@creditrizz That fits with DPs that show people getting approved for Green, Gold, and Platinum Amex with lower scores than BCP or BCE (and to a slightly lesser degree the cobrand hotel/airline cards, which are marginally easier to get than BCP and BCE).
yes i agree the charge cards are easier to get than their revolvers, there's plenty of data points on that.
there's just less risk, if someone has a charge card and doesnt pay in full, its much quicker and easier for them to shut down someones charge card if they wanted to.
with a credit card, its somewhat expected that some people will carry a balance, and it allows people to dig themselves into a much deeper hole.
plus the huge annual fees on the gold and plat cards that amex collects instantly certainly helps approvals. and the large spend requirements for the SUB probably dont hurt either. As an example, amex knows that if someone wants a sub on a plat, they must spend a minimum of 6-8 grand a lot of the time to get it. and anyway who is able to spend that much money on a card and pay in full every month, isnt much of a risk most of the time.
@redpat wrote:SMH, can someone explain to me why one would overpay?
It's counter intuitive for having credit and using a about a 45 day float.
I like to control my number of accounts with balances, so I pay most cards down to zero before the statements cut. When banks allow overpayment (for me, that's Amex and Chase), I can pay all pending charges without having to wait for them to fully post. Sometimes, that saves me the hassle of having to login again a few days later. On small ticket items, a 45 day float is not meaningful.
Generally I would agree with that, and I stopped micromanaging my balances and jr felt great. But then Amex starting acting funny. The 2 problems I see with that theory are
1) amex- they are regularly checking your profile and if they see sometbing they don't like, they will FR you, cut your limits, etc. they are extremely sensitive to even small changes in your profile.
2) you don't always know when you will need to apply for credit. Car breaks down, and you need to buy a new car for example
all issuers regularly check but I was talking about Amex specifically.
you have been around a lot longer than me so I will defer to your judgement. But from what I've seen, it seems they do financial reviews and AA more than any other lender. (This isn't to say other lenders won't FR you)
and it also seems a common reason for FR is high sustained balances on other accounts. Even those who pay in full. At least from the stories I've seen. (Were these people telling the full story? Who knows, there could have been other things that led to the FR)
but these stories are enough to scare me into being more careful about my reported balances. (But again, my profile is
younger than most, so everyone is different)
@redpat wrote:
@NoHardLimits wrote:
I like to control my number of accounts with balances, so I pay most cards down to zero before the statements cut. When banks allow overpayment (for me, that's Amex and Chase), I can pay all pending charges without having to wait for them to fully post. Sometimes, that saves me the hassle of having to login again a few days later. On small ticket items, a 45 day float is not meaningful.Just saying with a thick credit history and scores over 800 there is no need to micromanage cards to that extent if you are not applying for credit, utilization has no memory. I use some of my personal cards for business so my score may bounce from 836 - 792 from time to time with some BIG balances reporting and not a peep from any.
I never know when I am going to pull the trigger on a new card product that I hear calling to me. I like to keep my credit profile ready to go at a moment's notice. I should only have to unfreeze my bureaus and then hit the "apply" button.
@NoHardLimits wrote:I never know when I am going to pull the trigger on a new card product that I hear calling to me. I like to keep my credit profile ready to go at a moment's notice. I should only have to unfreeze my bureaus and then hit the "apply" button.
While I still have almost 2.5yrs until my reports are clean. I'm at the point where I don't want to micromanage what reports at all anymore. I stopped doing AZE1 not quite 2yrs ago. The 3 of my cards that account for about 95% of my spend usually all get a naturally reported balance (unless I'm switching something up to let another card report that I normally wouldn't. My utilization is low enough and the difference in 3 reporting vs AZE1 is little to none on FICO8 (and minimal on other models too). Granted my scores are meh till the BK7 falls off, but unless I'm applying for a loan and need to squeeze every possible point out, I don't think my lack of AZE1 is going to be a significant factor in being approved or denied for a CC (I also probably don't want any more cards - probably won't app for anything anytime soon and will let myself get to 0 HPs (I'm 0/12 on EX and EQ, 1/12 on TU).
So, today I wanted to pay off the pending charges, since my statement date is soon. They won't let me pay the full amount! I come up shy 14 cents, WT*F*!! 😭
AU - 
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