 12 Oct 2009 17:05:24 GMT

kents wrote:
I don't need an american express card. I kept reading that they have great rewards....

This is one of those beliefs that keep floating around. IMO, AmEx has pretty crappy rewards, other than for the Costco True Earnings card.

Blue Cash requires you to spend $6500, I think it is, at very low rewards before hitting the higher level. And on midnight of December 1, you have to start all over again. So it's good for those who will use it for their one-and-only card, running a ton of money through it, but otherwise, it's real average.

Gold Preferred Rewards gives double points for the first year, but after that, it's single points, plus then you have to start paying the fee. If the fee is $165 (I think that's the amount), you'd have to charge $16,500 on the card every year just to cover the fee.

Yes, heavy, heavy travelers can rack up good rewards, but most of us aren't on the road for 2 and 3 weeks of every month. I'd get one if I ever switch into traveling consulting.

Where American Express shines is in their general quality of customer service and their support for travelers. If you're one of those who live in the departure lounge, tapping away at the laptop and BB, then they're great. Otherwise, I think the rest of the masses can do better elsewhere.

* * * * * * * * * * * * * * *

General note: whenever you read about an awesome rewards card, find out the details of it, and then plug it into your own life situation. Even my beloved PenFed Plat would be kinda silly for someone who doesn't drive or otherwise buy gas. Although even then, 2% on groceries and 1.25% on everything else, redeemed monthly, ain't bad for these days.

Re: american express suggestions

smallfry — Mon, 12 Oct 2009 18:01:05 GMT

That's why I don't care to get the Pentagon Rewards Card. I am lucky enough to get my gas paid for at work. One of the last perks left.

Re: american express suggestions

Watchmann — Mon, 12 Oct 2009 19:54:42 GMT

Rewards are a nice perk, but don't change your life just so you can get 1-2% back. It's nice, but should not be the driver in which card you get.

Re: american express suggestions

andyaycw — Tue, 13 Oct 2009 06:34:23 GMT

@haulingthescoreup wrote:

General note: whenever you read about an awesome rewards card, find out the details of it, and then plug it into your own life situation.

Well said and good advice!

I have the Amex Clear which gives a flat 1% on all purchases. Clearly not the best rewards card, but as a college student who doesn't spend very much, I find it very nice that I only have to spend $2500 before I get to cash in.

I've also had very good experiences with Amex as far as customer service and their Purchase Protection programs go. All of my large purchases and Ebay purchases go on my Amex card.

Re: american express suggestions

Anonymous — Tue, 13 Oct 2009 07:39:53 GMT

Hey Kents,

I just got my Schwab Invest First Visa, and I think it could have better rewards than AMEX cards. It's 2% back on all purchases, but it deposits the 2% into a brokerage account. I figure I should invest while I'm young and let that money sit. I can always take it out if I needed it. I'd recommend checking it out.

-UncleJ

Re: american express suggestions

Anonymous — Tue, 13 Oct 2009 13:18:16 GMT

@smallfry wrote:
That's why I don't care to get the Pentagon Rewards Card. I am lucky enough to get my gas paid for at work. One of the last perks left.

But, you can use the PenFed Rewards card to get free cellular phone protection coverage.

Message Edited by DI on 10-13-2009 08:18 AM