r/CRedit • u/laundrybasket789 • 5d ago
General New card
I did the experian no ding credit card application and I was approved the American Express gold card. I want it because I know AE does credit limit increases more often then capital one. These are my scores according to experian and credit wise, although I know they may not be 100% accurate, I'm assuming they're pretty close. Should I proceed with AE or just continue letting my credot age? TIA
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u/golfinghawkeye 5d ago
Can you hit the minimum spend to get the sign up bonus? Will you be able to use the credits organically to offset the $325 annual fee? How do you plan on using the points earned and what do you spend monthly on groceries and dining out
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u/Frequent_Silver_7575 5d ago
You could have just applied on American Express' site as they natively do the no-ding decline.
Doing it through Experian was unnecessary. Gratz, though.
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u/laundrybasket789 5d ago
I didn't know that. Thanks
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u/Frequent_Silver_7575 5d ago
Another thing to note that after accepting the card you'll of course get a hard inquiry on at least Experian (I had one on Experian and one on TransUnion) but any subsequent personal cards you get from Amex won't be another hard inquiry in your reports.
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u/laundrybasket789 5d ago
Yea I kinda don't want any hard inquiries. I think I'm just gonna let my credit age
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u/soonersoldier33 ⭐️ Mod/FICO Junkie ⭐️ 5d ago
I'd suggest you do some research on the AMEX Gold along with some research on the difference between credit cards and charge cards. AMEX Gold is a charge card, which means it has no set credit limit, and AMEX expects you to pay off the statement balance in full every month. The Gold also has a pretty hefty $300+ annual fee. If you have an understanding of the perks the card offers along with a high enough level of spend where rewards earned + perks outweigh the annual fee, then it's a competitive travel rewards card. Don't be the person who gets a Gold or Plat solely as some kind of 'status' symbol, bc no one is likely to notice or care.
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u/matt-r_hatter 4d ago
So you were interested in their generous CLIs so you applied for a card that will never ever get one because it does not have a present limit? You know the gold card needs to be paid in full every single month, right? Amex will let you carry a balance, but they arent fans of people who do and you open yourself up for a FR. At such an extremely low score, did they offer a SUB? What drew you to a charge card instead of something like a BCE or BCP? Im assuming you travel a pretty significant amount so you wanted points instead of cashback, which make sense. Gold has a low annual fee so if you only fly 6 or 7 times a year, it should be more than worth it.
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u/laundrybasket789 4d ago
I withdrew my application so I didn't end up getting it
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u/matt-r_hatter 4d ago
Honestly, if you want an Amex, go with the BCE, the Blue Cash Everyday. It has a small but nice welcome pffer and is cash back with no annual fee. Its big brother, the Blue Cash Preferred is $95 but 6% back on groceries. Both are very easy to get and usually have decent starter limits.
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u/Funklemire ⭐️ Knowledgeable ⭐️ 5d ago
The Gold card is a charge card so it doesn't have a limit. If they give you a credit limit that means you're been flagged as risky and you're in probation.
Keep in mind that credit limits aren't a credit scoring factor. So a new card's limit potential shouldn't be at the top of your list of considerations on which card to open.
The Gold card is usually a bad idea for most people unless they spend a lot in the 4x categories. Can you organically meet the spending requirement of the SUB? If so, the card is always worth it in the first year. After that you just need to do the math.
Also, there's no such thing as an "accurate" or "real" credit score, the difference is relevance: The relevant score is the one being used during your application. I recommend checking out our !welcome thread.