Thanks guys for all your replies!
takeshi wrote:You have to determine which is your biggest priority. While maintaining one's credit is beneficial I don't see the point in maintaining scores just for the sake of the score itself. Which is most important? Your fixation on your score or the benefit of the rewards?
Why do you want "a card that actually had a credit limit"? Explaining your goals and priorities will help others to make recommendations relevant to you.
I understand the credit inquire would bring my score down a bit but in the long run my credit would go higher since my account will be in good standing and it would add more credit available to my report and also add another account to my already 5 accounts.
As for credit limit, I have read that charge cards don't help our credit much since there is no limit to report to the bureaus in which they actually look at limits and credit utilization when considering you for any type of loan. This of course might not be true but thats the majority of what I have read.
MemberSince99 wrote:Honestly it's totally up to you. None of us can sit here and tell you dude, go for it man, you'll totally use it or no that hard inquiry will drop your score 100 points don't mess up your credit for all eternity with a gas card. You have to decide that. An inquiry doesn't do damage for very long - after a year it has NO effect on your score (though it does for 2 years with Credit Karma but that score is meaningless, but if you are worried about what CreditKarma says, yes it will drop your score for 2 years) and after 6 months it has very little effect. In fact I found in my case after a month or two I saw really no ill effect on my score.
It just depends on if it's worth it to you.
If you do go for it I suggest waiting until January, that way it will backdate and the date opened on it will be before your Green and you'll add a year of age to the account. How cool is that?
Very true and I oversee my credit a lot because now in days as they say its sometimes more sacred than cash itself and I try keeping it at top shape. I really want to apply for the card but I debate on if the rewards would outweigh the credit drop for about 6 months (I was at 742 before applying to my green card and then 686 the month after I applied for it[currently 713]) but I know 3% on gas, 2% at restaurants and Costco is better than 1% on my Green card or 0% on my debit card.
What is the backdating exactly? I don't get how exactly it works since I would want to cancel my green card but continue being an Amex Cardmember.
nismoZtuner wrote:i doubt they will deny you,
I applied for my first amex card which was the Blue cash card on late 5/27/2013... later on i applied for the premier reward gold on 6/24/2013 didnt even wait a full month for my next amex - i was approved with out an issue, youre a long time customer compared to me so yeah thats a plus!
Interesting because I applied for the Blue Cash on August 2012 but was immediately denied saying my credit report wasn't long enough(apparently this card is hard to qualify for) and went for the green card since that card was one of the easiest.
Yeah thats pretty good and I have not missed a payment at all, sometimes send 2 payments in a given month, I am just outweighing if the hard pull will be worth it but I think it might.