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Any superior benefit owning an AMEX card directly vs. one from an Issuer Bank (eg. NFCU or PennFed)

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Any superior benefit owning an AMEX card directly vs. one from an Issuer Bank (eg. NFCU or PennFed)

TLNR: Q - From reading the wealth of info on these forums, I infer that a Credit Union or other 3rd party may be a little more lenient with credit limits. Is this an accurate assessment?

 

Background:

I previously had and "lapsed" a Green Amex ~8yrs ago ($10K CL - personal card but paid by employer) due to little need & disdain for AF. (Still reporting and assisting my AAoA on TU - though not on EQ).
I have & maintained a CapOne card (17yrs) that I upgraded to QS. It has a $3500 credit line.

 

In Jan, acquired an Amex BCE w/an initial $2K credit line with Amex's Experian Fico showing an 808 score at THAT time. 61days later requested CLI and disappointed line was only doubled (to $4k) rather than the expected triple, which I read was common (and NO unfortunately, Amex will not allow me to combine new card history w/prior Green Amex).

 

During this time (5mths), Citi gave me a DoubleCash $7500 credit line & Chase/Amazon $10k.

 

I have business reasons for amassing a much larger overall personal TL (ambition to $100K) by year end.

Current CK Vantage scores are ~780s w/3% utilization (I do not follow AZEO but autopay statement balances).  I expect scores to slowly rise w/AAofA and recently implemented SSL Technique garden'ing into my credit report.

 

Update: I had been waiting & checking (like a kid at Xmas) for Amex to update their montly in-house EXP score expecting it to climb after dropping from a high of 807 in Feb to 760 as of May 18th.  (no additional card applications and an SSL <8.9% utilization now on my CR)
Gut check - further drop to 743 Smiley Sad


Question:

From reading the wealth of info on these forums, I infer that a Credit Union or other 3rd party may be a little more lenient with credit limits.
Is this an accurate assessment?
And would there be any disadvantage to having multiple 3rd party Cards (both a Penn Fed & NFCU Amex vs another Amex directly  and/or a PennFed & NFCU Signature Card vs cards from a Chase or Citi)?


Another reason I lean towards the CU is the lack of an Annual Fee.

The only AF card I could imagine (in the future) paying would be a Chase Sapphire to take advantage of the primary CDW.
TIA for your thoughtful input.



Message 1 of 5
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Super Contributor

Re: Any superior benefit owning an AMEX card directly vs. one from an Issuer Bank (eg. NFCU or PennF


@TwoWheels wrote:

Question:

From reading the wealth of info on these forums, I infer that a Credit Union or other 3rd party may be a little more lenient with credit limits.
Is this an accurate assessment?
And would there be any disadvantage to having multiple 3rd party Cards (both a Penn Fed & NFCU Amex vs another Amex directly  and/or a PennFed & NFCU Signature Card vs cards from a Chase or Citi)?


Another reason I lean towards the CU is the lack of an Annual Fee.

The only AF card I could imagine (in the future) paying would be a Chase Sapphire to take advantage of the primary CDW.
TIA for your thoughtful input.


It's too far to say they have more lenient criteria but the offers from credit unions can be much better than the ones from the big banks such as AMEX, Citi, BofA, Chase, etc. And there should be no conflict with the issuer and network they use for the cards as well.

Message 2 of 5
Valued Contributor

Re: Any superior benefit owning an AMEX card directly vs. one from an Issuer Bank (eg. NFCU or PennF

Yeah lenient may be the wrong term, but it's a more personal experience and a chance to explain the details. You cannot do that with an online app. Also, at least at my CU, I was able to request a certain SL. As opposed to what an online tool assigns you. Though there's always recon option for a higher limit i guess. 

 

Just depends on your preference, communicating with people or a computer.

 

 






Message 3 of 5
Valued Contributor

Re: Any superior benefit owning an AMEX card directly vs. one from an Issuer Bank (eg. NFCU or PennF

Green/Gold/Platinum cards don't have a CL. Corp cards may have a limit imposed by your company though.

 

Your BCE @ 2K will grow as you've seen to 4K and next time potentially to 12K and so on.

-- Backdating was discontinued a few years back and that was the big draw for awhile to get Amex if you had a previous relationship with them to gain the extended AAOA boost from having multiples while being able to apply for several new cards w/ less damage to scores.

 

Chase / they will grow but, the best growth tends to be from opening additional cards with them and shuffling the limits around instead of the wisdom of a CLI 

 

CK scores don't matter.  Go to Experian or use your scores provided from Amex  They provide you with your monthly EX Fico 8 for free.

 

CU cards are a double edged sword.  You can get high CL's from NFCU up to an aggregate of 80K and PF is 50K but in general most CU's have a cap on their CL's usually in the 25K range.

 

Multiple cards is how you get your aggregate CL up beyond what your exposure with a single lender would ever allow.

 

CSP/CSR are good if you travel which you're implying you do.

 

The perk of Amex is that after you have 1 card any additional applications are a SP for an approval/denial.  The other perk is the 3X CLI process.

 

Personally my highest limits are w/ BOA/Chase and next up would be AMEX / Disco..beyond those 4 lenders my median CL's are in the 25K range.  It depends on how you want to dive into the credit game and work some magic on yoru CR profile to get the most bang for your buck... or in this case the ability to charge more w/o having to micromanage things.

500K+ TCL / 800+ FCOs
Message 4 of 5
Valued Contributor

Re: Any superior benefit owning an AMEX card directly vs. one from an Issuer Bank (eg. NFCU or PennF

Looks like there's been a change w/ PF to a max CL of 25K now.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/All-PenFed-Cards-Now-Have-a-Max-25-000-CL/td-...

500K+ TCL / 800+ FCOs
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