A list of Amex questions...I'm teetering...help me?

[Anonymous]

Okay, so while I have publicly noted I would basically die before complying with FR, I can't help but be plagued by the notion that Amex would "complete" my credit profile. Well in my eyes anyway, it just seems like it would be the complete package for me...BofA, Chase, Discover.... + Amex?  I mean you can't deny that under manual review seeing an Amex is a plus. I have worked so hard to get to where I am, that it almost seems stupid for me to boycott Amex out of fear of the dreaded FR. Quite honestly, I'm beginning to think that it can't be any worse than what freakin' PenFed made me do for a whopping $1K limit. My spending hapits are really to PIF before statements cut, I don't spend much time in casinos (and if I were to, I have duly noted that using my amex for a cash advance is a big no-no. heheh) With that said, I have some questions and would love for all of your input.

First...I do have a few new accounts and plan to let them age to atleast 6 months before applying.  I currently have 9 inqs on EX with 3 scheduled to drop off by November. I would wait until Nov before applying. I can't say for sure what my credit score will be with EX, it is currently a 689 but that's with 2 med collections still reporting that are scheduled to drop off at the end of September. At which time, I will be officially baddie free, with perfect payment history. My other 2 reports reflect this same status and those scores are currently TU 735 and EQ 732 and this is after taking around a 10-15 point dip from inq's and new accounts. Though this month, each of them crept back up between 6-8 points and I hope they will creep up a few more points a month and maybe even get back to around 750 by the 6 month anniv. of my new accounts. Any thoughts here, should I stop here? 6 inqs still too much for them? Or 2 new accts that are only 6 months old, too much?

I have 2 options, IF i decide to app at all...apply in Nov/Dec at the optimal time as far as my inqs/scores are concerned...or wait until after I apply for a mortgage in early 09. (FYI-I had planned to wait until after applying for mortgage, but after talking to a locan LO and asking on the mortgage forum, it seems that with my file being pretty strong, I don't need to worry about apping for this one card a few months before applying for mortgage).  My concern about waiting until AFTER I app for my mortgage is that while I understand that while mortgage shopping the inquiries will be considered as "1" for purposes of scoring...on a manual review, or review by Amex, it will still show multiple new inquiries. So, my thought process is it would be best to app for Amex before the mortgage inqs are reported.  Any thoughts on this plan?

Now down to nitty-gritty on the actual cards. 

1.  Have any of you actually used the warranty coverage for any items you have purchased?  If yes, how easy was it to go about?

2.  All of my rewards cards are cash back, for obvious reasons, but because I travel very little, I think I may benefit from a travel rewards card - it may encourage me to actually GO SOMEWHERE if I feel like I'm getting a good deal, or saving in some way (I'm too cheap otherwise!).  Is the Bluesky a good travel card? Does it take a zillion points to actually be able to redeem them for a decent travel reward?

I think that's it for now. If you read through this whole thing, you're awesome. Thank you!

Message Edited by UpUpUp on 08-15-2008 08:16 PM

[haulingthescoreup]

I really don't think that you look like an interesting target for the roving F/R eye! Just keep your head down and your nose clean with all your accounts.

Can't help you on #1, although I've read some great stories.

On #2, cheddar (of course!) has researched and thought out Blue Sky near to death, and he has some good posts on it. I think he's out of town this weekend, but while you're waiting for other replies, try doing a search with him as author, and maybe "sky" as the search word. That might help weed out the umpty-diddly other posts about straight Blue.

Unfortunately, we don't seem to have that many members with Blue Sky. My older daughter has one, but she rarely bothers to use it. *mom rolls eyes*

[Anonymous]

Thanks so much for the reply. I have seen Cheddar's analysis of the Freedom vs. the Blue, but didn't realize he has crunched the sky version as well...I'll search for that right now.

[haulingthescoreup]

I think it's on his want list, and anything that goes on his list can expect to find itself on a high stainless steel table, with bright lights and plenty of drains.

[Anonymous]

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haulingthescoreup wrote:
I think it's on his want list, and anything that goes on his list can expect to find itself on a high stainless steel table, with bright lights and plenty of drains.

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Yeah, I just scoured through some posts and it seems that when he compared the redemption value to the standard blue, the sky comes out on top because it pays back about 1.33% instead of just 1%. Though, I am still unclear if my regular spending is good enough to earn decent rewards, or if you need to purchase travel to reap the full benefits. IOW, do you get more rewards by using the card to pay for travel, rather than say...gas for your car? 

Bottom line...I really don't need another cash back card, so I just figured if I was going to take the plunge I might as well get a card that would give me back something else....like a vacation I can go on...and I can take all my cash back as spending $.

Message Edited by UpUpUp on 08-15-2008 08:15 PM

[haulingthescoreup]

This is very much an "I think" answer, but I think that it's a use anywhere card without any preference or benefit in using it for certain types of purchases. Or at least, that's what I get from the site.

I should note that reading anything on the American Express site makes me feel like a 2nd-grader. There's something about it that just makes the most obvious points sail right over my head.

[Anonymous]

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haulingthescoreup wrote:
I should note that reading anything on the American Express site makes me feel like a 2nd-grader. There's something about it that just makes the most obvious points sail right over my head.

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That's how I feel too. For some reason it just seems more overwhelming than other credit card sites. Perhaps that is their way of sayin "Dummies need not apply". Maybe, I'm not ready for Amex yet.

Message Edited by UpUpUp on 08-15-2008 09:02 PM

[haulingthescoreup]

You should see me cussing my way through the shopping section. One is shopAmEx.com and the other is membershiprewards.com. After about a month, I finally deduced that the first is to spend points, the second is to earn points, although maybe you can spend them there, too.

All I know is that the entire site is absurdly redundant, and I'll bet they could make a bunch more money off of us, if they didn't make it so freakin' complicated.

[Watchmann]

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UpUpUp wrote:

1.  Have any of you actually used the warranty coverage for any items you have purchased?  If yes, how easy was it to go about?

Message Edited by UpUpUp on 08-15-2008 08:16 PM

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Used it once.  I had a new, expensive necktie that I snagged badly the first time I wore it.    I called AMEX and they sent me a form to fill out, which I did.  Then they sent me a letter saying since I was asking for a complete refund to send the damaged item to them.  I did and waited for a few weeks, and then the credit showed up on my statement.  It worked in the end, but it wasn't exactly painless or easy.  I think they do that by design, to discourage frivolous claims.  I've never had the need to use it since.  The thought of up to an additional year of protection doesn't figure too high on my decision to use AMEX.  I wonder how easy it would be to get an expensive camera or piece of audio gear fixed with this plan? 

[Anonymous]

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Watchmann wrote:

Used it once.  I had a new, expensive necktie that I snagged badly the first time I wore it.    I called AMEX and they sent me a form to fill out, which I did.  Then they sent me a letter saying since I was asking for a complete refund to send the damaged item to them.  I did and waited for a few weeks, and then the credit showed up on my statement.  It worked in the end, but it wasn't exactly painless or easy.  I think they do that by design, to discourage frivolous claims.  I've never had the need to use it since.  The thought of up to an additional year of protection doesn't figure too high on my decision to use AMEX.  I wonder how easy it would be to get an expensive camera or piece of audio gear fixed with this plan? 

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That is actually what I'd be interested in. 2 years ago I had a laptop crap out on me 2 weeks after the warranty expired...in this case, it would have been worth the effort to pack it up and ship it to them to get my money back for sure.