topic What’s the benefit for having an American Express? in Credit Cards

What’s the benefit for having an American Express?

Anonymous — Wed, 13 Feb 2008 13:43:10 GMT

I see many people desire the American Express card but I also see that Amex do not report CL so your TL is not helped. What is the big atraction? I'm looking for only a very few accounts carefully chosen and I want them to work for me and to help me increase my FICO scores.

Re: What’s the benefit for having an American Express?

Anonymous — Wed, 13 Feb 2008 13:46:29 GMT

Here's one place to start:

Why do you love AmEx?

Re: What’s the benefit for having an American Express?

Anonymous — Wed, 13 Feb 2008 14:02:17 GMT

Thank you. That pretty much answered my questions. I'm especially impressed with the rental car insurance.

But now I'm wondering what the "bashing" is those post were talking about.

Re: What’s the benefit for having an American Express?

MidnightVoice — Wed, 13 Feb 2008 14:37:28 GMT

beenthere wrote:
Thank you. That pretty much answered my questions. I'm especially impressed with the rental car insurance.
But now I'm wondering what the "bashing" is those post were talking about.

Amex is Amex. If you upset them they freeze your card and do a Financial Review, and some people do not like that at all. I think it is a card you need to be careful with, and if you don't like that idea, don't get it

Re: What’s the benefit for having an American Express?

Red1Blue — Wed, 13 Feb 2008 14:49:58 GMT

If you filed BK Amex will certainly decline your application. Bk is no no for amex.

Re: What’s the benefit for having an American Express?

Anonymous — Wed, 13 Feb 2008 15:41:22 GMT

AMEX reports the charge cards as installment loans which helps your mix of credit and raises you fico score.

Re: What’s the benefit for having an American Express?

Anonymous — Wed, 13 Feb 2008 15:43:07 GMT

D_Boone wrote:
AMEX reports the charge cards as installment loans which helps your mix of credit and raises you fico score.

They report them as "Other", which is a separate category from both "Revolving" and "Installment."

And when they report correctly, your Amex Charge Card balance is not factored into revolving utilization! Nice, huh?

Re: What’s the benefit for having an American Express?

Anonymous — Thu, 14 Feb 2008 01:51:39 GMT

Very good stuff everybody, but i did file a BK long ago. I look good today but still have that public record.

Re: What’s the benefit for having an American Express?

jsmith12345 — Thu, 14 Feb 2008 02:13:35 GMT

My Amex Clear is not reported in Other. Should it be? That might be worth a dispute if that's the case! It also reports my CL....

Re: What’s the benefit for having an American Express?

MidnightVoice — Thu, 14 Feb 2008 02:17:54 GMT

jsmith12345 wrote:
My Amex Clear is not reported in Other. Should it be? That might be worth a dispute if that's the case! It also reports my CL....

Isn't that a credit card not a charge card? So it should be revolving and report the CL

Re: What’s the benefit for having an American Express?

Anonymous — Thu, 14 Feb 2008 02:18:29 GMT

Pretty sure the clear is a credit card- not a charge card-

On the Clear you can revolve a balance-

jsmith12345 wrote:

My Amex Clear is not reported in Other. Should it be? That might be worth a dispute if that's the case! It also reports my CL....