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Just want to double check...

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Regular Contributor

Just want to double check...

Thinking about purchasing an engine so...

Considering asking amex CS if there are any offers for me to upgrade my BCE to the BCP. Would prefer to get 0% APR instead of just tossing a lot of cash at it (though getting MR instead of cashback is tempting...).
But to pad utilization if I do put it on the Blue cash, I would request a credit limit increase (eligible and my income/scores/Fri are all in line for a hefty increase).
I just want to confirm, if I do the CLI on the BCE, I should be okay to then change it to the BCP, right?


And unrelated, but...
I know I've seen this answered in threads a million times before, but for charge cards on credit reports, they just get counted as a revolver, right?



And just curiosity on this one:
Main point of a PLOC? Essentially just a line of credit similar to how a credit card works, but with lower interest rates?
And how exactly does that show up/effect credit scoring, aside from the obvious age of accounts? It isn't a revolver, right? Not an installment..

Feel free to pick & chose whatever you can answer. Smiley Happy
Message 1 of 9
8 REPLIES 8
Valued Contributor

Re: Just want to double check...


@Rebuilt wrote:
Thinking about purchasing an engine so...

Considering asking amex CS if there are any offers for me to upgrade my BCE to the BCP. Would prefer to get 0% APR instead of just tossing a lot of cash at it (though getting MR instead of cashback is tempting...).
But to pad utilization if I do put it on the Blue cash, I would request a credit limit increase (eligible and my income/scores/Fri are all in line for a hefty increase).
I just want to confirm, if I do the CLI on the BCE, I should be okay to then change it to the BCP, right? - CLI first and upgrade after just to be on the safe side... I don't recall anyone doing both at the same time but, it takes them 24-48 hours to process the upgrade.  The upgrade should be done online in response to an offer though to lock it in as when you do it through a rep it's harder to document whereas you can take a screenshot of the offer online.


And unrelated, but...
I know I've seen this answered in threads a million times before, but for charge cards on credit reports, they just get counted as a revolver, right?
charge cards get classified as "other" as the type on your CR since they don't have a specified limit but, sometimes can show a "high limit" of your highest amount charged in a particular cycle.


And just curiosity on this one:
Main point of a PLOC? Essentially just a line of credit similar to how a credit card works, but with lower interest rates? - it's like a cash advance line for when you need funds 
And how exactly does that show up/effect credit scoring, aside from the obvious age of accounts? It isn't a revolver, right? Not an installment..

Feel free to pick & chose whatever you can answer. Smiley Happy

 

500K+ TCL / 800+ FCOs
Message 2 of 9
Regular Contributor

Re: Just want to double check...

Yea, I was checking online to try and find an upgrade offer, but amex is still gung ho about throwing business card offers at me, despite doing nothing even remotely close to having a business of any sort. >.> Perhaps it'll be possible to get the rep to send me an email for the offer. Hopefully. 

 

 "Other," huh? So for priming credit for mortgage scoring, it looks like I need another revolver....

 

***thinking aloud here, guys, feel free to skip this next block***

Not super looking into houses again yet since I'm not interested in the hassle of moving again so soon, but would like to buy around Dec '20, possibly a little into 2021 (provided I can find something I like in the limited area I'm interested in), but trying to also be mindful of aaoa. The refresh of the Green has me interested, and I'm still mulling over a Plat to go with my Gold. Yes, my wallet would be amex heavy. lol So my interest for a 3rd revolver would be a 0% ftf mastercard. This means 2-3 cards are heavy considerations...would tank my aaoa, but having 18-21 months to recover doesn't seem bad.

***huh? What were we talking about?***

 

Still not fully seeing the point of a ploc, other than to perhaps pay employees during a slow month. Looking more into it, the interest rates seem to be not much different than what I see with low apr CCs.

Ehh, I guess if someone wants to stick with 3 rewards revolvers for scoring purposes, they can use a ploc in lieu of a separate low APR card?

Message 3 of 9
Valued Contributor

Re: Just want to double check...

When you're logged into your account if you scroll down on the bottom right there should be a "recommended cards" link or upper left there's a menu option where you can click on personal / cards.

 

House hunting shouldn't be much of an issue provided you have an idea of your scores currently.  A new card or two depending on your complete profile shouldn't take a downward spiral at all or negligable amount of points at the most.  

 

You say youo're not looking for a biz card but then mention ploc to pay employees.... maybe this is why you're seeing the biz cards?

500K+ TCL / 800+ FCOs
Message 4 of 9
Regular Contributor

Re: Just want to double check...

Hmm, no pop up offers like the gold biz or plat, but if I navigate myself to the BCP, it has a "request to upgrade" button. Afraid to click on it. Not sure if it'll automatically process it and then I miss out on any bonus offer. Don't really want the bcp since the gold gets the bulk of grocery spending for MR, and the Green might end up covering gas & streaming (and even if not, wouldn't pay an AF for 1% higher gas and 6% streaming).

 

I was in good shape this past fall/winter to buy. Had everything ago. Inspection, bank appraisal, lawyer paid, green light from bank...but seller was crazy and couldn't agree to anything post inspection & revealing actual details/contract of the horrible solar lease scam she had going. After about 3 months, I just walked away. I already told my current residence I wouldn't be renewing and I was moving closer to work regardless of buying the crazy lady's house or not. I don't have, nor want kids...a house isn't super necessary for me. Not to mention I was viewing the house needing about $35-50k in remodeling to morph into my ideal dwelling place. Found a nice 1300ft condo in a very good township to rent while I look for houses to pop up. I'm mostly stalking 2 or 3 zip codes that aren't huge and aren't heavily filled with houses.

 

Come to think of it, I don't think my aaoa was much over a year at that point...

I pulled my scores on here. My mortgage scores were something like 723, 724, and 768. Bank used the same scores from their pull. Yup....that middle score couldn't be any higher, huh? lol So opening a 3rd revolver and two "others" (well, 3 if you count current gold, which was opened after the headache) should really thicken my file & put me at a boost, since opening them all soon would allow every single account be older than the old aaoa... Dti will be 0%, as it was before. 1% credit utilization & azeo again. HP count should be roughly the same (low) again, since AMEX won't be doing any HPs for all the new cards.

I know having an installment loan as well is good, but that's not happening. Unless I can get a lender to approve me for some sort of silly loan that's like $3/month. "I'd like to finance this steak dinner with a 24 month term, please. I'm good for it!" ha

 

 

I was just asking about the ploc  out of pure curiosity. Been seeing people mentioning them and am just asking myself, "why? What is the point of that? Am I missing something here? Could I benefit from one?" Still seem pretty pointless to me. Maybe someone with one will divulge their secrets.

Message 5 of 9
Contributor

Re: Just want to double check...

Ill focus on just your PLOC question.

 

Firstly, it shows up for me as "Other Loan" Type - Line of Credit

 

I really don't use it - because I haven't needed to. For me its the "dear god, I just got fired and have to pay rent" backup line, or "rainy day fund" for short. It's very useful if you ever need to make a large purchase that you cant payoff in a full month. The lower interest rate really helps.

 

I do recommend on those larger purchases, you still put on a card to collect the points, before moving cash from your PLOC to repay your card. 

Message 6 of 9
Moderator

Re: Just want to double check...

Clicking on the Upgrade button with Amex is not immediate. There will be a new page where you have to agree to the new terms. As long as Upgrade is showing and the card will not run into a CARD Act issue (i.e I used to get the Delta Reserve upgrade link within the first year of having my personal Platinum SkyMiles) you are eligible.

Message 7 of 9
Regular Contributor

Re: Just want to double check...

Clicked the upgrade button--no sign up bonus offer. Smiley Sad Will have to try getting customer service to send me an offer, if they can do that.

So, in light of the recent amex slashing people's limits, I tried messing with the online CLI system yesterday...
Card has a 15k limit, so should only be able to up it to 45k.

Requested 66,666.
-error, limit must be in multiples of 100s.
Requested 66,600.
--For this limit, we must verify your income. Start process? Send us blah, blah, tax forms, blah, blah.
--Requested 47,500.
--*same message as last one*
--Requested 40,000.
--our site seems to be having some difficulties. Please try again in 24 hours.


I'm thinking amex may not approve online credit limits over 30k without income verification, since I recall most people with a high limit had their cards cut down to 30k.

I'll report back later when I get the system to yell at me some more. Smiley Very Happy
Message 8 of 9
Valued Contributor

Re: Just want to double check...

Depending on the age of the card and your experience with them overall you should be able to get to 35K or just under w/o them asking for the 4506-T.  Just open it again incognito mode and try again... sometimes when you're going back and forth dropping the limit the browser cookies get confused and the session just errors out.

500K+ TCL / 800+ FCOs
Message 9 of 9
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