Info request on Amex reporting by CRAs

[GregB]

I'm looking at adding an Amex card. I'm trying to dedicate my existing Amex Optima to one business and add another Amex for personal use. Main reason to use Amex is that they should backdate to my existing Amex that I've had for 30 years. I wouldn't use a new card if it didn't have rewards, preferably cash back. I would always PIF.

I want to try and apply for something that would help my credit report by showing a CL or othewise helping my report. My scores are still low due to high util but are creeping up to the point where Amex should approve me.

I haven't had any Amex cards that even showed on my reports for a long time other than the Optima. Can anyone tell me how their different Amex cards show on their FICO reports?

[ArisGreek]

If you want cash back you could apply for the AMEX Blue Cash Everyday or Blue Cash Preferred.  You will probably need to have low utilization <25% overall, probably around 10-20% in all honesty and you'll need scores over 700 most likely.  It seems to be hit or miss on here with approvals for those.

All AMEX cards show a credit line except for the charge cards.  My charge card with AMEX just shows highest balance, my revolvers show credit line and balance.  

If your scores are low I'd hold off though.  Just how low? 

[GregB]

Aris,

I'm not really worried about Amex approving me even though my EQ FICO is only 719. It is low only due to high util on Revolving and number of accounts with balances. No negatives of any kind.

I use my existing Amex an average of $1300 per month and up to $3000 and always PIF. Amex pulls EX and they show balance and payment history on most accounts so can figure out that I charge about $20K per month and pay about $25K, lowering my total revolving balance by $100K over the last 2 years.

I have two old Amex accounts that I closed about 10 years ago that are about to drop off my reports and I am concerned about the effect of that and really could use another rewards card that is different than my existing Amex. I'm trying not to mix personal and business use on cards as it is messy.

In looking at the cards, I really don't see any advantages of the charge cards over the ones like the Blue Cash that let you carry a balance and therefore show a limit.

Edit: for typo

[improvingmycredit]

Hey All- IMHO, based on the info provided, I recommend a revolver... Perhaps the BCE or if you don't mind a AF, then the BCP. You'll get rewards for your heavy usage and it will report a CL for utilization purposes. Good Luck on what ever you decide, but that's the route I'd go.

[jamesdwi]

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@GregB wrote:

I'm looking at adding an Amex card. I'm trying to dedicate my existing Amex Optima to one business and add another Amex for personal use. Main reason to use Amex is that they should backdate to my existing Amex that I've had for 30 years. I wouldn't use a new card if it didn't have rewards, preferably cash back. I would always PIF.

I want to try and apply for something that would help my credit report by showing a CL or othewise helping my report. My scores are still low due to high util but are creeping up to the point where Amex should approve me.

I haven't had any Amex cards that even showed on my reports for a long time other than the Optima. Can anyone tell me how their different Amex cards show on their FICO reports?

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I would personally be surprised if they didn't instantly appove you for anythnig you applied for and was willing to pay its anual fee,  30 year relationship with AMEX and no baddies, even if you did get a denial I would call a backdoor number and have an analyst review the decission being sure to puoint out your 30 year history and no baddies on your reports. 

[GregB]

Thanks for the replies about the reporting. I went ahead and chose the Blue Cash Everyday since it will supposedly report a limit and has no fee.

They didn't instantly approve me but gave me the 7-14 day message. After 3-4 days I received an approval email and a letter with EX FICO Score, 789, and reasons that they didn't give me their best terms. Reasons match my EX FICO report exactly. Score is a bit above my annual EX FICO II Classic, which reinforces my opinion that Amex uses a later FICO and/or BankCard Industry Enhanced Score.

Credit Limit is $15K but Interest Rate will be 22.24% after promo 0% period. They are obviously not completely thrilled with my remaining $55K in CC debt.

[pizzadude]

Congrats on the approval !!  

[Watchmann]

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@GregB wrote:

Credit Limit is $15K but Interest Rate will be 22.24% after promo 0% period. They are obviously not completely thrilled with my remaining $55K in CC debt.

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Good CL but crummy APR but if you PIF who cares.  Surprised they didn't query the $55k in outstanding CC debt.  That's a bunch.

Do not carry a balance on the new card, even if they offer you 0%.  It's a no-no for a successful relationship with AMEX.

Is your current Optima the rebuilder (Oasis) card that they offer for those that have burned AMEX in the past?  I have an original Optima from 1990 when it was their first revolving product and it is not the same animal as the current Optima as it is a revolving credit card and reports as such.

[GregB]

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@Watchmann wrote:

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@GregB wrote:

Credit Limit is $15K but Interest Rate will be 22.24% after promo 0% period. They are obviously not completely thrilled with my remaining $55K in CC debt.

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Good CL but crummy APR but if you PIF who cares.  Surprised they didn't query the $55k in outstanding CC debt.  That's a bunch.

Do not carry a balance on the new card, even if they offer you 0%.  It's a no-no for a successful relationship with AMEX.

Is your current Optima the rebuilder (Oasis) card that they offer for those that have burned AMEX in the past?  I have an original Optima from 1990 when it was their first revolving product and it is not the same animal as the current Optima as it is a revolving credit card and reports as such.

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My Optima is the same as yours and 1990 sounds about right. I think t was a new "revolving" CC when Amex started that . I think it came as a revolving option with my Amex Platinum around 1990. You could check a box on the statement and transfer some of your monthly charges to revolve that amount. It looks like it was split off from the Amex Platinum starting in 1994 and they gave me an initial CL of $15K. That was a lot more money in 1994 than now.