So wait, what?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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sakhalin
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Postby sakhalin » Tue Oct 30, 2012 7:01 pm

Info on authorized users.

But yeah, as long as he isn't maxing out your credit card, your score should be fine.
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)


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Snowman
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Postby Snowman » Tue Oct 30, 2012 7:10 pm

Oh I dont think he will max out my card. I told him he can spend 150-450 on whatever he wants (10-30% of the line, before the statements cuts, send me the money so I can pay it off) and we should good to go. Then at least he'll have somewhat of a history. Will this affect him when he goes for his own cards one day? (if he goes for an AMEX, Chase, or Discover one day by himself) because of my positive history thus far.

Also does his account show up along with mine when I log into my citi and Discover account?

And finally last question, because I got accepted for Citi and Discover, will I have a reasonably good chance for an AMEX Gold, and Chase Freedom come December? (I will apply after my statements cut at the end of the month, hopefully Discover will be on there.)

And lastly, I think I've asked way too many questions on this thread, but I will keep going until I get all the cards I want to get, and then garden away for a year or two.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

WS6R6
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Postby WS6R6 » Tue Oct 30, 2012 7:35 pm

Well those are the last 2 cards you're looking for right now so I'd say it doesn't matter much what your chances are for the Chase and Amex, you at least have a chance since you've got some credit history so you might as well apply in December and if you're accepted you're golden and if not then wait until next summer or fall and apply for them again. I don't think there's much more you have to think about here and you at least have some good cards currently to continue building a good history on....just keep in good standing and you will eventually get what you are looking for, you've got a good plan now. Just be sure to recon the one(s) that decline you if they do to increase your chances of approval.
Travel 3x, Groceries + Gas 2x: [color=Orange"]AmEx PRG[/color] (Closed)
Restaurants + Travel 2x: [color=navy"]Chase Sapphire Preferred[/color]
Groceries 3%, Gas + Department Stores 2%: [color=blue"]AmEx BCE[/color]
Dining + Entertainment 2x: [color=navy"]Citi Thank You Preferred[/color]
Hotels 5x: [color=Black"]Chase Marriott Rewards Premier[/color]
Rotating 5%: [color=darkorange"]Discover It[/color], [color=blue"]Chase Freedom[/color]
Restaurants 5x: [color=lime"]Citi Forward[/color]
Gas 5%: [color=gray"]PenFed Platinum Rewards[/color]
Future: [color=red"]US Bank Cash +[/color]

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Snowman
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Postby Snowman » Tue Oct 30, 2012 7:58 pm

I'm planning to apply after my statements cut in December. And then in may or June of next year, I'm going to apply for the BCE, and then garden away for a while. And I will recon if I need to, I'm still kinda jealous that you got some nice cards with your history. And thank you for all the advice you have provided on this thread, I appreciate it very much :)
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

SparkyinCA
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Postby SparkyinCA » Thu Nov 01, 2012 12:03 am

Snowman wrote:I'm planning to apply after my statements cut in December. And then in may or June of next year, I'm going to apply for the BCE, and then garden away for a while. And I will recon if I need to, I'm still kinda jealous that you got some nice cards with your history. And thank you for all the advice you have provided on this thread, I appreciate it very much :)


Congrats on the new cards. Been following this thread, but have been waiting to get approved as a new poster.

I did want to post something to clarify something you need to know about regarding your credit scores. It is recommended to get the highest FICO scores to let one of your cards post about 1% (just a few dollars) on it when your statement cuts. Pay all other cards down to $0. If you are monitoring your scores via myFico.com, then you will see your FICO scores all go up. If you pay all your cards down to $0, then absolutely, your FICO scores will drop (probably 10 or 12 points +). It shows you are using your cards if you let one post (make sure that card balance posts to all 3 credit bureaus..not all credit cards post to all 3). If they are all paid off, FICO will penalize you since you are not using your credit.

If you are monitoring your scores using FAKO scores (aka - FAKE scores like from any other place besides myFico) your scores will usually go up if you pay off all your cards. However, lenders don't use those scores, so best to follow the FICO method to have your scores at their optimum before you apply for any new cards if you are borderline. Sometimes 10 pts does make the difference. Unfortunately, you cannot purchase your Experian FICO score (long story as to why) but usually that's what Amex pulls when you apply for cards.

So just wanted to clarify that with you so you know how it really works. Many do not understand how this works and it shows from some of the advice you were given on older posts. I have tested this out with FICO vs FAKO scores and when I paid off all my cards to $0, sure as heck, my FICO's dropped. When I left a few dollars on one card, my scores went up and my FAKO's dropped!! Since FAKO's don't matter, since no one uses them, every month I make sure to let a small balance post so I'm prepared if any cards I want to apply for come up that I might want to apply for (however, I'm in gardening mode until next June, so it's fun to tinker with my scores to see what works and what doesn't in the meantime).

And do make sure you know exactly what date each of your statement cuts so you can pay down your balances to achieve the proper amounts you want reported. I notice from what you've written that you want to apply right after you make a payment and you need to allow enough time for your new balances to report to each credit bureau. It usually takes a few days for them to get updated, so don't apply too fast even though the calendar says it is the right time according to your plans, make sure your statements have been updated to the credit bureaus first! My EX usually posts within a day or two, then EQ within 3 or 4 and TU takes sometimes a week before it is updated after my statement has closed. It is always really slow.

Hope this helps and good luck with building your credit! It's been fun watching you go through the process :) If you understand these basics, you're well on your way to learning how to play the credit score game.

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Snowman
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Postby Snowman » Thu Nov 01, 2012 9:32 am

Sparky- Thank you. I have not actually been monitoring scores, I was just able to view them by creating an account and signing up for the free trials to view my scores. When exactly should I leave a balance? because I plan on applying for an AMEX and Chase around the 29-30th of December, and typically my BOFA statement cuts on the 26th (idk about Discover or citi yet.) Which card do you recommend leaving a balance on? I can easily pay it off if I leave a balance, but idk which card on. And from what I have read, it takes Discover 3-6 months to start reporting, so idk what affect it will have on my scores.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

SparkyinCA
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Postby SparkyinCA » Thu Nov 01, 2012 1:35 pm

Snowman wrote:Sparky- Thank you. I have not actually been monitoring scores, I was just able to view them by creating an account and signing up for the free trials to view my scores. When exactly should I leave a balance? because I plan on applying for an AMEX and Chase around the 29-30th of December, and typically my BOFA statement cuts on the 26th (idk about Discover or citi yet.) Which card do you recommend leaving a balance on? I can easily pay it off if I leave a balance, but idk which card on. And from what I have read, it takes Discover 3-6 months to start reporting, so idk what affect it will have on my scores.


Great questions Snowman! I'll try my best to answer...

Since you know your BofA closes on around the 26th (you should always know every cc you have what date the statement cuts EACH month) so you can make payments accordingly so you always show one card with a small balance. In this case, I would go with BofA. I'm pretty certain BofA reports to all 3 CRA's (EX, EQ, TU). Someone can correct me if I'm wrong as I don't have (and don't like!) BofA. Once your payment posts, be sure to run a free credit report to see when the new info posts to your BofA trade line on your credit report. Chart how your scores go up or down according to changes to your reports. As your cc's age, you get points, when you add new accounts (usually) your scores drop because they lower your AAoA (average age of accounts). But remember, these are fake scores you are looking at since they are not FICO's. FICO's cost $19.95 a pop for TU and EQ so not affordable to run everyday. Use the FAKO sites that are free to monitor, but you have to know which ones pull from which CRA.

Many people pull their reports every day so they know exactly what is happening with their credit for each CRA. But, those cost money every month. In my opinion, it's worth it when you are in building credit mode or repairing your credit if you've had a life event where you have run into problems. I pay around $60/month for this since I"m rebuilding now that I understand how everything works. I'll drop some of these costs once I hit my goal of 760+ scores (considered "Golden" over 760 on FICO's). Anything over 760 is just showing off (LOL!) as it really doesn't matter if you have any higher, you will more than likely get the best interest rates or credit products you are applying for.

So, to answer your questions simply - Let a balance post on your BofA card (just a couple of dollars). Let the statement cut with that small balance and then pay it off after the statement cuts. You'll pay a couple of pennies interest, but well worth it to maximize your FICO scores. Remember, your other cards must be PIF before the statement cuts (that you will research to find out right??!!) so they report $0 as that is what is going to show up on your credit reports once they post a few days later to the CRA's. After your scores have all posted to the 3 CRA's, then go to myFICO.com and order your TU and EQ FICO reports where you'll get your true scores (will cost ya about abour $40 to do this..but I'm not trying to save you money, I'm trying to teach you how to monitor your scores so you know what's going on and how it works). I must state something for those that are more advanced so they don't complain I didn't tell you everything. TU FICO is kind of an outdated scoring model (there is a newer one, but they don't sell it to you). But it is a good indicator of your true FICO score but lenders pull different scoring models so it is often difficult to predict exactly which one they will pull for general discussion purposes.

You can rotate around to different cards which one you want to show a small balance each month (that's what I do). Occasionally, if you screw up and the all report $0, it's no big deal since the next statement cycle you can get your scores up again since they will drop if you are showing all at $0. Just don't apply for anything during that time until you get things back on the right cycle. The important thing is you understand how it all works so you can plan your apps at exactly the right time so your scores are at their best. I'll come up with a couple of sites to suggest to you to pull your credit reports but there are many of them and they all cost different amounts to monitor each one of the credit bureaus. I pull about 5 different reports a day so I stay on top of it and chart everything so I can see what an INQ costs in points or adding new accounts etc...It's actually a fun hobby.

Hope this info helps. I know it's a lot, but it's pretty simple once you get the hang of it.

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Snowman
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Postby Snowman » Thu Nov 01, 2012 2:17 pm

Sparky- actually what happened was when I was viewing my fico scores from myfico's free trial, ( they usually charge 1.00 I think, but you do not pay anything if you cancel before the trial is over.) and when I viewed my statement there was a balance of 1.00, which I paid off this morning. So is this 1.00 balance a good thing or bad thing? Also I am considering ( when I get my new cards) that I buy a subscription from myfico ( the 14.95) and from experian and just view them monthly. Does this sound like a good or bad idea? And of course I will post when my other statements cut.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

sakhalin
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Postby sakhalin » Thu Nov 01, 2012 2:24 pm

SparkyinCA wrote:So, to answer your questions simply - Let a balance post on your BofA card (just a couple of dollars). Let the statement cut with that small balance and then pay it off after the statement cuts. You'll pay a couple of pennies interest, but well worth it to maximize your FICO scores..

I might be misinterpreting your post here (and I apologize if I am), but he won't have to pay any interest if he is going to pay it off. It'll show up that he has a balance on his credit report, but he is not carrying that balance so he wouldn't have to pay the interest. If he carried that balance onto the next statement then he'll have to pay a few pennies interest. So Snow, you won't be paying any interest for not paying in full before your statement ends. As long as you pay it off fully before the due date, you will not be paying any interest.
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)

sakhalin
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Postby sakhalin » Thu Nov 01, 2012 2:26 pm

Snowman wrote:Sparky- actually what happened was when I was viewing my fico scores from myfico's free trial, ( they usually charge 1.00 I think, but you do not pay anything if you cancel before the trial is over.) and when I viewed my statement there was a balance of 1.00, which I paid off this morning. So is this 1.00 balance a good thing or bad thing? Also I am considering ( when I get my new cards) that I buy a subscription from myfico ( the 14.95) and from experian and just view them monthly. Does this sound like a good or bad idea? And of course I will post when my other statements cut.


$1.00 balance > $0 balance in terms of fico score points. A $0 balance gives a lower score b/c it shows that you aren't using your credit at all (even though you are, but that's just how the scoring works).
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)



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