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Re: Getting Back In Good Grace with Amex???


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Posted by WhyBother (192.138.150.250) on November 24, 2003 at 18:19:48:

In Reply to: Re: Getting Back In Good Grace with Amex??? posted by LadynRed on November 24, 2003 at 09:22:24:

The one thing to understand about AMEX is that they're extremely inconsistent, sort of like the IRS, e.g. it depends on who you to talk to. However, I personally know someone who declared a Chapter 7 BK, and then a few years later was able to get both an Optima and Green Card.

Keep in mind, that there isn't really a huge difference between Green, Gold, Platinum. You pay more for the more exclusive cards since they give you various perks, most of which aren't really useful. Gold and Platinum have more status, but your charge limit is really dependent on past spending/paying patterns. Start spending low, pay it off in full each month (and be sure to get them the payment in time), and then you can gradually work up to a charge limit of about 10K/month or more within a years time. This of course assumes you could pay off a 10K bill in 30 days, and assumes you start off with about a $1000 limit and increase you're spending by about $800/month. FWIW, miserly Bill Gates carries a Green Card; it's not like he needs to carry a Platinum Card just to impress people.

Be VERY, VERY CAREFUL with an AMEX card. It's the most dangerous card out there. It's a charge card and not a credit card and balance must be paid in full each month; if you're lucky you can stretch it out 30 days. They charge off cards very quickly and they don't work with consumer credit agencies. When you go to Vegas, or any place where you might be tempted to spend too much money, leave home without it. Only use the card for items where you already have the amount of the item covered by a deposit account. So many people mis-handle AMEX cards it's amazing, including myself.

Hope this helps.



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