question about no limit

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smokie2233
 
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question about no limit

Postby smokie2233 » Sun Oct 18, 2009 7:13 pm

Hi. I was pre-approved for the Amex preferred rewards green and gold cards with no pre-set limit...But i have heard that these cards could lower your score due to util. issues..has anyone had any experience with a no limit amex? Could you tell me how it works?


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Cucumber
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Postby Cucumber » Tue Oct 20, 2009 9:54 pm

It doesn't mean exactly no credit limit. What they mean is that it has no pre-set credit limit. They don't have one pre-determined but this is kind of just a gimmick to sound special because you can bet that they will not approve your charges if you try and spend above and beyond what you normally do.
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Cucumber
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Postby Cucumber » Tue Oct 20, 2009 9:57 pm

Oh yeah and the reason it may hurt your credit score is because since no limit is reported on your credit file the credit bureaus don't really have anything to base your credit utilization off of. What they supposedly do is guess your limit based on what your limits are on your other cards. But if you spend more on this Amex card you can understand why it's a problem because their guess wouldn't be comparable to that account.
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