Which AMEX card should I apply for? (Warning: myFICO noobie!)

[jamie123]

First off you need to do a few things for us to be able to give you accurate advice.

We need to know who the lenders are for your existing credit cards and how old those cards are.

Why do you want an AMEX card?

Why, if your banker and home builder told you not to do anything with your credit, you are not taking their advice?

There are things you could do to improve your score but getting a new credit card right now isn't one of them.

EDIT: AMEX will not allow you to put business expenses on a personal credit or charge card. Well, maybe an airline ticket and hotel occasionally but certainly not $30K a week. You need their business credit card for that.

[Dustink]

I think you could get the business AMEX Plat right now, but it seems to close to closing on your house.

[Ailee]

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@Dustink wrote:

I think you could get the business AMEX Plat right now, but it seems to close to closing on your house.

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In all fairness with his income, downpayment, and the price of the house, I very much so doubt he would get declined on both ends from a single inquiry/account. but it's still better to be safe.

[dodfire]

Im more curious to know what this business is that you are spending $40k a week on...

[enharu]

It is easy for many small businesses to spend 40k weekly. A higher end restaurant for example can easily top that by 2-3 times.

A business that allows 40k of expenses to be swiped on a card though? Now that's going to take a much larger scale business or a very special niche of profession. Most b2b merchants are unwilling to accept cards because they want to avoid swipe fees, and usually credit card transactions will cost more.

[dodfire]

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@enharu wrote:
It is easy for many small businesses to spend 40k weekly. A higher end restaurant for example can easily top that by 2-3 times.

A business that allows 40k of expenses to be swiped on a card though? Now that's going to take a much larger scale business or a very special niche of profession. Most b2b merchants are unwilling to accept cards because they want to avoid swipe fees, and usually credit card transactions will cost more.

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Exactly

[codimom]

Well, first of all Noob . . .welcome to the forum.
I wholeheartedly agree with the idea that you not apply for ANY new credit until after you close on your home loan and it funds.  Why risk it? 

AFTER you close I think you could probably apply for the AMEX card... but i would seriously look into the business card.Amex tends to frown on using your personal card for business expenses.   Remember, too, that although you do have a higher than average income, you are technically still rebuilding, and that takes time.  You don't say what cards you already have, just their limits.  That information will be helpful for the smart guys here at myfico (and I don't consider myself one of the smart ones, i'm still learning) can help you map out a plan...

[webhopper]

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@Ailee wrote:

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@Dustink wrote:

I think you could get the business AMEX Plat right now, but it seems to close to closing on your house.

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In all fairness with his income, downpayment, and the price of the house, I very much so doubt he would get declined on both ends from a single inquiry/account. but it's still better to be safe.

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If a 40k balance were to report on this new card, then the OP would have a hard time qualifying for that kind of DTI ratio. The lender may very well and with good reason question this activity. However, a business Amex will not report to personal credit report unless the cardholder were to default.

[OrlandoProfit]

I'm a beginner at this credit stuff.

Do the AMEX Business cards help my personal credit or only my business? Which cards do you guys want me to look at specifically?

[OrlandoProfit]

@dodfire wrote:

Im more curious to know what this business is that you are spending $40k a week on...

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I own a marketing business. I have 12 people on staff in India and then me here in the states. Marketing is NOT a cheap business to be in.