topic Re: Should I get an AMEX?? in Credit Cards

Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 02:03:14 GMT

I have been reading on here that AMEX is a great card to have and has helped countless users build their score/ portfolio. Here are my current cards:

Cap1 Cash Card: 730/2000 (3 yr history)

Chase Freedom: 100/700 (1 year)

Citi Platinum select: 930/1000 (high due to BT) (6 months)

Discover More: 200/1000 (1 month)

Walmart store card: 0/1600 (2 years)

Kay Jewlers: 0/400 (3 years)

total util: ~30% =/

I really want to get rid of my Cap1 card once its paid off since it has the highest interest rate and I highly doubt they will be increasing my limit anytime soon. My TU is 728 and my Ex is 730. Eq is at 690 because it has the most inq - most will be falling off in november. I have 0 baddies on my report and a car 2 yr car loan thats 50% paid off. Im only 21 and want to build my credit within 18 months because I will then need to take out personal loans to pay for grad school. I really like the AMEX blue card because of the rewards and flexibility and I was pre-approved for it on their site. Thoughts / suggestions?

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 02:08:06 GMT

* sorry, to clarify car loan is currently 2 years old. Financed for 6 yrs.

Re: Should I get an AMEX??

LS2982 — Mon, 09 Jul 2012 02:12:43 GMT

IMO if you get your util. Below 10% you should be good for the blue cash.

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 02:21:02 GMT

Thats what I was thinking as well. I wanted to get it now for backdating purposes later on in life. I know 30% util is pretty darn bad, but its mostly school expense related. I know the credit agencies dont care, but its not like I just went out and bought things I didnt need. I can handle paying more than the min payment on each card, but I cant do the $200 per month for 6 months to get it to 10%. Being a broke college student sucks =/ haha

Re: Should I get an AMEX??

LS2982 — Mon, 09 Jul 2012 02:25:39 GMT

Util will play a big part in the process, I would def hold off until you have it under control.

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 02:33:48 GMT

Yeah, Im supposed to be in the garden till 6/2013 anyways I just get app crazy sometimes.

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 03:04:09 GMT

If you plan on only applying for one AMEX card in the next year and a half, then go ahead and wait it out, and go through with your plan of gardening until 6/2013. If you think you'll apply for another AMEX in 2013, then make sure you apply for the first one in or before December 2012.

That way, if you apply for another AMEX in 6/2013, it'll be backdated to 6/2012, as opposed to receiving no backdating benefit if it was opened in the same year as your first AMEX.

Re: Should I get an AMEX??

webhopper — Mon, 09 Jul 2012 03:08:18 GMT

I like the zync, very good little card to carry, easier to get than revolvers. Might go for zync if you have any interest in charge cards?

Re: Should I get an AMEX??

Open123 — Mon, 09 Jul 2012 04:04:28 GMT

@Anonymous wrote:
I have been reading on here that AMEX is a great card to have and has helped countless users build their score/ portfolio...I really like the AMEX blue card because of the rewards and flexibility and I was pre-approved for it on their site. Thoughts / suggestions?

In my view, Amex is assuredly one of the best credit cards to have. If you're pre-approved on the Amex site, I think you should apply. More often than not, a pre-approval will result in an instant approval, unless you've recently gotten some blemish on your CRs.

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 04:32:00 GMT

Im just worried about charge cards as I have no experience with them at all. I use debit on all daily purchases so I can easily keep track of my spending. Only use credit for bigger expenses that I cant afford outright.

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 04:42:12 GMT

Well, I went ahead and applied. Figured I might as well try now. I got a message to call a 1800 number for an instand decision (not open right now). Does that mean I was denied?? What will they ask?

Re: Should I get an AMEX??

Open123 — Mon, 09 Jul 2012 04:44:13 GMT

@Anonymous wrote:
Well, I went ahead and applied. Figured I might as well try now. I got a message to call a 1800 number for an instand decision (not open right now). Does that mean I was denied?? What will they ask?

Sounds like idendity/address verification.

Call tomorrow morning, and once you've satisfied their ID review (they'll offer to call your bank with you on the line to verify who you are), you'll have an instant approval.

Congrats!

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 05:01:47 GMT

Thanks!!! Lets just hope its good news LOL Ill update ASAP

Re: Should I get an AMEX??

Repo-ed — Mon, 09 Jul 2012 11:14:45 GMT

@Anonymous wrote:
Thanks!!! Lets just hope its good news LOL Ill update ASAP

Which card did you app for?

Re: Should I get an AMEX??

webhopper — Mon, 09 Jul 2012 11:31:32 GMT

Congrats! Sounds like Identification verification. I went through that when I got zync. Its real easy and the csr will be able to tell you what limit you were approved for

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 13:17:52 GMT

I just went for the Zync. I was nervous about not getting approved for the Blue card and thought I would have the best shot of getting Zync. Im just going to use it like my debit card from now on. I called in twice... but "all circuits are busy." Ill try again in a few minutes

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 13:45:41 GMT

Just got off the phone and I was Approved!!!! I didnt ask for the CL because I could hardly understand the CSR... guess Ill just find out in 7-10 days.

Re: Should I get an AMEX??

webhopper — Mon, 09 Jul 2012 14:23:53 GMT

Amex is pretty fast about getting cards out to the customers... I bet you'll have it this week...

And CONGRATS!!!! Welcome to the Amex family!

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 14:28:57 GMT

@Anonymous wrote:
Just got off the phone and I was Approved!!!! I didnt ask for the CL because I could hardly understand the CSR... guess Ill just find out in 7-10 days.

Congrats. Remember there is no cl with Amex charge card. Marginal approvals might get hard limit but most are npsl. Sounds like you have npsl. As FYI, wait till zync is up and couple of months and app for Amex revolver then. As Amex customer, soft pull for rejection and hard for approval.

Re: Should I get an AMEX??

Anonymous — Mon, 09 Jul 2012 14:47:57 GMT

Thanks all for the great information and support! If you dont mind, what does npsl stand for (no preset spending limit??) I get lost with the lingo sometimes haha