Will being added as an authorized user on my spouse's AMEX help my credit score?

[C1navigator]

My FICO score is 670 right now. He added me to his AMEX platinum. Should this help me? Eventually, I would like my own card. Any advice on how to work toward this? I have some lower end cards like Aspire and MyAccess. Should I get rid of them to help my chances of getting my own AMEX?

[JoeRockhead]

No,  charge cards won't help you. Would need to be a revolver. 

I'd leave the accounts you mentioned open until you've replaced them with better, mainstream cards. Why are your scores 670? Do you have derogatories on your report?

Have you tried the Amex pre-qualification? 

[Thomas_Thumb]

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@C1navigator wrote:

My FICO score is 670 right now. He added me to his AMEX platinum. Should this help me? Eventually, I would like my own card. Any advice on how to work toward this? I have some lower end cards like Aspire and MyAccess. Should I get rid of them to help my chances of getting my own AMEX?

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Keep the card(s) for now but consider closing them after you get a couple "keeper" cards. I'd suggest you look into an AMEX blue cash everyday card given you have an affinity toward AMEX. It is a true revolving CC with some cash back features.

The AMEX green/gold/platinum cards are classified as open accounts with 1 month terms. They also have annual fees. The blue cash everday card doesnot. Recommended credit score for BCE is 670 and above - so you may qualify now.

BTW - to avoid significant credit score penalties make sure your existing credit cards report statement balances under 29% of the card's credit limit. Aggregate utilization, all cards combined, should be under 9% for best score.

Fico also looks for recent revolving activity. If all your cards report a $0 balance score will be penalized due to "no recent revolving activity". So, one of your cards should report a statement balance above $0. Pay all statement balances in full before their due date(s).

[C1navigator]

Thanks! I applied and was approved for the Amex Blue Cash Everyday Card. 

I am working on keeping my utilization low. Should I cancel my other lower tier cards now? How do these impact your credit score when you don't have a major credit card? My credit age would decrease by 8 months if I close this card. Not sure how detrimental that is. 

[Thomas_Thumb]

Congrats on the BCE!

I would not close other CCs just yet. Wait until after 6 months of use on the new AMEX. If the old card(s) have no fees you can just not use them and wait until the issuer closes them for non use in a couple years or so. Really no downside.

Closed accounts continue to be counted toward credit age as long as they show on your credit report. They may stay in your report for 10 years but, can fall off earlier - I had one removed at 6 years.

Longer term you should have 3 keeper cards.

[Snook_on_the_Line]

Congrats on your approval.   

what starting limit did they give you?  

i would say hold onto the old cards until their annual fee is coming up and then call and let them know that you've moved up to a no annual fee card with Amex and are thinking about closing your cards with annual fees.   There's a good chance they'll waive your annual fee.   

The Amex BCE is known to be generous with the CLIs       You'll see a lot of 3x starting limit CLIs in the Approvals board at 91 or 181 days. 

[C1navigator]

They gave me $2000 as an inital credit line. 

[Thomas_Thumb]

Does the Aspire card have an annual fee? If not, it provides a free VantageScore 4.0. I'd keep the card just to have access to that score.

P.S. Low limit cards do not hurt Fico score. It's reported card utilization that matters.

[Snook_on_the_Line]

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@C1navigator wrote:

They gave me $2000 as an inital credit line. 

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 Nice.    
      Now that your an Amex cardholder you should be able to open new cards in the future with them without a hard inquiry. 

[SouthJamaica]

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@C1navigator wrote:

Thanks! I applied and was approved for the Amex Blue Cash Everyday Card. 

I am working on keeping my utilization low. Should I cancel my other lower tier cards now? How do these impact your credit score when you don't have a major credit card? My credit age would decrease by 8 months if I close this card. Not sure how detrimental that is. 

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Closing a card does not impact your credit age factors. After an account is closed it continues to appear in your reports, and as long as it does it is factored into the aging factors.  It usually stays in the reports for many years.

No rush to close them unless they have problematic fees.