First American Express card, will I be approved?

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shupid
 
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First American Express card, will I be approved?

Postby shupid » Wed Jul 27, 2011 6:47 pm

Hey guys I'm thinking of reaching out for a credit card, but the problem is I have no credit history. I called Amex earlier and the rep. told me Green card would be a best choice for starters. Although it charges an AF of 95, you can get started anyway, so it's OK with me.

But the question is, should I try this one with no credit? The thing I really afraid of is that I might get rejected and it makes things even worse. And since keeping cards growing old is one important thing you should bear in mind when trying to build a decent score, I may find it hurts when I have to raise a starter's card at a cost of 95/yr in my later times. Should I give it a shot? Or try a VISA/Master starter's card without AF?

Thanks!


HipHopSays
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Postby HipHopSays » Thu Jul 28, 2011 10:50 am

look for a card without an annual fee....also while the green is a nice card it's actually a charge card which may not be conducive to what you need as someone trying to build a nuanced credit history. unlike a credit card the charge card does not have a credit limit. for the charge card your high month becomes the 'credit limit' for credit report purposes. because you want to stay withing the 10-15 percent utilization rate (the amount of debt carried to available credit) the lack of an official credit limit usually plays against you. a friend who decided to build his credit history with amex green worked a clever angle to leverage the challenges of a charge card to his favor. when he got the card he charged a significant amount of travelers cheques (10K i believe) which he returned by the close of his billing cycle (his reason was the trip was cancelled). this gave him a large 'limit' for the report so his normal usage seemed within the optimal utilization rate.

Meltdownblitz
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Postby Meltdownblitz » Thu Jul 28, 2011 3:59 pm

HipHopSays wrote:look for a card without an annual fee....also while the green is a nice card it's actually a charge card which may not be conducive to what you need as someone trying to build a nuanced credit history. unlike a credit card the charge card does not have a credit limit. for the charge card your high month becomes the 'credit limit' for credit report purposes. because you want to stay withing the 10-15 percent utilization rate (the amount of debt carried to available credit) the lack of an official credit limit usually plays against you. a friend who decided to build his credit history with amex green worked a clever angle to leverage the challenges of a charge card to his favor. when he got the card he charged a significant amount of travelers cheques (10K i believe) which he returned by the close of his billing cycle (his reason was the trip was cancelled). this gave him a large 'limit' for the report so his normal usage seemed within the optimal utilization rate.


Wow that's sneaky but smart! Never heard of that one before.

Meltdownblitz
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Postby Meltdownblitz » Thu Jul 28, 2011 4:00 pm

HipHopSays wrote:look for a card without an annual fee....also while the green is a nice card it's actually a charge card which may not be conducive to what you need as someone trying to build a nuanced credit history. unlike a credit card the charge card does not have a credit limit. for the charge card your high month becomes the 'credit limit' for credit report purposes. because you want to stay withing the 10-15 percent utilization rate (the amount of debt carried to available credit) the lack of an official credit limit usually plays against you. a friend who decided to build his credit history with amex green worked a clever angle to leverage the challenges of a charge card to his favor. when he got the card he charged a significant amount of travelers cheques (10K i believe) which he returned by the close of his billing cycle (his reason was the trip was cancelled). this gave him a large 'limit' for the report so his normal usage seemed within the optimal utilization rate.


Wow that's sneaky but smart! Never heard of that one before.

Money card
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Postby Money card » Thu Jul 28, 2011 4:35 pm

shupid you will probably get turned down. when I first applied for a credit card it was the Green card, picked up the application at macy's over at Paramous park or Garden state plaza. the annual fee in 1987 around that time was $45.00 i HAD NO credit too. I got turned down.

the card you want has an annual fee of 95.00, plus you have to pay the bill in full. IN those days american express had no credit card like blue, blue cash or the clear card. those cards came around 92,93 or somewhere around that time.

I would suggest 1 of the smaller cards like the blue cash or clear. these aren't executives cards, they are lower level cards. they have no annual fees and you have the option to pay in full or over time period with interest rates. like Visa or mastercard .

You could also go to your local bank and apply for a credit card there. Back in 1987 I applied for a First fidelity visa.

the Green card you want is a card that business execs carry vice presidents, ceos as well as average people like me. the card is used both ways for personal use and a lot of people use it for business.

I know hooter waitresses that have the blue cash card. to me these cards are easier to get than the premium cards.

I would suggest a lower level american express credit card or a Visa or Mastercard from your bank?

Meltdownblitz
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Postby Meltdownblitz » Thu Jul 28, 2011 6:16 pm

I would agree with money card and start from your bank. But quite honestly money card I think you got it all backwards, yes the charge cards are exec cards but I think at least from what I've heard and read that those are easier to get then their credit cards, not sure why because I do agree that they are exec cards for the most part, and the balance has to be paid in FULL. Not sure why they are easier to get then their credit cards though.. Beats me.

LTomBerry
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Postby LTomBerry » Thu Jul 28, 2011 7:11 pm

Agreed, the charge cards are easier to get. The Blue cards, especially the Blue Cash, require a good score and a long history. It's a lot harder now than when I got my Blue for Students back in 02 with a very short history.

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Pete838
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Postby Pete838 » Thu Jul 28, 2011 10:20 pm

A good starter card would probably be something from Capital One. Expect a $500-1000 limit. Wait six months and apply for a Zync. Don't be surprised if you get turned down for an AMEX with zero credit history.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
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HipHopSays
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Postby HipHopSays » Fri Jul 29, 2011 2:25 am

Meltdownblitz wrote:I would agree with money card and start from your bank. But quite honestly money card I think you got it all backwards, yes the charge cards are exec cards but I think at least from what I've heard and read that those are easier to get then their credit cards, not sure why because I do agree that they are exec cards for the most part, and the balance has to be paid in FULL. Not sure why they are easier to get then their credit cards though.. Beats me.


from amex's perspective ....the credit card with a guaranteed credit limit requires a greater risk to underwrite the financial obligation as versus the charge card.

Money card
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Postby Money card » Fri Jul 29, 2011 11:19 pm

LTomBerry wrote:Agreed, the charge cards are easier to get. The Blue cards, especially the Blue Cash, require a good score and a long history. It's a lot harder now than when I got my Blue for Students back in 02 with a very short history.


so what you are saying is back in 1987 had American express had the flexibility to pay over time like the blue cards, I wouldn't have been approved? so why was I approved for a first fidelity visa what's, the difference between the local bank cards, citi, bank of america and the smaller american express cards like the blue and clear?

how many Hooter waitresses do you know that have a green, gold or a premier gold rewards card not including managers?



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