Is AMEX the best credit card to build a good credit score?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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emoeskaite
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Is AMEX the best credit card to build a good credit score?

Postby emoeskaite » Sun Oct 21, 2012 9:18 am

Hey,
My friend has told me that American Express is the best out of 4 major credit card companies. I currently have 3 MC's, 2 Visas and 1 Discover. My scores are: EQ 734, EX 761 and TU 789. Would that help me bulid a better score if I get AMEX? I just received an application for a Blue Sky credit card and I'm thinking of filling it out.


ksy
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Postby ksy » Wed Oct 24, 2012 8:44 pm

Good question I guess, I have heard this too but I really don"t see what difference it makes AMEX vs. Visa vs. Disc on you report as long as you pay on time and keep utilization down.....

Rory
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Postby Rory » Thu Oct 25, 2012 1:35 am

apply for something other than the blue sky. they're are better amex cards than that. Amex wont necessarily raise your score on its merit alone but its always good to diversify your credit card profile.
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:


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Socelli
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Postby Socelli » Thu Oct 25, 2012 1:40 am

Ksy's right but I'll just add my two cents worth to it. It doesn't matter because the FICO algorithm that determines your FICO score doesn't care if it's a VISA, MC, Discover or AMEX. All it sees is another trade line on your credit profile. Ksy's advise is right on the mark: pay on time and low utilization. So go ahead and apply for the Blue Sky card. You'll quickly see, like the rest of us Amex card holders, that the Amex card will be the best card in your wallet. Good luck and welcome to the Credcardforum.com family.
Cards:
American Express: Business Platinum-NPSL, Delta SkyMiles Gold-$2K
Chase: Sapphire Preferred-$5K, Southwest Airlines Visa-$3.7K, Freedom-$400
USAA: Platinum MC-$4K, Advantage Rate MC-$4K, Amex-$4K
FBNO: BucksBack Visa-$1K, Amex-$1.7K
GECRB: Walmart Discover-$3,7K
Barclays: Financing Visa-$3.2K, Juniper MC-$1.1K
Capital One: Platinum MC-$1.5K, Platinum MC-$750
CFNA: Firestone-$1.6K
CitiBank: Office Depot Business Card-$1K

DavidNY
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Postby DavidNY » Thu Oct 25, 2012 9:11 am

It makes zero difference which bank issues credit. If you're going to get an Amex card, I'd suggest a different one.

emoeskaite
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Postby emoeskaite » Fri Oct 26, 2012 5:25 pm

Thanks for the replies.

Which one should I apply for? I don't want any which has the annual fee. As a matter of fact I don't travel at all so Blue Sky makes no sense to me.

emoeskaite
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Postby emoeskaite » Fri Oct 26, 2012 5:28 pm

Thank you for the replies.

Which one should I choose if I don't want the annual fee..? I don't travel so Blue Sky is what I don't need in fact..


Money card
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Postby Money card » Sat Nov 03, 2012 11:04 pm

David is actualy correct as usual. your friend is partialy correct American Express is a very good company. I wouldn't say there the best
I wouldn't say there the worse. first of all you know that Visa and mastercard are not company's correct there processors
now Discover is a finincial company, they do just as good as American Express.
what do you think is better for building your credit a Discover More, chase Sapphire perfered, bank of america mastercard or Macys American express card? now as far as the bluesky card is that a great card for building your credit the answer is yes this card is better than any store credit card including the Macys American express. is blue sky card better than the Discover more, miles I guess that depends on the person.

SparkyinCA
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Postby SparkyinCA » Sat Nov 03, 2012 11:51 pm

Amex does stand out from the other cards due to Backdating. That is what can help raise your FICO scores higher than with other cards. It may not help now if you've never had one, but should be very high on your list to get one the younger you are the better to help you have higher credit scores in the future. Every Amex card you get in the future will carry your "Member Since" date of the first year you joined Amex. Think about what that can add to your AAoA (average age of accounts) 10 years, 20 years from now. Lots of info about what Backdating is and that Amex is the only one who does it. I got my first Amex card when I was 24, so my Member Since date is 1984. So anytime I add another Amex card (credit or charge card) it posts to my credit reports the card was opened in 1984. That's 28 years of history added to my credit report for EACH card. When you add other credit cards from other banks, it will show the current year even if you've been a customer for decades. They DON'T do backdating like Amex does. So to answer the OP's question, yes, Amex cards are the best card to build a good credit score.

Backdating is what separates the boys from men and girls from women..Also, if your credit reports are reviewed manually if you ever call for reconsideration, having Amex will stand out to whomever is deciding to give you additional or new credit. Getting an Amex card and keeping an Amex card in good standing over a long period of time means you are a lower risk to other lenders/bankers/creditors you maybe trying to add to your credit profile.

emoeskaite
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Postby emoeskaite » Sun Nov 11, 2012 1:29 am

Thank you very much.



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