Will a Gold increase my Fico/credit score

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Tecboy1138
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Will a Gold increase my Fico/credit score

Postby Tecboy1138 » Mon Apr 01, 2013 5:34 pm

Hi guys,

I have an Amex Green card, a FICO of over 700 and no real debt. My question is if I get a Amex Gold will my credit take a dip or will it help my credit? If not Gold what Amex card would you guys suggest??

I'm interested in purchasing a home in the next few months so I'm wondering if this would help or hurt that - thanks guys!


websteth
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Postby websteth » Mon Apr 01, 2013 6:46 pm

Going from a green to a gold won't really help your score. As far as the score comes, it doesn't know what kind of card you have. I would say you need to look over all at what you have in your portfolio in total. Also, going from Green to Gold may be another hard pull on your report.
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Terry
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Postby Terry » Mon Apr 01, 2013 7:37 pm

Tecboy1138 wrote:Hi guys,

I have an Amex Green card, a FICO of over 700 and no real debt. My question is if I get a Amex Gold will my credit take a dip or will it help my credit? If not Gold what Amex card would you guys suggest??

I'm interested in purchasing a home in the next few months so I'm wondering if this would help or hurt that - thanks guys!


Call Amex and ask about a product change. Provided that you have had the Green card for at least a year and the account is in good standing, you should have no problem with the PC which by the way is a soft pull.
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MemberSince99
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Postby MemberSince99 » Mon Apr 01, 2013 8:56 pm

You might also apply for an Amex revolver such as BCE or BCP, depending on your needs and spending habits.

Websteth is right your score won't change a bit whether you have a Green or a Gold, doesn't matter in terms of credit score.

tigerowl06
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Postby tigerowl06 » Mon Apr 01, 2013 9:28 pm

If you product change from green to gold it will do nothing. A "few" months out from buying a home is a bit late in the game to be adding credit cards to your portfolio. If you really want to do it, do it ASAP.

We might be able to give you better advice if you told us exactly what credit cards you have. Also, have you recently paid off an auto loan?
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Robrus1
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Postby Robrus1 » Mon Apr 01, 2013 11:49 pm

How high over 700 is your score? As long as it's high enough to provide you the best mortgage rates available, don't worry about it. There's no point in getting another card for that reason, especially since you're looking at buying a house so soon. If your score is borderline you should definitely not app for anything since it can knock a few points off of your score, possibly knocking you down to the 2nd best rate offered.
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