snobrdr2324 wrote:I just wanted to provide my experience for anyone interested in Amex credit cards. I am 19 now and when I first started this I was only 18. Last July I got my parents to apply for the amex JetBlue card as I travel on JetBlue a lot. I then was added as an authorized card holder and always payed in full every month. My dad never used his card, it's still in my drawer even. Even though amex told me they don't report authorized users to the the bureaus my history shows up on at the very least TU like the card was in my name.
Fast forward 10 months later, last week I applied for 3 credit cards in my own name. One capital one student card, instantly approved with a 500 credit limit. Amex zync instant approval with only 250 credit limit. And the Amex blue cash everyday, got the we will contact you when we make a decision. I waited a week and today I called new accounts and she was able to approve me in a matter of minutes for 2000.
I have a reported credit score from transunion (only one i can check for free) of 676 with 5 hard inqs (2 from when I first tried to apply for zync and chase student a year ago, both declined) and 10 months credit history with 100% ontime payments and only 7% credit utilization.
Hope my experience gives some insight as I have 2 amex cards now with only 10 months of credit history, im not sure if I was lucky or if this happens a lot, as I've heard a lot of people saying the blue cash is a much harder card to get than the zync yet I have a higher credit limit on that card than the zync.
That is very interesting. I had no idea having that little credit history could get someone a Blue Cash card. Here is the dilema I am still having:
I want to keep my utilization at or below 7% a month. Hypothetically, if I were to be approved for a Blue Cash card or a Blue Sky card with a $2,000 limit, 7% of that is $140. That means I could only charge $140/month. I realize many people use more of their limit than that and then pay it down before the statement is due so a high utilization never gets reported, but I just don't really trust that. I have read that it is never known exactly what day your balance is reported, therefore I don't want to take the risk.
I also obviously spend more than $140/month as well. It would take me forever to receive any kind of rewards only being able to charge that much on the card....which is why I thought the Zync might be better. That way I could charge as much as I needed to on the card and pay it off and rack up rewards points faster. The only thing that worries me about the Zync and other charge cards is what I stated in my original quesiton...about how since there is no credit limit on charge cards it hurts your credit if you charge a lot on it because it views your highest charge as your limit....therefore it appears that you have maxed out the card. Of course I have read that this is wrong, but I'm not sure which one to believe.
Recommendations on what card to get?