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4 Inquiries

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scenery_guy
Established Contributor

Re: 4 Inquiries


@BearsAndTurtlesRtheBest wrote:

what is the point of a AMEX charge card? if it doesn't report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks


People seem to use charge cards as a foot hold with AMEX but it's actually a great product to carry even if you ignore the rewards. Why? It's a NPSL card (no preset spending limit) and even though it has some internal limit (that you will never know) it adapts to your spending. If you are spend heavy but always PIF it's a great product as it allows you to keep spending above and beyond a limit that your other cards might have. I have put nearly $50,000 on a charge card in one month (all work related) but my highest credit card limit is about $18,000. They never batted an eye and when the bill posted I paid it in full. I have two of them, one business and one personal and I would guess they have the greatest ability to spend compared to all of my other cards - combined. Also have the advantage of no reporting on limits or utilization and that can be a big help if you spend a lot. 

 

With huge spends like that monthly even a lowly green or plain gold AMEX will net you a ton of points. 

Message 11 of 17
Goose7
Valued Member

Re: 4 Inquiries

Thanks for all the info guys. I think I'm going to wait for the year mark just to be extra careful, I've already waited this long so I don't see a point in not being able to wait another month. For those of you asking about AMEX I've always really wanted to carry a gold card, It's kind of a personal achievement I've set for myself. Nothing really more to it than that.

Message 12 of 17
BearsAndTurtlesRtheBest
Senior Contributor

Re: 4 Inquiries

Oh okay go it now alright thanks for explaning everyone. 

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 13 of 17
Pilotdude
Established Contributor

Re: 4 Inquiries


@BearsAndTurtlesRtheBest wrote:

what is the point of a AMEX charge card? if it doesnt report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks


Bears, I think Amex Green is probably the best card for someone with over 6 months and under 18 months of credit history whose file is in good shape with regard to util and inquiries.

Amex is widely considered to be amoung if not the top tier credit card issuer.  When other issuers see a Amex card, I think they add a certain validity to that person's application. 

The Green card (and the other charge ones as well) help a "newish" to credit person to develop the pattern of PIF each month, which we all know is great for your file and score in the long run.  By developing that habit, folks learn not to overextend which leads to hopefully better credit management once they get into cards which can carry a balance.

 

I personally use the Amex green to pay all monthly bills such as Cell phone, electricity, gas, cable tv and anything else which I would normally pay with cash.  Then at the end of the month I pay Amex right before the statement date cuts so it reports a 0 or very low balance.  I pick up the points (sometimes even a bonus) and as the pattern continues, I never have to worry about falling into the "let's use a revolver to pay our bills" trap.

 

An amex green after 24 months is a great help to a score if its been managed correctly. Smiley Happy


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
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Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Message 14 of 17
webhopper
Moderator Emeritus

Re: 4 Inquiries


@LS2982 wrote:
If your looking for just an AMEX charge card I think you would be fine now to app if you like.

I agree with this logic,  app now Smiley Happy

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 15 of 17
BearsAndTurtlesRtheBest
Senior Contributor

Re: 4 Inquiries

@Pilotdude now this clears it up even more, now I see the benefits of having a charge card. Thanks for taking time and explaining makes even more sense.

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 16 of 17
Goose7
Valued Member

Re: 4 Inquiries

Well after reading the advice I received on here, I couldn't' hold my urge and decided to apply for the AMEX Green card, and I was denied...I have no idea why, but as soon as I get the details I'll report them on here.

Message 17 of 17
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