To app or not to app: amex charge or credit? Both?

[Mailak]

I have been reading up on various Amex cards ever since I last asked about applying in a previous thread. I wasn't sure if I should continue that one since I want to ask about something a little different.

I'm really unsure which card to look. Zync, Green, and Blue pop up as the preapproved ones on their site. I understand that the charge cards don't have a limit reporting. I would think that wouldn't help me with my credit since I need both a limit as well as a limit reporting to help me with my utilization for general credit purposes. I only have one $300 CL right now with Cap1 and a Macy's card ($600 CL) which doesn't report a CL on the reports.

So that makes me think that I should opt for a revolving credit card rather than a charge card. The array is dazzling but I think I see Blue Cash Preferred cropping up again and again (I also used Amex's help selector to narrow down by rewards structure, etc. and read about its programs)

On the other hand, rewards wise, I would probably like to accumulate points/miles long term and utilize towards flights/hotels (which I don't do very often right now but to me, I would see value in being able to get that). That leads me to Amex Membership Rewards with its charge cards.

Then, I thought, maybe I could apply for a charge (Amex Green?) and immediately follow with a application to Wells Fargo since I am an existing customer, get the preapproved messages, have a high account balance with them, etc. (all the stuff I got from the previous thread when I was thinking to WF or not to WF). That would give me the Amex charge card, rewards as well as a credit line reported by WF.

Now, I would normally never do two applications in succession. Heck, I haven't done done one real one in almost 5 years. I'm wondering if that would be prudent - to apply for an Amex charge and follow it by WF. The other option is to forget about both these things, and just do one BCP app. Any thoughts?

EX PLUS FAKO: 762 (7% util)
AAoA EX: 11.3 (including old Amex closed in '02)

EQ Data
EQ Fico 5/01 - 807 (7% util)

EQ PLUS FAKO: 763
EQ Fico 4/27 - 777 (30+% util)

EQ AAoA: 6.3 yrs

TU Data
TU Fico 4/27 - 747 (30+% util)

TIU PLUS FAKO: 730

AAoA TU: 2.3 yrs

(I'm pretty sure I read AAofA from USAA reports but now I can't seem to find it on the site/report. Anybody know where it is?)

Thanks so much for any input!

[injustifiiable]

I think Macy's will be reporting a limit soon...if that helps any. Hahaha.

[Mailak]

Hehe, it probably will help.

[Anonymous]

You could go for the Blue card from Amex that earns MR express points, which of course, cannot be transferred to partner programs and are also worth less with pay with points.  However, if you decided to get a charge card in, say, 5 years, all those points would transform into regular MR points which could be transferred.  Something to consider.

[Mailak]

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@Anonymous wrote:

You could go for the Blue card from Amex that earns MR express points, which of course, cannot be transferred to partner programs and are also worth less with pay with points.  However, if you decided to get a charge card in, say, 5 years, all those points would transform into regular MR points which could be transferred.  Something to consider.

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Really, that's good to know. I would like the ability to do that. Thanks!

[Anonymous]

Yeah, it's pretty nice.  It's because a cardmember only has one membership rewards account, no matter how many cards he has, so all points earned go into that account.  The MR account is always the highest level corresponding to the cards the cardmember has.

[navigatethis12]

The American Express Blue Sky and Blue Sky Preferred earn points to be used for travel. You can not transfer points though as when you redeem they are for a statement credit after you spend money on travel.

I would say if you will not spend enough to make more than double the annual fee it is not worh it. If you only travel once a year you will be wasting an annual fee. If you spend a lot on groceried then obviously the American Express Blue Cash Preferred is wonderful. You could also try for the American Express Gold card since it has the annual fee waived for the first year. I am not a fan of charge card though so I think a credit card would be better.

Someone on here posted that all charge cards have the same apporval criteria so if you qualify for Green you would qualify for Gold.

I know you did not ask for an opinion but I think the Wells Fargo card is trash. There are a plethora of cards that give more than 1% cashback; PNC Cashbuilder (up to 1.75), Capitol One Cash Rewards (1.50%), Fidelity Investment Rewards American Express Card (2%).

Two applications is nothing compared to the amount of applications some people do. Sometimes three at a time.

[Mailak]

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@navigatethis12 wrote:

The American Express Blue Sky and Blue Sky Preferred earn points to be used for travel. You can not transfer points though as when you redeem they are for a statement credit after you spend money on travel.

I would say if you will not spend enough to make more than double the annual fee it is not worh it. If you only travel once a year you will be wasting an annual fee. If you spend a lot on groceried then obviously the American Express Blue Cash Preferred is wonderful. You could also try for the American Express Gold card since it has the annual fee waived for the first year. I am not a fan of charge card though so I think a credit card would be better.

Someone on here posted that all charge cards have the same apporval criteria so if you qualify for Green you would qualify for Gold.

I know you did not ask for an opinion but I think the Wells Fargo card is trash. There are a plethora of cards that give more than 1% cashback; PNC Cashbuilder (up to 1.75), Capitol One Cash Rewards (1.50%), Fidelity Investment Rewards American Express Card (2%).

Two applications is nothing compared to the amount of applications some people do. Sometimes three at a time.

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navigatethis12, hmm, good to note. I don't think I like the idea of statement credit after you spend on travel. I would just like to accumulate a tons of points and then pay with them.

It's a good question, Green vs. Gold. I just don't want to get rejected, that's all. So, I'm afraid to overplay my hand. I saw someone else had preapproved listing Green as well as Gold. I don't get that, so I wonder if that means anything.

The only reason I'm doing WF is that they are my bank and I have that existing relationship, which I expect will deepen even without the CC and at this point I think it might help me get a decent CL. I'm not as motivated by cashback as, to me, the low % numbers add up to quite low overall values. Of course, as you say, that's why one ought to have a higher cashback percentage CC. I'm a little weak on existing CC/CLs, so I'm hoping to leverage my existing relationship with WF.

[RyVision]

Mailak;

Every AMEX you get, if you can get them to back date (which I'm sure you can being your old account is still on your reports) will add that many years to your AAoA.  If you were to apply for a charge (Zync, Green or Gold) Then a revolver (one of the blues), only the revolver would really reflect with limits (available credit). But the 20+ years (10+ years each combined back dated) of added AAoA would be a huge help when your old accounts drop off at their 10 year mark.

You could consider just the Zync (lowest AF, if you're concerned, but lesser Cust service dept) or Green or Gold (those 2 have higher fees but better CSR than Zync, all are charge cards).  All those cards fall under the same qualifications, you're really picking the perks and AF by color, the "NPSL internal limit" is based on your score, report  and income.  Apping for a revolver on the same day (my fav is still their Blue Cash Preferred), could end up with only 1 inq on your EX but as they say, YMMV with that.  There's you probable instant "pre-aged" accounts.  Then I'd get the WF, they won't mind that you already got AMEX (even 2, as only 1 shows available credit).  That way you'd have the cards to take the place of your older accounts dropping off regarding your AAoA in the future.  That's how I'd approach it. If you'd like Discover, you could probably get that after the first 3 were achieved.

Just my opinion.

[Mailak]

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@RyVision wrote:

Mailak;

Every AMEX you get, if you can get them to back date (which I'm sure you can being your old account is still on your reports) will add that many years to your AAoA.  If you were to apply for a charge (Zync, Green or Gold) Then a revolver (one of the blues), only the revolver would really reflect with limits (available credit). But the 20+ years (10+ years each combined back dated) of added AAoA would be a huge help when your old accounts drop off at their 10 year mark.

You could consider just the Zync (lowest AF, if you're concerned, but lesser Cust service dept) or Green or Gold (those 2 have higher fees but better CSR than Zync, all are charge cards).  All those cards fall under the same qualifications, you're really picking the perks and AF by color, the "NPSL internal limit" is based on your score, report  and income.  Apping for a revolver on the same day (my fav is still their Blue Cash Preferred), could end up with only 1 inq on your EX but as they say, YMMV with that.  There's you probable instant "pre-aged" accounts.  Then I'd get the WF, they won't mind that you already got AMEX (even 2, as only 1 shows available credit).  That way you'd have the cards to take the place of your older accounts dropping off regarding your AAoA in the future.  That's how I'd approach it. If you'd like Discover, you could probably get that after the first 3 were achieved.

Just my opinion.

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Ooh, new strategy! I think I like it. I don't care about AF - I can shell out $100 for nice program and better service. So, just to confirm,  you're saying Gold is same as Green as far as qualification is concerned (I think that's what previous poster also said)? I can read up a bit about Gold. I took your advice and made sure I research them well before I hit submit.

So, okay, tomorrow, I think: first charge, then BCP. I can hit WF later and see what they do. Guy already knows there, no nice CC, no soup for them!