Just got the Costco Amex

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14 posts
darkguy2
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Location: United States

Just got the Costco Amex

Postby darkguy2 » Mon Feb 10, 2014 8:11 pm

Well I signed up for a membership at Costco today since I like to buy my TP in pallets. When they first asked me if I wanted to apply for their Amex card I said no since I did not really think I needed another card. Well I go to pay and realize that they do not take any cards except Amex including debit cards. Well I had enough cash along with the $20 bonus I got for getting a membership to cover the costs but it got me thinking. I have my Discover and my Visa card but do not have a Amex and until now have not been interested since my spending does not warrant a card with a AF. Well I looked into their card and it looked pretty nice especially the part where I do not have to pay a AF while I have my membership. So since I was not planing on getting another card for quite awhile I said what the heck and apted for it. I expected an instant denial since the last FICO score I got from Discover a few days ago said I was at 694. Much too low right? Plus I have a very large sum charged to my Freedom with the 15 month 0% (I know I shouldn't but I can pay it all off if I want but like having the extra capital just in case). So I was surprised to get a instant approval. So I hope it all turns out for the best.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)


MemberSince99
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Postby MemberSince99 » Mon Feb 10, 2014 9:49 pm

Congratulations. The backdating is a great thing I have a feeling in 5 or 10 years you'll be thankful you got your Amex now.

darkguy2
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Postby darkguy2 » Mon Feb 10, 2014 10:10 pm

Is there anything in particular that is so good about having a earlier date on your cards?
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

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Vattené
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Postby Vattené » Mon Feb 10, 2014 11:10 pm

It helps with your average age of account, a significant factor in determining your credit score.

So, if you were to get another Amex in 5-10 years it would be backdated to 2014. A new account would have a big negative impact on your AAoA, but a backdated Amex won't hurt you nearly as much (it could even improve the average).
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

takeshi
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Postby takeshi » Tue Feb 11, 2014 7:38 am

^ This. I just added 2 AmEx cards last year and since my MSD is 1998 they both reported as 15 year old tradelines.

darkguy2 wrote:Is there anything in particular that is so good about having a earlier date on your cards?

You might want to read upon credit scoring. Here's one resource:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

"Length of credit history" is really AAoA.

darkguy2
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Postby darkguy2 » Tue Feb 11, 2014 10:02 am

I understand about AAoA but did not know that Amex backdated new accounts to the year you first signed up. Rather nice. Just went online and saw that they gave me my biggest limit yet, $3,500! Another question. Does backdating still apply if I decide to cancel my card but later on get a new Amex?
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

daniel2304
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Postby daniel2304 » Tue Feb 11, 2014 10:44 am

I think it is still applied even when you burnt them and somehow got in the circle again. MemberSince99 knows best ;) (jk)
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

darkguy2
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Location: United States

Postby darkguy2 » Tue Feb 11, 2014 12:34 pm

The thing is that I do not know if I plan on keeping my Costco membership after my first year. So if I get rid of it then I will most likely get rid of the card as well. Should I try to covert it to a BC card if that happens or just close it?
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

samhradh
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Postby samhradh » Tue Feb 11, 2014 1:15 pm

darkguy2 wrote:The thing is that I do not know if I plan on keeping my Costco membership after my first year. So if I get rid of it then I will most likely get rid of the card as well. Should I try to covert it to a BC card if that happens or just close it?


Yes, just try to PC. I did exactly that. Costco > BCE. The BCE rewards program is actually better for me since there's no gas station at the nearest Costco and I get better dining rewards with my other cards.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

jitdc
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Location: Tennessee

Postby jitdc » Fri Feb 14, 2014 6:18 am

Just got approved for this card when my business signed up for a Costco membership. It's my second Amex, still waiting for it to come in the mail though. I've never been a Costco member but I'm excited about adding another Amex to the lineup.



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