My First AM EX card....what's next?

[Anonymous]

Ya hi y'all. I am brand new to here. Mod: feel free to move this to where it fits best, merci.

So here's me: 39yo self-employed 100K+ annually (reporting around 72K). Current scores : 735 TU/752 EX/746EQ. I would guess I was in low 500's when i started in 2005, been in the 700's since march and mighty pleased with myself. I just got approved for a 4k line with AMEX-Costco. The new account has only showed up as a hard inquiry with TU (I only see EQ and EX once a monthly, but pull my TU daily). Pre AMEX, i am using $4600 of $17,000. (4 inquiries in 2 yrs@TU)

I have a number of low-limt cards from the usual bad-credit specialists (2@First Premier, 2@orchard, 3@cap one, 4@Citi (home depot, 2 gas cards, & 1 citibank), 1 target.

my better cards with 1k+ ,lines are: Applied, Merrick, Credit One and BofA (started as secured in 2005, unsecured since 2006). I know i am paying fees for most of them and that's not a concern.

I have 2 questions:

 What's the best use of my AMEX to build a solid history and get my limits raised or another card from AMEX?. my thoughts would be to use it as much as possible and pay off before the account closes for the month.

What's the best thing to do with my other accounts? My thoughts are to transfer or pay-off First Premier and close them and call HSBC and Cap One to get cards upgrades or combined as well as requesting higher limits from other cards. How will this affect my scores? My BofA card and Credit One are among my oldest and I plan to keep them, regardless.

My only plans for a new account/inquiry are a car-loan under 30K with Cap One. 3 of my inquiries were related to an application for them back in March that I didn't do anything with (ya a bonehead move, in hindsight)

I have no real estate loans and 2 tax liens (7k,1.2k) from California as well $1100 in dead debt from Aspen and Tribute (thinking to transfer these to AMEX and payoff)

Thanks in advance and forgive my trespass.

-ciao

[DI]

Congrats!

[ArisGreek]

I think if you already have a Costco AMEX, the next effort you should try for is one of their charge cards either Zync (White), Green, Gold, or Platinum.  They all have different annual fees and slightly different award structures for points.  From reading the forums, I understand you can only ask for 3x your line every 4 months? Someone correct me if I'm wrong...maybe it's 6...

I have one revolving with AMEX and one charge with AMEX.  It's easier to get a charge than a revolving card with them, I guess.  I also have immaculate credit and I can't even get a $400 measly line increase...I know, I'm still a little bitter about this...but they are strange about line increases!

I wouldn't transfer too much money over to your AMEX Costco because AMEX doesn't like people having balances for more than 2 months-ish. A few of my friends got FRed because they had balances from purchases. Though, it seems hit or miss with AMEX.

As far as your other stuff, I'm not really sure. I'm sure other people would be better at it than me...though I wouldn't say Citi is a bad credit specialist...Home Depot card is actually not that easy to get)

[Wolf3]

Welcome

I would not transfer any debt to American Express.   American Express likes PIF and usage.

I agree with your pruning plan, dumping First Premiere is long overdue, and  having 1 good card each from HSBC and Capital One is a good idea.  I know you don't mind the fees, but in the future, you should only pay fees when the perks and rewards justify it.