Discover, AMEX, Visa, MC

Anonymous · ‎07-05-2021

Quick question:

Is it important to my credit profile (calculating/ building score) to have a credit card from each credit card network? I.e. is it recommended to have amex visa discover and mc?

I used to always see AMEX cards nots accepted but thought when I was younger AMEX was like top tier. Any truth to this?

I

FinStar · ‎07-05-2021

Simple answer, no.

You can have 3 Visa or 3 MC revolving lines and still achieve a desirable or aspirational FICO score if you use them responsibly, for example. Sometimes individuals prefer to have V and/or MC because there may be some inherent benefits that may not be provided by a specific issuer, such as purchase protection, cell phone protection, primary rental car insurance coverage, shopping at Costco stores or whatnot. It boils down to the tangible benefits offered by the issuer on a particular card.

As far as "top tier", the CRAs make no differentiation on whether you have an AX, D, V or MC revolving tradeline on your reports -- there's no scoring benefit from having one vs the other. Plus, the acceptance rate for AmEx credit cards has grown quite a bit over the years.

Anonymous · ‎07-05-2021

Wow. Thank you for such a thorough and comprehensive reply!

@FinStar wrote:
Simple answer, no.

You can have 3 Visa or 3 MC revolving lines and still achieve a desirable or aspirational FICO score if you use them responsibly, for example. Sometimes individuals prefer to have V and/or MC because there may be some inherent benefits that may not be provided by a specific issuer, such as purchase protection, cell phone protection, primary rental car insurance coverage, shopping at Costco stores or whatnot. It boils down to the tangible benefits offered by the issuer on a particular card.

As far as "top tier", the CRAs make no differentiation on whether you have an AX, D, V or MC revolving tradeline on your reports -- there's no scoring benefit from having one vs the other. Plus, the acceptance rate for AmEx credit cards has grown quite a bit over the years.

SouthJamaica · ‎07-06-2021

@Anonymous wrote:
Quick question:

Is it important to my credit profile (calculating/ building score) to have a credit card from each credit card network? I.e. is it recommended to have amex visa discover and mc?

I used to always see AMEX cards nots accepted but thought when I was younger AMEX was like top tier. Any truth to this?

I

No it doesn't matter to your credit profile.

No, Amex is no more "top tier" than any other major lender.