Random AMEX question

[Anonymous]

I was speaking with a couple people at work during lunch about liking AMEX and wanting in the futuer to earn a card with them but not being able to at the moment. Plus I am going to be doing a HELOC within the next 6 months. One of them told me this strategy they supposidly used and it worked for them. I think its personally a bunch of BS but thought I'd ask the gurus on MF. 

Join AMEX savings account online , make an initial deposit.

Wait somewhere between 30-60 days for the savings account to have matured a little.

Then Apply while logged in for a Charge or Credit card. When you apply it should count you as a member now and SP vs HP. 

Whats everyones thoughts on this?

[Anonymous]

I have several cards with amex. Did not know they have a banking side. Have the blue cash and blue airline and optima from 1980 something (not the recent one I think it is called oasis or another version of the optima that people on the forum talks about amex gives out to people trying to rebuild credit).

I would say start small. Just apply for any non annual fee card and even if the limit is small just use it and pay it clean at the end of every month. Maybe do that for one year before asking for increase of limit .vi have never asked for credit increase ever in my life so I am not sure what are advantages and disadvantages of doing so. I am sure other people on the forum can give information about that. So maybe after one year all for another card with amex. Not sure about the garden thing. I know it is a term people on the forum use and it means not applying for too many credit cards in short amount of time. I imagine waiting is good. Last card I got is Costco citibank card back in May 2016 when Costco went over to citibank from amex.

[Anonymous]

My thought is for a savings it might be an intial SP. But for a lending product they should in theroy be pulling HP. I am calling BS here but I'm still interested in heraing what you guys think.

[EAJuggalo]

Generally for AMEX: Once you are a customer when you apply for another product it is a SP if denied and a HP if approved.  Or so I've read, I have not tried for another card since I got my Hilton earlier this year.

[Anonymous]

Found this on their site : 

American Express® Personal Savings accounts are not connected to American Express® Card products. The login credentials of the Personal Savings and American Express Card websites are different. The two suites of products do not share any transaction data, personal information, or balances.

To me that makes this sound like a story I was told..

[Anonymous]

I wouldn't mind apping with them though without this story. I am at 52% Utilization though on Ex report. It also happens to be a 698 score at the moment. Dont think its wise at the moment. 

Pre_Qualled on thier site. 

AOA - 6 years 10 mnths

1 30 day late pay in 2015

[RicHowe]

AMEX pulls Expetian. With your EX 682 you should qualify for PRG Charge card, Delta Gold Card and SPG. Assuming no excessive inqs or recent baddies you need not worry about joining the club after your HELOC and assuming your scores don't drop significantly.

[Anonymous]

Only 4 inq across all 3 reports in the past 24 months. Last one was BOfA on 12/11/17 for CLI increases. And as of this morning my car is on its way out so that means in the next 6 months I will need to get a car loan + that HELOC lol. YAY Life!

[RicHowe]

Your good.

[Anonymous]

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@RicHowe wrote:
Your good.

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Thanks. Which of those 3 cards would you recommend? Because my pre-qaul is only for the Gold , Blue and Everyday Cash card. I didn't get an option for SPG or Delta. If I do end up applying I'd do 1 Charge and 1 CC at the same time.