I was surprised ... $20k @ 5.99 without any need for documentation of my '95 BK (credit expert score = 714). Anyone have any luck getting the rate lowered (or any info. about when they will consider lowering rates?) Prime + 5.99% (11.99%) doesn't suck, but most of my other cards are at least 2% lower. This will make a nice "emergency" line. If I do use this to revolve anything- I'll FIRST charge on my Amex Blue or Gold (to get points/miles) then move those balances to the new line of credit. -mj
OK - I am pending prime + 5.99% Congrats MJ! I am encouraged but not holding my breath! I snapped them after reading these posts and it says mine is pending at 5.99%. It starts off welcome to AMEX Banking. We want to .... make sure you have a great member experience. The status of your request is below: Your LOC is prime + 5.99% - pending. THEN: It says in a lot of detail - we would like to continue to process your app online, but cannot do so until the next business day. I am already an AMEX Membership Bank member - and have kept that and my AMEX in perfect shape. Maybe I will get a LOC - which will surprise the heck out of me as well This also could be a computer glitch. I went into "Apply for a Card" from my Green Site, and it invited me to add an additional card - an OPTIMA card - LOL! Hmmm - all I have is Green. Can I add an additional Optima Card to my Green Acct? Then, could I product combine both Cards with my LOC and swap everything for a Centurion Card - with the fee waived? Saar? .... LOL! Miles, if all this works out, should I call back Providian and see if they will give me a new Visa - at less than 24%? I'm sure that just because a person carries a Centurion Card does not mean he carries the necessary Providian qualifications!!! Very Happy for you MJ! Dogman
Re: OK - I am pending prime + 5.99% Hey Dogman- Thanks- I applied for my sig.other as well, but his is 5.99% pending just like yours. 704 vs 714 credit expery scores. Maybe I got it because I have older credit ... or I was just on the borderline? Re: charge cards - I'm surprised they haven't tried upgrading you to gold -- if you don't mind my asking, how much are you using the green? We don't write checks anymore (except to pay bills). EVERYthing goes on Amex (gas, groceries, etc.). Best- mj
Re: OK - I am pending prime + 5.99% I called and asked them but they said they would not do it under any circumstances without an application -which is a hassle I know involves explaining my whole past AGAIN. It will be interesting to see if they snap approval on the LOC - I expect LOC requires a very strong credit history. However, as always, I believe a sizeable bank account overrides almost everything else. I averaged $2K monthly - lowest probably $700 then now $2K - LIKE YOU EVERYTHING GOES ON THE CARD!
Re: OK - I am pending prime + 5.99% LOL. You're a riot Dog. Good luck on your LOC app. Congrats to you mj. Anyone that has a LOC from Amex, keep us updated on whether or not they report to the credit bureaus. This could be a + either way. If they report, the tradeline could help your debt ratio. If they don't report, you could transfer your existing debt to the LOC, thus boosting your FICO score. The true debt would be hidden.
Maybe I'm missing something here, but ... what's the point of a line of credit, as opposed to a credit card? I've looked at the Amex LOC information, and the best possible terms would be only about a point lower interest than my Blue card, with a smaller credit line. If I need to write checks, you can get checks for Blue which count as purchases, with the grace period and everything. So is there any particular reason to use a line of credit, rather than a credit card?
Well, some places don't take CC's. Some of my cards don't have balance transfers, so I can now write a check and pay a lower interest rate on that balance. Steph
FooBar- Write a check from your Blue account to yourself (or to "CASH") and pay the CASH ADVANCE APR (19.720%)! Those checks work as long as you make them out to a company (or person) and Amex considers it a balance transfer (no grace period of xfers). I've gotten around the "cash advance APR" penalty rates by doing balance xfers from my checking account's overdraft line of credit. It's a bit of a pain, but it works. The advantage of a LOC vs. card is that you can just use it as cash, keep it on "standby" and use it when you need exta liquidity, and (if everyone here is right), if it doesn't report, all the better (one of the reasons I like the ClubPlus LOC). -mj
Geez...someone is going to get wind of this. I can't believe that it is so easy to get this LOC. My spouse just applied and got a small bar at the top that stated THANK YOU. While it was still processing, he got unable to connect with remote host. He automatically assumed it was pending. Then about an hour later, he called 8883561006 and punched in his ss# and received a 10 digit number with zero balance, and 25K funds available for disbursement. THANK YOU FOR THE ENCOURAGEMENT TO APPLY. Also, he applied for the Citi Gold AA and was approved 10K pending verification of appln information, 3 wks ago, he got apprvd for Citi AA at 10K as well. He's still waiting for the card.
Heck, if it doesn't report to CRAs, sign me up! Is there any verification of that? Anyone had one for a while? (It took them two months to get my Blue card reported.)
