New to Amex

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WildBill
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New to Amex

Postby WildBill » Wed May 29, 2013 5:37 pm

Okay, so like the title says, I'm new to Amex. I began using CC's a few years ago when it was explained to me it was necessary to gain a good FICO score. Sure enough, that person was correct and my scores went up. I've only used my CC's for credit purposes. I use them responsibly and for the most part pay them in full every month. Occasionally I carry a balance but its paid down quickly. I have Cap1 and they haven't really raised my CL much. It bothered me because if I did need to use it for some unforeseen emergency my debt to credit ratio would affect my score. So I decided to give Amex a shot. My scores range from high 600's to low 700's so I wasn't sure if I'd get accepted.


I got instant approval on BCE w initial 2,000 CL. So a day later I figured what the hell, why not go for another one so I can get rid of 2 o my Cap1's. I applied and was approved for Blue Sky. Now here's the weird part, they gave me a CL of 2k on my 1st card. My Blue Sky arrived today and it has a 10k limit on it which shocked me. However my thinking was they gave a higher limit on that card because it has less rewards an they want me to use it.

Here's my worries. I recently googled Amex complaints and holy cow! I've been reading horror stories about Amex canceling cards and lowering CL's because they do soft checks constantly. I've read stories from people who are always on time, never miss a payment, and still have their cards cancelled because they had a couple inquiries or maybe they purchased a new home and the new mortgage lowered their score. I use my cards responsibly. I'm never late on anything and I take my credit seriously. I don't make a lot of money but I manage it very well. My fiance and I are looking to buy a new home. We started looking before I applied for Amex and my CR was pinged by 3 different lenders with Hard Inquiries. We were approved, but it wasn't the amount we want. They could only count my income due to her only being at her new job for 9 months. So we are waiting until next year. I believe Amex saw these inquiries since they occurred before I applied for either card. However I may be wrong. Is it possible only I see these until the next report next month? If so, do I have to worry about Amex attacking me because of this nd the slight drop in my score next month due to inquiries?

Another thing, next yer we are definitely purchasing a new home. Just like any new loan, it drops your score for a few months. Will Amex cancel my cards when that happens? I also will never use that $10,000 CL to its limit so will that also cause them to drop my CL's? I'm worried I made a mistake by going with Amex. I never use my CC's for more than I can afford to pay back at end of month. From the horror stories I've read, I'm thinking of canceling both cards while its my choice. I've herd when an issuer cancels a card it affects your credit badly. If some of you veteran Amex members can give me some good advice I'd truly appreciate it. Thank you.


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m.a.stewart.
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Postby m.a.stewart. » Fri May 31, 2013 9:07 pm

just keep doing your homework playing by the rules. Sure there will be complaints but you never hear the full story of the person filing the complaint as to the reason their credit cards were closed. I'm not an Amex vet I Farely new to it. Fist card with them was blue sky then applied for their platinum. As long as you have good income or Manage well whatever income your at now and pay in full each time you should be good to go. Income, spending habits, debt/credit management are key factors. I'm sure other Amex clients with more experience can tell you more... So far they have treated me well so I can't complain... Good luck house hunting, sure your score will drop but that should not be much of a red flag as long as they see in their soft pull of your credit report that you haven't been missing or late on your payments you'll be ok.

Now and then spend a couple grand from that blue sky card and PIF at the end of the billing cycle, all banks like to see how you manage THEIR MONEY. Just don't Max it out.
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Robrus1
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Postby Robrus1 » Fri May 31, 2013 9:35 pm

I don't think you made a mistake at all. Remember, Amex is a business, and if they started closing down everyone's cards for no reason, they'd be voluntarily cutting their profits. Use their cards to your advantage and enjoy the benefits, pay on time, and don't worry about it. They aren't going to close your cards when your score drops a little due to house shopping. Their computers will see it because they soft pull everyone all the time, but when it comes to credit lines they are pretty liberal, so I understand why they do. Also, they don't expect you to spend close to 10K and won't close your card if your card has a low balance and is paid in full every month. At the end of the day, as long as they get paid on time, you should be just fine.

I don't suggest that you close the cards. Whether you cancel the cards or they cancel the cards won't make a big difference as far as your credit score is concerned. Let's say they were to close the cards and report them as closed and "paid as agreed," you'd be fine. "Paid as agreed" is what really matters. If you're using the cards at least a little every month and paying on time, you have nothing to worry about.
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MemberSince99
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Postby MemberSince99 » Fri May 31, 2013 9:57 pm

All I can say is I'm the poster child for someone who should probably worry about getting shut down. If I get away with what I do, you being "normal" I assume shouldn't have too much to worry about.

Seriously I push, and I mean expand, the envelope, beyond what anyone sane does. The way I see it, if they shut me down, yeah that would suck, that would really suck, but I have other great creditors who would just get more of my business (like Chase with the CSP that is such a great card). So, I wouldn't want it to happen either, but life would go on.

It's always possible but in reality most people don't have too much to worry about here. Like I said, if I don't get shut down, odds are you don't have to sweat this.

WildBill
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Postby WildBill » Fri May 31, 2013 10:40 pm

Thanks for the input. I'll keep my fingers crossed. It just boggles my mind because other creditors don't care as long as you make your payments on time. Like I said, I try not to carry a balance but I do once in awhile and the other cards never soft check me nor you with my balance. AmEx seems like a different animal.

Therefore this first month all I'm doing is filling my tank once n paying it off. After new CR posts next month I want to see if they react to the inquiries. I'll post again afterward.
Should be around the 10th or so. If all is well I'll praise AmEx n apologize. However if I get negative treatment I'll post that too. Thanks again for your input though. AmEx has been very friendly so far so I hope to continue with them.

rockyrock
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Postby rockyrock » Sat Jun 01, 2013 7:12 am

Use it a lot and pay it a lot. If you use your card for everyday spending and PIF every month, they will love you. They make $$ every time you swipe, as long as you are keeping up with payments you should be fine. I make two payments a month on most of my cards, the first being before the statement closes.

Good luck!
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djrez4
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Postby djrez4 » Sat Jun 01, 2013 4:27 pm

I'll bet you most of those stories were from 2008-2010. Amex clamped down during the financial crisis. They've calmed down since then.
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MemberSince99
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Postby MemberSince99 » Sat Jun 01, 2013 4:41 pm

djrez4 wrote:I'll bet you most of those stories were from 2008-2010. Amex clamped down during the financial crisis. They've calmed down since then.


But that's a prudent reminder of why it would be wise to keep other options available in terms of lenders. As much as we might like Amex we just never know what might be coming down the pike.

Moneytalks
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Postby Moneytalks » Sat Jun 01, 2013 5:10 pm

djrez4 wrote:I'll bet you most of those stories were from 2008-2010. Amex clamped down during the financial crisis. They've calmed down since then.


That, and I think there are a lot of jealous trolls who can't get an Amex card or were burned because they were keeping up with the Joneses
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Sevenfeet
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Postby Sevenfeet » Sat Jun 01, 2013 7:53 pm

Be a good customer and they will be good to you. Don't worry about the problems others have had. They like long term customers. Enjoy your cards!
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