amex loc

Congratulations on your success. That is terrific.

Thanks for posting your CE score. If you don't mind me asking, did you have any negatives on your report when AMEX ran your report? If so, were they paid or unpaid, and about how old?

I am interested in applying, but am hesitant to do so without more info. Appreciate the help.

-chriscraft

 

I just applied and got approved for a line of credit-guess how much? Keep in mind everyone else is getting 20-25k?

 

????? Well ??????

 

$3,000

 

Hey....that's better than nothing. Did you have a prior relationship with Am/Ex. I know you posted that you applied for Green but you didn't say if you were approved or not. I personally was thinking about trying out their checking and/or possibly their Brokerage. I'm not real excited w/ Fidelity so far.

 

You might also want to check out Schwab. I have had no problems. The customer service is excellent.

 

Last time I checked, Schwab wanted $10k to open an account. Guess I better check their web site.

 

Oh, o.k. they dropped it down to $5k as of 9/1/01. Humm.....now there's a thought. There's an office right around the corner from me at work. Humm...

 

I think you have to have 10k to get the debit card... They may have changed it. If you have a cc check, you can always do that to fund it, then take your money back out...

If you have a recurring (monthly or more often) deposit of $500 or more or use direct deposit, they will waive fees. It used to be $200.

 

I didn't get approved for green. I just recently closed my secured Optima card and I am still waiting for my deposit back. I will probably not use the loc unless they report.

 

You must of been reading my mind on the cc check deal. My only concern is isn't it considered a cash advance? No need to worry about the apr since you'll be paying it right back, right? But I remember someone giving instructions on how to pay a Citibank cash advance back directly instead of sending it with your regular payment hence going towards your overall balance. Guess I better do a search on that. How do they do that anyway? What I mean is say you have a $500 balance and you cash advance $500 so now your balance is $1k. Say you make a payment of $300....what goes towards what?

As far as the direct deposit to wave the fee...it is currently $250/mo until 10/01/01. After that it's $500! To get the debit card, you need $5k not $10k (well that's what I understood from the website).
http://www.schwab.com/SchwabNOW/SNLibrary/SNLib047/SN047mainGenInvesting.html

 

Ok, everyone is talking about this LOC thing. I, being below sub-prime, have no idea what this is. Is it a card? Or a book of checks? What???

 

The american express LOC is accessed with checks.

Some companies have a LOC that is accessed by checks as well as a card, but for most it is by check access.

 

So, it is just like a credit account (like a credit card), but you write checks (like out of your checking account). Is it an installment or revolving account? I am assuming you get a monthly statement/bill that you have to pay when you write checks.


BTW, thanks for the reply.

 

It's revolving just like a credit card, but you write checks. So you could even write yourself a check for cash. Amex does not charge a per check fee unless the check is for less than $100 (they say they have the option to not even cover the check if it is less than $100). I looked at MBNA's LOC. There interest rate on the web page was higher and I think they did charge transaction fees. Not all LOCs are equal

 

Thanks! I completely understand now. It took a minute for a sub-sub-primer like myself to understand, but I did!