AMEX PR Questions

[Anonymous]

Hello all, 

I have been lurking on here for quite awhile now and finally joined. Really enjoy the insight from this forum.

I recently applied for a AMEX PR. With a score of 812 I figured I would get instantly approved and I did. I have been approved and on my account it says NPSL. I have tried to do my DD and research into this. Just asking for opinions  here, do you think this is the best approval you can get for a card like this? Wanting to really boost my score and add some diversity to my credit report is why I chose this card. In your experience how has this card helped your score? Thank you all.

[Anonymous]

No

Preset

Spending 

Limit

It's a charge card, and does round out your profile a bit. But I don't see it as much help in building credit, as a regular credit card would.

Boosting your score at 800+, probably not much help either. Considering other factors.

Others may know more.

[Shadowfactor]

It’s a charge card which is why it says NPSL.
This is a standard for charge cards.
Which means No-Preset Spending limit.

You will have an internal limit that changes daily based on card useage, balances owed, credit report information, internal score with Amex etc.

It has to be paid in full every month, there’s no carrying a balance unless you are given specific options at a later date (normally 6 months) this is called Amex Pay Over Time.

You do not have to accept this, or you can choose to accept the terms and carry a balance with interest.

This card will report a little different then any other “normal” credit card, it will not report a credit limit and it’s useage/balance will not factor into the Util calculation of your credit report. It is still considered a revolving account so it will not help your credit mix.

[Anonymous]

Amex PRG is a charge card (must pay in full every month), it is looked at by FICO just like a regular revolving account (credit card) except utilization calculation because it has no preset limit, it does not add "diversity" to your Credit Mix part of FICO scoring.

haha need to type faster.

[Anonymous]

In hindsight I probably woudn't have applied for the PRG, had I not heard that charge card adds "diversity" to my profile. Back then I was looking for way to  boost anyway I could. Then I find out it's listed as a revovling account on my CR. lol

But am also kind of glad that I did, it's a very nice card to have with several perks! Charge cards have never appealed to me because of the fact they required payment in full every month, as I had alwasy been a balance carrier in the past. Not to mention AF's. After finding this place and learning how to utilize them correctly, they're not so bad.