topic Re: AMEX Advice...Help in Credit Cards

AMEX Advice...Help

Anonymous — Mon, 27 Dec 2010 03:27:26 GMT

I currently have the AMEX Blue and Clear card. The clear card cirrently has a 0 bal while I do use the Blue I try and pay it off as I charge. Should I just close those accounts and apply for the green? How does the Green AMEX affect the credit scoring. I currently have a 768 with FICO. What should I do? Happy New Year!

Re: AMEX Advice...Help

Anonymous — Mon, 27 Dec 2010 04:15:21 GMT

Keep the cards you have and apply for the green if that is the card you want. Your application will be smaller since you already are a card member and your member since date will be backdated.

Re: AMEX Advice...Help

clocktick — Mon, 27 Dec 2010 05:11:35 GMT

Hey, if you don't mind sharing, what are your limits on the blue and green?

Re: AMEX Advice...Help

shiftomnimega — Mon, 27 Dec 2010 05:55:39 GMT

I also have Blue and Clear and never use the Clear anymore. However, I am not sure what your motivation for closing them is. They have no annual fee and if you're replacing them with only a charge card (which does not count towards utilization), your overall available credit will take a hit.

Curious why you want the Green. The rewards for the charge cards are quite lacking in my opinion, but if you're looking for AMEX perks, then I don't think you really get any good ones until you get up to Platinum. The fee definitely isn't worth it either. If I really wanted a charge card and couldn't get the platinum, then I'd probably get the Zync card. The annual fee to rewards/perk ratio is more reasonable.

Re: AMEX Advice...Help

trumpet-205 — Mon, 27 Dec 2010 06:37:48 GMT

If you want a charge card, you should pick between ZYNC and Gold. Green shares many characteristics from ZYNC, making them very close.

Re: AMEX Advice...Help

Anonymous — Mon, 27 Dec 2010 07:00:28 GMT

Compare rewards on all the cards, and see what will benefit you the most.

IMO I would keep the card open

Re: AMEX Advice...Help

Anonymous — Mon, 27 Dec 2010 11:34:21 GMT

Regarding my limits on the cards. At one time both had a 5000 credit limit then they were reduced suddenly when credit card companies started getting stingy with credit a couple of years ago. Now the Blue--$3000 and the Clear---$2100. I really appreciate all of your answers. I was just curious as to how AMEX reports to the credit bureaus when you have a green card.

Re: AMEX Advice...Help

llecs — Mon, 27 Dec 2010 12:47:45 GMT

@Anonymous wrote:
I was just curious as to how AMEX reports to the credit bureaus when you have a green card.

I have the Green. It reports the balance I had on the statement date and actually reports that within a few days of the statement date. It used to report a month behind but that changed sometime within the past year, IME anyway. It doesn't report a limit of course, but does report a "high balance". I'm consistent with my spending on that card so the high balance never changes for me but some report their high balance lowers even if they didn't hit it every so often.

Per FICO scoring, EX and EQ FICO scores ignore the balance and the "high balance" per utilization. New versions also ignire it including TU 04 and beyond. However, TU98, as found on myFICO, does factor in the balance and high balance into utilization. I just hit my high balance this month and full expect my TU FICO to drop as it will see a maxed out CC. I'm also in the middle of the mortgage process. However, thankfully, the lender uses TU04 and there'll be no impact.

Re: AMEX Advice...Help

mross1080 — Mon, 27 Dec 2010 19:08:52 GMT

I say just add the green if your ok with the annual fee and keep the others.

Re: AMEX Advice...Help

Creditaddict — Mon, 27 Dec 2010 19:21:47 GMT

as previous poster said... I would get either Zync or the Gold depending which rewards program would be more beneficial to you... also I would keep the Blue and Clear for sure since no AF and Amex is not known to close accounts for non use.

Re: AMEX Advice...Help

ficonightmare — Mon, 27 Dec 2010 19:31:18 GMT

@Creditaddict wrote:
as previous poster said... I would get either Zync or the Gold depending which rewards program would be more beneficial to you... also I would keep the Blue and Clear for sure since no AF and Amex is not known to close accounts for non use.

They do. My first account with them was closed in 2002 (had it since 1998) for being inactive. My parents had theirs closed in 2008 for the same reason.

Granted, I totally forgot about the card and didn't use it for a few years, but they did close it.

Re: AMEX Advice...Help

Creditaddict — Mon, 27 Dec 2010 19:33:59 GMT

@ficonightmare wrote:
@Creditaddict wrote:
as previous poster said... I would get either Zync or the Gold depending which rewards program would be more beneficial to you... also I would keep the Blue and Clear for sure since no AF and Amex is not known to close accounts for non use.
They do. My first account with them was closed in 2002 (had it since 1998) for being inactive. My parents had theirs closed in 2008 for the same reason.
Granted, I totally forgot about the card and didn't use it for a few years, but they did close it.

hmmm maybe because I am using other accounts, they leave my inactive ones alone... but have not used clear in well over a year.