Some Quick AmEx Questions. Product Change, CLI, Etc.

[Anonymous]

Hey all, I have a few quick questions about American express and was wondering if y'all could help me out.

I have had a blue for students with a $1000 CL for almost 3 months now, and besides a small snafu with my first payment (wrong account # typed in for the online bill pay) I have payed in full every month and I plan to keep on doing that. This is my first credit card and I have no credit history. Here are my questions.

1.) I graduate college in May 2009 and should have a full time job lined up well before graduation. By then I would want to do a product change to Blue Sky (Maybe blue cash?). Would that be a problem seeing that I would have had my blue for students for a little less than a year? Or if I PIF every month should I have no problem?

2.) Say I can switch to Blue Sky, do my points switch over? Like say I have 5000 points on my blue for students. Can those turn into 5000 "miles"? I mean they are essentially the same thing, aren't they?

3.) When would it be appropriate for me to ask for a CLI on my Blue for Students? 6 months? 8 months? Never, and just wait to product switch then ask for a CLI? If so what should I ask for? 2,000? 3,000? or up to 5,000?

[Anonymous]

No one?

[MidnightVoice]

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Greg34 wrote:

Hey all, I have a few quick questions about American express and was wondering if y'all could help me out.

I have had a blue for students with a $1000 CL for almost 3 months now, and besides a small snafu with my first payment (wrong account # typed in for the online bill pay) I have payed in full every month and I plan to keep on doing that. This is my first credit card and I have no credit history. Here are my questions.

1.) I graduate college in May 2009 and should have a full time job lined up well before graduation. By then I would want to do a product change to Blue Sky (Maybe blue cash?). Would that be a problem seeing that I would have had my blue for students for a little less than a year? Or if I PIF every month should I have no problem?

2.) Say I can switch to Blue Sky, do my points switch over? Like say I have 5000 points on my blue for students. Can those turn into 5000 "miles"? I mean they are essentially the same thing, aren't they?

3.) When would it be appropriate for me to ask for a CLI on my Blue for Students? 6 months? 8 months? Never, and just wait to product switch then ask for a CLI? If so what should I ask for? 2,000? 3,000? or up to 5,000?

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1) Don't know

2) Don't know

3) Personally I would wait until I had a salary to report before asking for a CLI.  You have to wait 6 months anyway, and that is December

Message Edited by MidnightVoice on 09-10-2008 10:58 AM

[Anonymous]

Yeah, after thinking about I realized that I should just wait until I graduate to try and get a CLI. Its not like I'm making huge purchases on my card anyway.

[Anonymous]

1.) Shouldn't be a problem. It's an AmEx-issued card so it's definitely possible. It's changing from a Bank of America or Citibank AmEx that causes problems because those cards aren't actually issued by AmEx. Once you plan to switch, I'd say go ahead a pull a credit report and if you have a score around or above 700 (If you pay on-time and in-full each month, keep your utilization below 10% and manage your credit well in general, you should have such a score by 2009 when you graduate assuming no other baddies on your credit report.)

After being with AmEx for a year or so you might want to write a Goodwill letter to them saying, hey, I missed a payment, but I'm a good customer, so take it off my credit report. That'll give your score a bump because your late payment is definitely a negative influence on your credit report.

2.) I don't think they will, but it's worth a call to them to find out. I know I tried to do the same for my Navy Federal Visa, and they said that even though their rewards cards all had rewards in the "points" denomination, they all were different rewards programs with different rewards products on each program.

For example, if the best reward 5k AmEx Blue Student points can buy is a $10 gift card, and the best reward 5k AmEx Blue Miles points can buy is $50 off any flight, they wouldn't want to transfer points. If the rewards programs are similar though, you've got a shot.

3.) You could request a CLI after 6 months like MV said. I'm in your position (I'm graduating in 2011) and I've already gotten an increase from AmEx (From $2,000 on my AmEx True Earnings to $3,000) even though I only work part-time. When they ask for household income I just reported my part-time income plus my mom's income (40x what I make), since I still live at home when I'm not away at school.

They'll give you a CL though just as long as you're managing your credit and you're actually using the card. From my experience they only ask for pay stubs or proof of income when you get into higher CL ranges, which you're not at yet. AmEx has been acting weird lately though, so who knows.

[Anonymous]

Thanks for the response JayBird. Do you really think that I could have a score of 700 by May 2009 if I PIF everymonth and never miss a payment? Remeber I got this card in June 2008.

Also, what is the comment about the goodwill letter in relation to? Are you saying that if I hypothetically miss a payement I could do that? Or did I sound like I have missed a payment?

[haulingthescoreup]

Did AmEx report that first goobered-up payment to the CRA's? In other words, do you have a 6-month-old late? If so, go to the General Credit Issues forum and open the "Frequently Requested Threads" folder stickied up near the top, and look for the two threads dealing with GW's. GW = goodwill, asking ever-so-politely if they would consider ceasing to report the late, because of your otherwise excellent history/ astonishing potential/ undying devotion, etc.

It is perfectly possible to be at or near 700 after 6 months, IF you have a clean history. My 23 y.o. daughter had 730's by the end of her junior undergraduate year. The CCC's are now fighting over her.

Your Blue points can be redeemed through the travel site via your Membership Rewards Express site, but they don't transfer directly to Blue Sky. Call AmEx CS and ask them to lead you through it. I once had to study Gnostic gospels (yes, in English), and I found them more understandable than the AmEx rewards set-up.

If you're interested in Blue Cash, realize that you have to run a huge amount of $$$ through it before getting the good rewards, and those only come on the money you spend after meeting the threshold. After 12 months, you start all over again. This card can be useful for those who run through a lot of expenses every month, and/or those who use this card for absolutely every single expense, and barely uses any other card.

[Anonymous]

do you know if they reported your payment as 30 days late? have you pulled your reports? don't waste your time/create confusion if they didn't report your late payment to the CRAs. just because they charged you a $39 late fee doesn't mean you got a 30 day late reported.

[Anonymous]

"It is perfectly possible to be at or near 700 after 6 months, IF you have a clean history. My 23 y.o. daughter had 730's by the end of her junior undergraduate year. The CCC's are now fighting over her."

This is exactly where I was at (734 TU, 745 EQ, 749 EX) when I pulled my FICOs this summer (right after my junior year in college, just past the three year anniversary of my first card). I think with no baddies and a couple of good tradelines reporting (my avg age was 2yrs) this is the number the FICO formula generally generates. Just as a general point of information for college students. With no baddies, after 3 years you can have a great score.

Message Edited by d09 on 09-10-2008 08:25 PM

[haulingthescoreup]

College students, people new to credit in general, and new immigrants to the US.

It always fries those who are new here to find that their outstanding credit histories from other countries don't do them a bit of good here. But if they get two CC's and play the scoring game faithfully and keep them squeakly clean, they can expect 680 to 700 after six months and 720's and above after 12.

Ah, to be young, and to know then what I know now. Of course, I'm sure I would have done the same stupid things again. Some of us are slow learners!