Getting in with AMEX

[jenn_bar]

I've decided to get my third credit card with AMEX. I currently have a Freedom (5k limit) and CSP (5k limit) and a Fico score of 735. I also have am an authorized user of a Costco AMEX. I just received the CSP at the end of May, so I would like to add one more card so I will be hard inquiry free in two years when I go to buy a house.

I am a 22 year old law student with a steady job (during the school year too). I use the Freedom only for the 5% categories and CSP for everything else.

What do you think is the best American Express card that I would benefit from? I do not mind another hefty annaul fee, as in with the Gold card, but how would a charge card affect my credit compared to a credit card? Also, how should I share my expenses with the CSP and the Amex?

Thanks!! You guys are amazing and I give you all full props for bringing my credit score up 16 points in the past few months, due to the moves with CSP, etc.

[jamesdwi]

A revolver's CL would help overall UTL if you let a balance report on any of your cards. On the other hand a charge card wouldn't effect your UTL even if you let a balance report on it but it has to be paid every month and some lenders might like to see a better mix of credit types so it could help. If you apply for a Charge card the Premier Rewards Gold (PRG) is the way to go unless you travel a lot, the PRG has the best rewards of the charge cards, and the AF is waived for the first year. All Charge cards have the same underwriting requirements so you can choose the ones you want.

[unc0mm0n1]

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@jenn_bar wrote:

I've decided to get my third credit card with AMEX. I currently have a Freedom (5k limit) and CSP (5k limit) and a Fico score of 735. I also have am an authorized user of a Costco AMEX. I just received the CSP at the end of May, so I would like to add one more card so I will be hard inquiry free in two years when I go to buy a house.

I am a 22 year old law student with a steady job (during the school year too). I use the Freedom only for the 5% categories and CSP for everything else.

What do you think is the best American Express card that I would benefit from? I do not mind another hefty annaul fee, as in with the Gold card, but how would a charge card affect my credit compared to a credit card? Also, how should I share my expenses with the CSP and the Amex?

Thanks!! You guys are amazing and I give you all full props for bringing my credit score up 16 points in the past few months, due to the moves with CSP, etc.

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Another law student? There are a ton of us on this site.

[jenn_bar]

I usually spend about $3k a month on the credit cards; however, most of them report of a balance around $30-$60 each time they get pulled because I do pay them off quite frequently. I do believe that this has benefited my credit, but would it be beneficial to allow more to show up?

Due to the fact that a charge card would not affect my UTL, and I'd ideally like to get the most credit that I can, would you suggest against a charge card? What if I applied for both the PRG and the Hyatt Visa Signature? I figure that combination would let me build a relationship with Amex, as well as get a decent CL for the Hyatt as many people say that they tend to provide you with a great limit if you are strong with Chase. I could then share my ultimate rewards with Hyatt as well.

[Open123]

For Amex, the first thing is to determine which rewards you fine the most valuable.  In time, you can have them all, but it's best to focus one initially.

1.  Air Travel - MR program with charge cards.  PRG with first year fee waived + sign-up bonus.

2.  Hotel Rewards - SPG - first year fee waived + 25K sign-up bonus (this card, in my view is the best domestic non-bonus category spend, if you frequent startwood hotels).

3.  Cash - BCE or BCP - the former if you spend less than approx $2,500 in groceries, and the latter if more.

With Amex, it's pretty simple.  Find the rewards you value most, and pick the best 1st year deal.  

Good luck!

[jenn_bar]

I think if I get the Hyatt card with Chase (more interested in saving points for international travel in the future) then I should get a charge card with Amex. I just need to get more credit, so I definitely need a credit card in the mix.

Now I just have to figure out which hotel chain to claim! The Hyatt card has great perks for long-time members, but the Hilton has great references too.

[Open123]

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@jenn_bar wrote:

I think if I get the Hyatt card with Chase (more interested in saving points for international travel in the future) then I should get a charge card with Amex. I just need to get more credit, so I definitely need a credit card in the mix.

Now I just have to figure out which hotel chain to claim! The Hyatt card has great perks for long-time members, but the Hilton has great references too.

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The Hyatt's free 2 nights is an awesome deal!  Citi Reserve has a nice Hilton card you might like.  For most, I think the Citi Hilton is better than the Amex one.

[jenn_bar]

Yes and Hilton has more options as far as locations within one city...

The only qualm I have with getting an Amex charge card is the fact that I can't take advantage of the 3x CLI possibility with a soft pull after 60 days, and every six months after that. I don't want to touch my credit (going into the garden?) after these two transactions occur for at least two years. With Amex, the soft pull would be awesome for the next two years. This is totally correct right?

That is what keeps leading me to BCE and Hyatt/Hilton combo.

Thanks for sticking along! I know I keep throwing scenarios out there, but I am so interested in getting this figured out for good this week. I start a new job on Monday (I will keep two jobs for now until school starts, I'll stick with the law firm), so they will for sure credit me, so I want to get all these hard inquiries done and out of the way for my gardening time!

[Open123]

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@jenn_bar wrote:

The only qualm I have with getting an Amex charge card is the fact that I can't take advantage of the 3x CLI possibility with a soft pull after 60 days, and every six months after that. I don't want to touch my credit (going into the garden?) after these two transactions occur for at least two years. With Amex, the soft pull would be awesome for the next two years. This is totally correct right?

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Yes, this is correct.  Amex has a SP 3X CLI after the 61st day, and 6 months thereafter.  Your strategy makes perfect sense!  

[jenn_bar]

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@Open123 wrote:

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@jenn_bar wrote:

The only qualm I have with getting an Amex charge card is the fact that I can't take advantage of the 3x CLI possibility with a soft pull after 60 days, and every six months after that. I don't want to touch my credit (going into the garden?) after these two transactions occur for at least two years. With Amex, the soft pull would be awesome for the next two years. This is totally correct right?

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Yes, this is correct.  Amex has a SP 3X CLI after the 61st day, and 6 months thereafter.  Your strategy makes perfect sense!  

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So the question becomes... "to diversify or not to diversify" because every tip I've gotten from creditors is to diversify. However, this is not very attainable when I don't plan to buy a car or mortgage a house for 2+ years.