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

[LS2982]

Business cards are not reported on personal CRs so it would not help your personal credit.

[webhopper]

Business Platinum, Business Gold Rewards

American Express Platinum, American Express Gold, American Express Premier Rewards Gold, American Express Green

Those are your options.  Compare the rewards based on your spending catagories.... for example, if you travel a lot, then Business Rewards Gold might be a good option.

I think Business Rewards Gold is a good option if you want the points, I think Business Platinum is a good option if you need/want the free lounges and companion tickets.

The business cards will help both your business credit, and your internal score with American Express.

[OrlandoProfit]

---

@codimom wrote:

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...

---

Thanks codimom. The two $2,000 cards are Mastercards from 5/3 Bank. The $300 is a First Premier (YEEEEEEESH) card. It was all I got in the mail back then and now I know why. LOL. The fees are amazing. Anyways, it being my oldest card right now I don't think it'd be smart to cancel it.

I will NOT apply for any card until after the house is done. I just want to be sure I'm getting a card that I can use to help my personal credit. Right now my business expenses are being pulled off my business DEBIT card. I spend about $4,000 to $6,000 a day on business expenses and I could pay it off every day or few days if that would help with an AMEX Platinum since you guys say they don't want to see $40k in business expenses come through. Is that because they want payment activity or what? If that's the case I can just pay off the charges every few days.

[OrlandoProfit]

---

@webhopper wrote:

Business Platinum, Business Gold Rewards

American Express Platinum, American Express Gold, American Express Premier Rewards Gold, American Express Green

Those are your options.  Compare the rewards based on your spending catagories.... for example, if you travel a lot, then Business Rewards Gold might be a good option.

I think Business Rewards Gold is a good option if you want the points, I think Business Platinum is a good option if you need/want the free lounges and companion tickets.

The business cards will help both your business credit, and your internal score with American Express.

---

I see. I have to find out what I can do then. I want to get into the high 700's and even into 800. That's my goal. Another goal I have in the next 2 years or so is to buy a slightly used Lamborghini Gallardo, these run about $100,000 to $150,000 used. So I want to be sure my credit is great for a luxury loan if I decide to go that route. My income this year is on track to be much higher than last year.

If the business cards DON'T help my personal credit score, and instead just my internal score at AMEX, maybe I will stay away from the busienss cards if there is a way to manage my business expenses on a personal card plugging in $4,000 to $6,000 daily and paying it off within 2-3 days each time.

[enharu]

you can also consider chase ink cards. there's 4 to choose from. like amex business cards, they might need u to submit docs and there's probably going to be quite an extensive interview over the phone if necessary. the rewards are really good too. 5% office supplies etc. and if i'm not wrong, you can transfer the UR points to CSP to book vacations etc.

i don't think it is a good idea to be applying for any new cards within 6 months of your mortage closing though. it's best you discuss with the mortage company first before you do anything.

[codimom]

I do not know this from first hand experience, but from reading here... but from what I've read the behaviour you are describing is like an engraved invitation for Amex to freeze your accounts and perform a FR on your account.  I'll let others chime in here, but I would not recommend this.

[broseph23]

Im young so I have no experience with mortgages, but I really do think you should wait 6 months until AFTER your mortgage loan has closed. I just feel like it wouldn't be viewed well in a lenders eyes, but thats just me. Also, I am not 100% sure, but I am fairly certain that running that much in business expenses is going to cause Amex to FR your account should you apply and be approved for it. If your income is about 200k annually, that is roughly almost 17000 of income monthly. If youre charging around 40k a month in expenses, that might cause suspicion. But as always, and as everyone that knows Amex, YMMV, because they are so unpredictable sometimes! Good luck on the house tho! Oh and, that gallardo is nice, but I think you should go for the Aventador instead

[enharu]

---

@broseph23 wrote:

Im young so I have no experience with mortgages, but I really do think you should wait 6 months until AFTER your mortgage loan has closed. I just feel like it wouldn't be viewed well in a lenders eyes, but thats just me. Also, I am not 100% sure, but I am fairly certain that running that much in business expenses is going to cause Amex to FR your account should you apply and be approved for it. If your income is about 200k annually, that is roughly almost 17000 of income monthly. If youre charging around 40k a month in expenses, that might cause suspicion. But as always, and as everyone that knows Amex, YMMV, because they are so unpredictable sometimes! Good luck on the house tho! Oh and, that gallardo is nice, but I think you should go for the Aventador instead

---

that's why he needs a business card to charge his business expenses.

Amex or any lender isn't going to start him off with a 160k CL card just so he can charge 40k worth of expenses each week.

Business cards is the best route to go for now, but before anything else, check with your mortage lender. Don't risk having something trivial to screw up your mortage.

[LS2982]

---

@codimom wrote:

I do not know this from first hand experience, but from reading here... but from what I've read the behaviour you are describing is like an engraved invitation for Amex to freeze your accounts and perform a FR on your account.  I'll let others chime in here, but I would not recommend this.

---

I agree if the OP intends to use the Personal Plat for Business expenses. One of the easiest ways to get FR'ed.

[OrlandoProfit]

---

@broseph23 wrote:

Im young so I have no experience with mortgages, but I really do think you should wait 6 months until AFTER your mortgage loan has closed. I just feel like it wouldn't be viewed well in a lenders eyes, but thats just me. Also, I am not 100% sure, but I am fairly certain that running that much in business expenses is going to cause Amex to FR your account should you apply and be approved for it. If your income is about 200k annually, that is roughly almost 17000 of income monthly. If youre charging around 40k a month in expenses, that might cause suspicion. But as always, and as everyone that knows Amex, YMMV, because they are so unpredictable sometimes! Good luck on the house tho! Oh and, that gallardo is nice, but I think you should go for the Aventador instead

---

Monthly my business brings in about $200,000 or more. I'm spending about $25k a week and SOMETIMES up to $40k, but not always. This means that I'm bringing in much more than I'm spending. This year business is doing much better than last year. I just want to be setup in a way where my expenses are benefiting my personal credit score if this is at all possible. I don't personally understand how some people on this forum have 5+ credit cards. How do you make a decision about which card to use? I want to limit myself in credit cards/charge cards to a total of 3 if possible. That means in the future I'll be closing the ones I have now since they are not reward cards.

Also, once again since other people are still responding regarding this issue. I WILL NOT BE APPLYING UNTIL AFTER THE HOUSE IS DONE.