I Wish I Knew 6 Years Ago......

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Kaiokenryu
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I Wish I Knew 6 Years Ago......

Postby Kaiokenryu » Mon Feb 17, 2014 9:33 pm

6 years ago when I joined AMEX....i wasn't nearly as credit savvy....as I am now...but had killer credit scores. If you had asked me if there was a forum for credit cards and the people who love them....I would have laughed at the thought of something so esoteric and niche.

I knew nothing of CLI's or how Amex worked. i thought it was just another credit card company.

now...6 years later...my scores are average...not poor..but not what they were when I applied. ...Mom passed...I'm my fathers caretaker...baby came...juggling rental properties....opened business....etc....expenses rose across the board...

When i found this forum...I felt like i had been borne again...because the pool of experience was overwhelming. I just stuck my mouth on the end of that garden hose and told someone to turn on full blast....i wanted to know and learn all you guys had to offer....even to this day. I still struggle to know why someone would want 100k in charging/purchasing power....but I understand the badge of pride that comes with knowing you can pay your car off with card or cards if you HAD to.

now...I'm wondering the following questions:

1. know that i deepy know how my Amex works....is it too late for me to get CLI's 6 years after never being offered one or asking for one.

2. being "this late to the prom"...am i still able to afford the financial gifts afforded to those who knew about them from day one? I feel like the time behind me is lost and wonder if the effort im putting in to become what I should have been 6 years ago...is worth it. I have the discipline now....just not the free flowing cash i had when i didn't have a mortgage, kid, aging parent, new business....etc.

humbly asking for your thoughts and advice.


MemberSince99
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Postby MemberSince99 » Mon Feb 17, 2014 9:40 pm

As far as I'm aware it's never "too late" to get CLIs on an Amex revolver. Just because you didn't ask for any before doesn't mean you can't now or when your credit is better. Not sure why your credit isn't strong now but time heals all wounds. It wasn't really so many years ago mine was totally destroyed I'd be shocked if it would have been over 500 6 years ago.


Only you can decide if it's worth it but look at it this way - having good credit is a matter of paying your bills on time every time, over a period of time. The longer you do that the more your score grows not to mention you have fewer problems in life. So why not? You have much to gain by just taking care of business. You don't have to be a fanatic just live an honest life and it will reward you.


Hope this is helpful to you along with all the posts you find on here and other boards about the subject.

Kaiokenryu
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Postby Kaiokenryu » Mon Feb 17, 2014 10:03 pm

Good honest experience MS99....I'm working on developing my time perspective. The reason why my fianances took a hit is because all three life events took place in the span of 3 months: death, child and business. The first of which kind of put me on my butt. Some things got pushed around...but now my faith and financial discipline has brought me back to the point of sanity. Thanks for the good words.

thom02099
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Postby thom02099 » Tue Feb 18, 2014 10:21 am

Kaiokenryu wrote:Good honest experience MS99....I'm working on developing my time perspective. The reason why my fianances took a hit is because all three life events took place in the span of 3 months: death, child and business. The first of which kind of put me on my butt. Some things got pushed around...but now[color="red"] my faith and financial discipline has brought me back to the point of sanity.[/color] Thanks for the good words.


Never underestimate the power of both!

"The Prom" continues as long as the music is playing, and for you, it's just cranking up. You've discovered a forum for exchanges of ideas and information. Take advantage of that! You're facing a new beginning, a new chapter in your life, both personal and financial, and it can be daunting. You've got a foot in that financial door with AMEX, now it's time to open that door wide and explore all the possibilities inside the credit world. Keep your faith and financial discipline in perspective with where you are and where you want to be.

Good Luck to you !
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

takeshi
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Postby takeshi » Wed Feb 19, 2014 8:06 am

Kaiokenryu wrote:If you had asked me if there was a forum for credit cards and the people who love them....I would have laughed at the thought of something so esoteric and niche.

There are forums on just about any topic. Credit isn't really so esoteric or niche as far as topics go.

Kaiokenryu wrote:I still struggle to know why someone would want 100k in charging/purchasing power....but I understand the badge of pride that comes with knowing you can pay your car off with card or cards if you HAD to.

It's not just about pride or bragging rights. It's not even about actually using the limits for me. For me, it's about keeping my utilization at ~10% for my usual spend without micromanagement.

Kaiokenryu wrote:is it too late for me to get CLI's 6 years after never being offered one or asking for one.

There's no cutoff for CLI's. In other words, your limits aren't locked after a certain timeframe regardless of creditor. The real limiting factor is your credit.

Kaiokenryu wrote:being "this late to the prom"...am i still able to afford the financial gifts afforded to those who knew about them from day one? I feel like the time behind me is lost and wonder if the effort im putting in to become what I should have been 6 years ago...is worth it. I have the discipline now....just not the free flowing cash i had when i didn't have a mortgage, kid, aging parent, new business....etc.

Sure. I didn't run across these forums until last year and I've been through a BK. It will take time but the information is still valuable and useful to anyone. Your credit reports aren't written in stone. Derogs and inquiries fall off over time. More cash flow can help but cash flow itself doesn't guarantee anything. There are those that don't have a ton of cash flow and good credit while there are those with a lot of cash flow and poor credit.

KanyeWest
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Postby KanyeWest » Tue Mar 04, 2014 9:48 am

thom02099 wrote:You've got a foot in that financial door with AMEX, now it's time to open that door wide and explore all the possibilities inside the credit world. [/B] Keep your faith and financial discipline in perspective with where you are and where you want to be. !


Could you or someone else please elaborate on this?

thom02099
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Postby thom02099 » Tue Mar 04, 2014 3:01 pm

[quote="KanyeWest"][color="red"]Could you or someone else please elaborate on this?[/[/color]QUOTE]

To KanyeWest...What I was saying to the OP was that, he's got a 6 year old AMEX card, he's not asked for a CLI, he's got that foot in the door with AMEX by having the card, now is the time to explore what the benefits can be for him. Since he mentioned CLI, one would presume that he has a revolver. It's never too late to ask for a CLI, in my opinion; just do it! He may or may not get the 3X CLI, depending on what current limits he has. And if not, AMEX will frequently counter offer.

Also, my statement also referred to the ability to apply for additional AMEX cards if desired, and if approved, the cards back date 6 years, to his original year of application. This is a great benefit of having AMEX cards, for that back dating and the impact on AAofA. This is what I was meaning about "it's time to open that door wide and explore all the possibilities..."
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



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