New to amex help

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
9 posts
ZUNE
Green Member
Green Member
 
Posts: 4
Joined: Sun May 05, 2013 3:52 pm
Location: NEW YORK

New to amex help

Postby ZUNE » Sun Sep 01, 2013 4:47 am

Hi I'm new to amex here is a short history of myself.

I'm am fairly new to credit with a 11 months only my first card was Cap one journey with 500 limit. 2nd discover it limit 750 now. recently I applied for 3 cards in one month prob bad mistake.

First one citi diamond prefer card 500 limit, so I took my chance and applied same day for amex gold and amex platinum. got approved and my credit score at the time 740 trans union fico. I have history of full payment on time now. recently I checked my credit it went down to 640 because of high utilization 70 percent, 2500 on platinum, 60 on gold 319 on citi, and too much new credit will amex cancel me.


lnelson4
 
Posts: 2
Joined: Sat Jul 14, 2012 2:41 am
Location: Pensacola, Florida

Postby lnelson4 » Sun Sep 01, 2013 7:34 pm

Keep in mind (I believe) that the charges on your Amex Gold/Platinum cards are not actually factored into your utilization percentage, as those accounts do not report a hard limit. Whether or not Amex takes Adverse Action or not would depend on a variety of factors, including what the nature of the purchases are, your stated income and more. However, I would take it easy as your AMEX cards are relatively new and they like to build a relationship with their customers before truly feeling comfortable with them. The easiest way to ensure that they don't do anything is to simply pay down the balances so your score improves (ideal utilization is in the 1-10% range). Remember that you can pay more than once a month to keep your utilization low.

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Mon Sep 02, 2013 7:57 am

Yeah there's no real utilization percentage on charge cards. I'm not sure why you think that, but no Amex won't "cancel" you as long as you pay them on time. Pay your other cards down asap, give your scores time to bounce back. AmEx soft pulls a lot so if you keep apping for cards and your score drops too low, they may be more likely to take AA, but I'd just pay them on time and don't worry about it.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

ZUNE
Green Member
Green Member
 
Posts: 4
Joined: Sun May 05, 2013 3:52 pm
Location: NEW YORK

Postby ZUNE » Mon Sep 02, 2013 11:43 am

Thanks guys

rockyrock
Centurion Member
Centurion Member
 
Posts: 803
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Mon Sep 02, 2013 2:12 pm

My experience has been that the highest ever reported balance on my Amex Plat is be considered your "limit" and your utilization will be gauged off that. Amex won't care because they know what's going on with their cards, your overall credit score will be affected because it only goes off numbers.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

SClay
Platinum Member
Platinum Member
 
Posts: 85
Joined: Fri Aug 16, 2013 8:01 pm
Location: South USA

Postby SClay » Mon Sep 02, 2013 4:50 pm

AMEX Gold and Platinum? Interesting!

Anyways, as others have stated, those two cards aren't going to report utilization because they're charge cards rather than credit cards. What I recommend doing is charging everything you would typically charge on your two AMEX charge cards, and then charge small balances to your three credit cards. Your ideal maximum charge limits on your three credit cards should be:

Capital One Journey - $150
Discover IT - $225
Citi Preferred Diamond - $150

The model above is using the de facto rule of 30% or less credit utilization. Following this rule and letting these accounts age will bring your credit score back up better than ever! As for AMEX cancelling your cards because of your score, that will not happen as long as you continue to pay them in full each month (Since they're charge cards). Hope this helps! :)
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

wizozzie
Green Member
Green Member
 
Posts: 21
Joined: Tue Jun 18, 2013 8:27 am
Location: Los Angeles, California

Postby wizozzie » Wed Sep 04, 2013 7:47 am

SClay wrote:AMEX Gold and Platinum? Interesting!



Yes, I'm actually one of those too. Just like someone might have Ink Bold, Freedom, and Sapphire... if you're invested in MR points, it's no sweat to have Mercedes Benz, PRG, and Plat.

-wizozzie
AmEx Platinum
AmEx Premier Rewards Gold
Mercedes Benz American Express
AmEx Zync, the Unicorn of Credit Cards
Chase Sapphire Preferred World MasterCard
Citi AAdvantage Platinum Select World MasterCard
Discover IT

(wow, I don't have a Visa Credit Card!)
------

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Wed Sep 04, 2013 5:55 pm

SClay wrote:AMEX Gold and Platinum? Interesting!

Have you compared the MR earn rates for both?

SClay
Platinum Member
Platinum Member
 
Posts: 85
Joined: Fri Aug 16, 2013 8:01 pm
Location: South USA

Postby SClay » Wed Sep 04, 2013 7:59 pm

takeshi wrote:Have you compared the MR earn rates for both?


The earn rates read the same on the website. However, I noticed on the gold you get 'points' and on the Platinum you get 'Memebership Reward points'. Not sure if there is a difference there. :)
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests