Getting in with AMEX

[Open123]

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@jenn_bar wrote:

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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. 

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Always better to diversify, at least when it comes to credit.  If I were you, I'd app for both Chase and Amex simultaneously.  In my view, these are the two best creditors to start off with this early in your career.

They'll become more and more valuable as time passes.

[jenn_bar]

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@Open123 wrote:

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@jenn_bar wrote:

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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. 

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Always better to diversify, at least when it comes to credit.  If I were you, I'd app for both Chase and Amex simultaneously.  In my view, these are the two best creditors to start off with this early in your career.

They'll become more and more valuable as time passes.

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When speaking diversity, that could mean a variety of charge and credit cards? So, applying for Chase Hyatt and Amex Gold charge card? Or Amex BCE and Chase Hyatt?

[Open123]

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@jenn_bar wrote:

When speaking diversity, that could mean a variety of charge and credit cards? So, applying for Chase Hyatt and Amex Gold charge card? Or Amex BCE and Chase Hyatt?

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I meant diversity in lenders, not charge or credit.  In your case, I don't think a charge card is necessary, unless you value MR points.  If not, I'd forget the charge card until the time when and if the MR program becomes more appealing to you.

If you can spare the inquiry, I'd app for BCE and Chase Hyatt now.  Then, the following year in Jan, round it off with the Amex Hilton.  

[jenn_bar]

Yes, I think that is a great idea. I love the idea of the BCE because I don't eat out so I easily spend $$$ in groceries each month. Don't know if I can justify the annual fee on top of CSP though for the BCP...

[LawStudentCivilis]

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@unc0mm0n1 wrote:

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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.

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Yea, quite a few of us here.  Quick question, I am considering buying a home in a few years as well. I am afraid if I get a fourth credit card it will make conservative mortgage lenders think I'm a young credit chaser that can easily get over my head.  Any thoughts on this?

jenn_bar I am toying with the idea of getting an American Express too except I am trying to compare it to Discover.

[LawStudentCivilis]

Always better to diversify, at least when it comes to credit.  If I were you, I'd app for both Chase and Amex simultaneously.  In my view, these are the two best creditors to start off with this early in your career.

They'll become more and more valuable as time passes.

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Hi Open123

My oldest card is with Chase, but I have two other cards that are paid off with them and closed on my terms.  I also have one card with Capital One, and one Dillard's Amex. So would another prestigious lender be AMEX? Who is ranked more favorably than the other?

Or should I take my business back to Chase and open a second card. (I doubt I'll do this, those other cards are closed for a reason).

[Open123]

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@LawStudentCivilis wrote:

Always better to diversify, at least when it comes to credit.  If I were you, I'd app for both Chase and Amex simultaneously.  In my view, these are the two best creditors to start off with this early in your career.

They'll become more and more valuable as time passes.

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Hi Open123

My oldest card is with Chase, but I have two other cards that are paid off with them and closed on my terms.  I also have one card with Capital One, and one Dillard's Amex. So would another prestigious lender be AMEX? Who is ranked more favorably than the other?

Or should I take my business back to Chase and open a second card. (I doubt I'll do this, those other cards are closed for a reason).

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This all depends on when you're going to app for a mortgage.  

If you're going to apply soon (within a year), I wouldn't apply for any credit for the time being; however, if 2 years away, then I would definitely app for an Amex.  In my view, I think it's best to start with Chase and Amex as general creditors while adding "niche" issuers as you go.

So, if your oldest card is with Chase, I'd app for an Amex (if, you're going to app).  

[LawStudentCivilis]

Thanks. It'll more than likely be two years since I have one year of school left.

[jenn_bar]

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@LawStudentCivilis wrote:

Always better to diversify, at least when it comes to credit.  If I were you, I'd app for both Chase and Amex simultaneously.  In my view, these are the two best creditors to start off with this early in your career.

They'll become more and more valuable as time passes.

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Hi Open123

My oldest card is with Chase, but I have two other cards that are paid off with them and closed on my terms.  I also have one card with Capital One, and one Dillard's Amex. So would another prestigious lender be AMEX? Who is ranked more favorably than the other?

Or should I take my business back to Chase and open a second card. (I doubt I'll do this, those other cards are closed for a reason).

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I am in this same boat, although I am only a 2L. However, by June, 2015 I want to have no hard inquiries whatsoever, so that is why I am trying to get this done now. I would hate to be considered a credit-chaser as well, but I don't think we will by that time because the cards will have aged (as long as you don't open anything else) and inquiries will be gone. The only inquiry I could see happening is by moving firms, which hopefully will not be the case! 

[LawStudentCivilis]

If I apply for an Amex it will for sure be within the next month.  So if I do apply for an AMEX, My cards will be: Chase Freedom, Cap One CW, Dillard's Amex, and AMEX??  Good point about them aging in a few years. My last worry is I just opened the Cap One to balance off my last Chase card that I closed and if I open another AMEX it will drag down the overall age of my accounts. Sigh decisions decisions.