| Author | Message | ||
| Ben Cannon (Artherd)
Junior Member Username: Artherd Post Number: 246 Registered: 6-2002 |
Alex- I just wanted to say thanks for your impartial views and expierence you're offering up here! It's a great window into the workings of these things, please keep it up! Best! Ben. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 81 Registered: 4-2002 |
Rikky, no, just start with the Student AMEX card. There should be no annual fee. As for your other card, that's up to you. I wouldn't suggest having a balance on both cards at the same time if you only have two cards. Maybe alternate every couple of months. | ||
| wm hart (Whart)
Member Username: Whart Post Number: 876 Registered: 12-2001 |
Yep, and got the monster all primed for a day out today, but lo, it was barely 30 degrees F this morning, and windy. I assume from your story that you saw action in the military and that you were not just fighting the bourgousie of Beverly Hills... Last time i pulled something like that, i checked into a hotel in Tampa, inquired about pressing service. Guy at the desk offered that they had irons in the room. Went to my meeting, got back an hour later, and decided i had time to fly to my next destination, so i wound up checking out shortly after i arrived. Told the desk guy that ever since i got out of the joint, i swore i wouldn't iron clothes anymore. He just stared... Regards | ||
| Rikky Alessi (Ralessi)
Junior Member Username: Ralessi Post Number: 90 Registered: 5-2002 |
Thanks a lot for the info guys, one last question I guess... Do all AMEX cards charge a yearly fee? Is it worth paying even if I am 18? Also, I figure I should pick up an AMEX, but which other card, Visa or MC? And should I just try to split the charges between the 2? Thanks | ||
| G.Peters (Wfo_racer)
Junior Member Username: Wfo_racer Post Number: 85 Registered: 5-2002 |
Whart, That's a funny story. Reminds me when I took some of my watches to the Rolex service center in Beverly Hills.They took over a former bank building and the place is full of attitude. I walked in with my usual attire (shorts and t-shirt) the CS rep looked at me as if I was in the wrong place . I started to pull the watches out of my shorts pocket, when I got to the last one a day date I asked her to make sure they took extra care cleaning that one since the guy put up a fight and it still had some blood on it. She freaked out on me. Her boss came over and they checked s/n's and verified they were mine and calmed down. The tech came out and noticed my H&K t-shirt and since he was a older Vietnamese gentleman I asked if he used one in the war. The place got very quiet and then he smiled and said he did. I told him since he was used to quality items I wanted him to service all the watches even if it took longer to return them. He did a amazing job, making them look new again. My wife is still madder than hell about that outing. Side note, are you still riding motorcycles, I spent the day today at the Superbike races at Fontana. WFO | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 80 Registered: 4-2002 |
Warren, of course I've got answers! The best cards to have...well, that depends on what you use them for. For the services, I'd have to say AMEX. I rarely hear a complaint from an AMEX holder...other than that they aren't always accepted or their annual fees. Other than that, it really depends on what you want out of the card. Personally, I'm a mileage fiend and I fly United (for now) so it's a Mileage Plus Signature card. Citi, Chase, Wells Fargo, Bank One, etc...all have cards that offer good rewards and are all major players. One company that I don't like is MBNA. They have good intro/promo rates if you need to carry a balance, but they yank that real quick and then you jump to a higher percentage rate. Also, they have affinity cards, but they don't offer any rewards! What's the point of obtaining say a Lotus card (which they do offer) but the only good it does is give me a card with a picture of a Lotus on it. Kind of neat at one point, but now with all those freebies, I want a card that gives me miles, points, even a measely 1% rebate! Signature card, since you asked! Is simply a product that Visa and MC came out with. In these days of Platinum student cards, it doesn't mean too much. Biggest advantage of this card is that you can go above your "Spending Limit" usually by 100%. So let's say you have a $25K spending limit, you will be able to make a $30K purchase without getting declined. However, anything above $25K has to be paid back at your next statement. You might still get a phone call asking if you did indeed try to make a $30K purchase. Other than that, it's pretty much the insurance and little things that make it a "Signature" card. Oh, does that answer the questions for now? I think I got it all. | ||
| Ed Christophersen (Dr_c)
New member Username: Dr_c Post Number: 23 Registered: 12-2002 |
My American Express Platinum includes membership in several of the car rental companies (Hertz Gold), several hotel programs (Hyatt Gold), Membership Rewards (or whatever the name is), the Concierge service (great service -- they actually will recommend hotels and restaurantts. When we went to London and Paris, they recommended great places based upon what we told them we were looking for. And, letting them make the reservations for you does tell the maitre dee (spelling) that you pay your bills. I believe that Platinum pays the merchant regardless of whether or not they collect from you (this is better for the merchant than the other cards. And, as I said before, I love the 24-hour travel service since I do a lot of scheduling later at night when the Ferrari is in bed for the night, under it's nice, soft cover, and no one is calling me anymore. And, no, I have no interest in Am Exp. | ||
| wm hart (Whart)
Member Username: Whart Post Number: 866 Registered: 12-2001 |
Friend of mine who used to manage a Ferrari dealership tells a story about a customer who bought a Daytona from him, when new. My friend told him he would accept a check in payment, provided it was a "bank check." Guy shows up to pick up the car, and presents an unsigned, blank check; my friend starts to explain that this is unacceptable, etc., until the customer interrupts, and explains that the check is from HIS BANK. Really, the family owns the bank. Nice to be a Mellon. | ||
| ross koller (Ross)
Member Username: Ross Post Number: 978 Registered: 3-2002 |
i have to say their travel service is pretty damn good. i have used it numerous times and their prices are sometimes the cheapest, and great service. the travel insurance deals are stellar as well. i guess if i did not travel at all there wouldn't be any point to having it, but since i do, i like having it. | ||
| Taek-Ho Kwon (Stickanddice)
Junior Member Username: Stickanddice Post Number: 227 Registered: 11-2002 |
The black card is not special because it will impress your waiter. The point is to use the concierge service to schedule your dinner for you so that the service you receive is superior. If you do use the features it offers it is quite a useful card. | ||
| G.Peters (Wfo_racer)
Junior Member Username: Wfo_racer Post Number: 84 Registered: 5-2002 |
Not sure how you build credit when your dad is the primary person responsible for the bill. I gave my wife the other card allowed but the bill comes to me and it reflects only on my credit profile not hers. As to prestige with a card, normally only a clerk or waiter sees the card why the hell would you care if they are impressed? To each his own as to what card they use ,in my case I get more from Amex every year then they get for charging me $4,000.00 ($2500 for me $1500 for my wifes card )a year to use their product. | ||
| Dan (Bobafett)
Member Username: Bobafett Post Number: 348 Registered: 9-2002 |
The black card is kind of silly. My father gave me his when I was 18 and trying to establish some credit history (added me under his name) - beyond flash appeal, it really doesn't do anything unless you specifically take advantage of what they have to offer. If you plan on using it as a regular credit card, the bonus features are kind of silly. Their customer service is nice, but how often do you really call? --Dan | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 181 Registered: 2-2002 |
So to summarize, what are the best cards to have out there? AmEx Black If you travel a lot, want some of the prestige it comes with, and if you don't want to be declined putting a ferrari on your charge card. AmEx Platinum If you travel a lot, similar perks to above Black Card without the prestige and the $1000 annual fee and without the automatic memberships to the top airline and hotel clubs. Just instituted a new policy that you get into some airport club rooms like Continental, just by showing your ticket and your platinum card. Very nice perk. Starwood Preferred (Platinum or Gold Card) Automatic suite upgrades if available. Free membership. Better rates. MBNA Quantum Mastercard Suppose to compete with Amex platinum or Black. It doesn't. High Limits, concierge service. Reward travel program. Points expire after 5 years. Visa or MasterCard Signautre Card Don't know too much about this one. Can anyone out there give a better description? BlockBuster Card Movie Rentals 5 bucks! No perks. No Prestige. Not good, but hardly any alternates. So, in the end are there any other cards out there that can really compete against AmEx? And if so does Visa and Mastercard have one or is Signature their paltry attempt to compete? Does the Discovery card even have a high end card? And finally can Alex Lee answer all of these questions? | ||
| Sunny Garofalo (Jaguarxj6)
Junior Member Username: Jaguarxj6 Post Number: 248 Registered: 2-2003 |
Very true. Sorry.. someone pissed in my milk the other day  Not screwing up early with both is a very good thing! | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 76 Registered: 4-2002 |
Sunny, I'm not saying credit is not required, it is these days. However, I'm saying that it is a privelege rather than a right...think of it this way, you don't automatically get your license when you turn 16 (or whatever it is now) just like you can't expect to be automatically given a credit card, you have to earn both. You know, both pieces of plastic are very similar...you screw up with either one and you'll pay for a long time. | ||
| Sunny Garofalo (Jaguarxj6)
Junior Member Username: Jaguarxj6 Post Number: 241 Registered: 2-2003 |
Credit is not a privilege, its a requirement. Like our SSN's, they were not supposed to use them as an ID and giving it is voluntary, but playing the game and doing so anyway gets you a lot farther a lot faster then trying to circumvent the system. I assume everyone's purchased their homes or expensive cars, expensive jewelry, paid large deductables on medical expenses all via cash, right? Or, do most people obtain a loan, as big if not biggest deciding factor is your credit and then your income? Your knowledge in the industry is much appreciated by me and others. I've learned a lot just from your posts in this thread. However, grab your flame suit, because that line of credit being a privilage is complete and utter bull$hit! •••• credit companies. Cash in hand and income are not deciding factors what you can "afford" in life. I join the service, trade someone my cush stateside assignment to someone who's freaking out about going to Germany and my assignment is where they grew up, bust my ass and become highly decorated (considering my rank, anything above a certain level of medal is a political no-no regardless of how deserving they are and its very hard to do), and had no understanding with my poor public education and parents that always paid cash for things or didn't get them at all what it meant having a credit line in the United States. When I return, I get a very well paying job (for an uneducated 26 year old with a D high school average), work at it for 2 years, live in the same place for 2 years, and get told told "insufficient length of employment," "insufficient time at residence," and "insufficient credit history." It was like a veil was lifted in front of my eyes and I realized how bad I •••••• up and I'm now several years behind the curve. Having 50% of my income disposable for travel, drugs, women, cars, savings bonds, charity, gambling, or whatever else I want, my short credit history (5yrs) isn't spotless. Had I known better. I have 2 minor collections, one thanks to Deutsche Telekom for not sending me a final bill OR lumping the amount I owed onto my account for my first phone line. The second collection was I was a month late for $400 after I moved from England to CA and the bills were catching up. I was a month late prior when I received a 1 day notice I was going to South Africa and Mozambique to help out the flood victims and work on two local area networks setup for the multi-national personnel at Beira airport. Despite these facts when I got "the call," each time they didn't give a ••••. So much for respect for the uniform. I respect you and your knowledge, but underwriters and credit bureaus can take a flying ••••••• leap. I took a 15% raise and moved jobs 6 months ago, moved to a nicer, less expensive area 3 miles to the office one way less then 2 months ago, so I'm •••••• all over again. I'll have to pile up money waiting for that magical ••••••• moment where I either pay cash or be able to finance one. Jean-Louis gave me some tips that I can actually fight these two things and might be successful in removing them from my rating, but even if I do, I'm still too much of a "risk." Its all my fault I work in the IT industry and golden opportunities seem to keep coming up every 1-2 years where I can earn more, have better benefits, more training, and into more successful companies (different industries to boot). Being in the Military mindset, I don't care where I live because its all a roomy paradise compared to what and where I lived in Military, and as long as its close to work. Whatever. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 74 Registered: 4-2002 |
If you're just starting out, I'd say get two. I'd pick two cards that I would hang on to for a long time. Suggestions include Citi, Bank One, Chase, and MBNA...stick with major credit card banks versus local bank credit cards like Commerce for at least one of them. With all the options out there, pick a card that'll give you something. Like a card that gives you an extra rebate on gas, miles for an airline, hotel points, a low fixed interest rate, etc...you might as well get something "free" for your money! You're likely to get a $500 to $1K line to start with. I'd suggest paying it off monthly or if you want to carry a small balance, keep a balance no more than 1/3 of the line. Oh yes, always make a payment larger than your required minimum. (Double the minimum if you're not going to pay off the entire balance.) It shows us that you're making an effort to pay it back. The biggest driving factors of your credit score is length of time established, amount of credit, and amount of usage. Here in the US you have to be 18 to get a credit card. You can get one as an authorized user under an adults account, but as an authorized user, you are not legally responsible for the account. We've made our mistakes and minors have slipped their way in before and it'll probably happen again. Our bank once granted an account to an 8 year old that had dug through his fathers information and used his dad's social and birthdate as his own...he applied over the internet. Parents, watch what your kids are doing on the internet! His parents turned him in after he used his brand new card to buy flowers for his mom for Mother's Day. Course, we were blamed despite his use of his fathers information. In terms of premium lines, well, Gold, Platinum, Titanium, Unobtanium doesn't mean much anymore these days. There are even student platinum cards these days with $1K lines. Our lines go between $500 to $100K these days...we have allowed up to $200K on a line, but I'd say that's about .1% of the accounts. I'd say $15K to $20K are the most common lines in our cards. This is usually sufficient for 90% of the major purchases. People have and do try to put items like cars and houses on their cards, but most of these sellers still do not accept credit cards for the full price. Most car dealers will have a limit of $2,500 to $7,500 since we still want our interchange rate from them. (1% to 5% depending on the agreement.) Our most prestigious account seems to be the United Mileage Plus and Marriott accounts. Pretty much any account over $25K will be one of these. Though we have just introduced the Disney and Amazon cards so that may change. People go to all extremes just to earn their miles and points these days...they'll charge a pack of gum just for that extra mile or put their Marriott timeshare on for the points. However, I'd have to say that American Express seems to have a lock on the biggest spenders, including corporate cards. They seem to be the most prestigious accounts. These days it is possible to get a line up to about 60% of your claimed income. It does get significantly harder above $35K lines though. For example, for a $100K line we will want to see that you are making at least $1 mil a year and sometimes, that alone is not enough. Credit is a privilege and not a right. Use it wisely! Alex | ||
| G.Peters (Wfo_racer)
Junior Member Username: Wfo_racer Post Number: 83 Registered: 5-2002 |
Alex, great info. What is the average line of credit for a premium credit card 25,000-50,000-75,000 nationwide? | ||
| Fayyaz Vellani (Fvellani)
New member Username: Fvellani Post Number: 50 Registered: 8-2002 |
Here in BC they just passed a recent law...You have to be 18 to get a credit card...if they didnt have that then I would have a credit card by now, just to put gas/clothes on, rather than having to get my parents credit card everytime the car(s) need gas, or getting so much cash out of the bank if I want clothes | ||
| Rikky Alessi (Ralessi)
Junior Member Username: Ralessi Post Number: 89 Registered: 5-2002 |
What would the concensus be on the best card to get to start off with? Also, when I first turn 18, how many cards should I get, and should I charge on all of them and just one (I will most likely except in rare circumstances pay them all off at the end of each month)? Also, are there any specific banks to go for, or just the best interest rate? | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 177 Registered: 2-2002 |
Alex, Holy Shamoly, thanks for the thorough report. Now let me see if I can get some increases without them checking my credit report. Thanks again | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 70 Registered: 4-2002 |
Ahhh, good old AMEX. They're a bit tricky because of the way they report to the agencies. They do not report the (non-published) credit limit you have. Instead, they tend to use your highest balance in the past but nothing for your limit. Sometimes the computer will pick this up as your credit line though. Not a problem though, as most humans will be able to tell that this was merely your high balance instead of your line...if you make it to a human! A problem I've seen was that a customer had an AMEX card for 20 years, but no other cards. The computer automatically declined for lack of credit and no history since it didn't pick up the AMEX as it didn't report the way a credit card should on the credit bureau. Problem has since been rectified I believe. The Big Brothers: Equifax (CB) www.equifax.com (800)685-1111 Trans Union Corp (TU) www.transunion.com (800)888-4213 Experian (TW) www.experian.com (888)397-3742 Also check out: http://www.fairisaac.com www.myfico.com Alex | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4190 Registered: 5-2001 |
maybe I should upgrade my green AMEX to the gold | ||
| Dave Penhale (Dapper)
Member Username: Dapper Post Number: 605 Registered: 4-2002 |
"Seven continents" Thats a funny old game, when I was at school there were only 5. 4 began with A the other with E. Guess continents have become like planets, people are forever redefining what constitutes them | ||
| Craig Nelson (Monza456)
New member Username: Monza456 Post Number: 4 Registered: 2-2003 |
Great thread, More interesting than a lot of the same old... Those who think it's wrong or off topic should move on to another topic. Thanks for the info and enlightenment guys. | ||
| John A. Suarez (Futureowner)
Member Username: Futureowner Post Number: 592 Registered: 3-2002 |
Warren, Done and done. The funny thing is that I don't really care that much when people post off topic. My only intention was some friendly ribbing. So go ahead and feel free to give me the treatment if I post an O.T. thread. ---John (Interesting thread by the way ) | ||
| Jason Fraser (Jfraser)
Member Username: Jfraser Post Number: 294 Registered: 3-2001 |
Glad to see the personal touch is still alive and kicking!!!! Can you give me the address of the big brother computer that seems to determine the outcome of our lives....I'd like to put it on my Xmas card list | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 68 Registered: 4-2002 |
OOps, almost forgot. Having multiple cards doesn't hurt your credit score most of the time. (3 or 4 cards is usually not a problem...but never carry a balance on all of them at the same time.) Having multiple balances will. Never carry a balance on a store card unless it's a promotional interest rate...those things are usually around 20%!! Also, add up all the credit lines on your card, then all your balances. Try to keep it less than 30% or so. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 67 Registered: 4-2002 |
Warren, Almost all credit card companies will raise your limit without a credit check based on our scoring system, but only to a certain amount. (IE: All requests for a line > $5K than original line or all requests with a final line >$25,000 require a credit report and in some cases verification of income or liquid assets.) As a "reward" for showing us that you can handle $XX,XXX amount, we're going to show that we trust you and give you an additional $X,XXX amount. When you make a request that the scoring system cannot make a decision on (gray or >$5K incrase or $25K overall), then you will be put in touch with a lender (Credit Analyst). The scoring system is based on information such as usage, size of payments, timeliness of payments, etc... If everything is favorable the computer will just increase the line regardless of what your line already is. This is because a computer doesn't deem you to be a risk. Even if it's to say $50K and you only make $35K a year. Now you call up and ask for the same line with the same income and no additional assets, you're not going to get it. Honestly, I've seen that scoring system do some really strange things. Computers (right now at least) think in black or white and never gray. Another reason for the auto increases is simply the bottom line. When it comes to banks, one of the key measures is how big your bank is in overall loans and how much you're growing. This is calculated in outstanding accounts as well as overall exposure. If you have $90 billion dollars of credit extended then potentially you have $90 billion in loans. You are always looking for organic growth for your company. Inquiries, there is a difference between a credit card inquiry and a secured inquiry (mortgages, autos, etc...) A credit card, or unsecured loan is not backed by anything except your word. So if you don't pay, the bank loses it all. On a secured loan, you don't pay, the bank can recoup some of it's losses by selling your former car/home/etc... If you're referring to inquiries within a week not counting, this is more true for that of a secured loan. Usually loans this big entail some background checking of your financials before they even know how low of an interest rate they can charge you. (As Ben said, the better your credit, the less risk and the more the banks are going to compete for your business.) People also tend to shop around for interest rates for these major purchases. On a credit card though, because it's unsecured and it's instant cash, if you're applying for say 10 credit cards in a month, historically, chances are you're desperate for cash and you're looking for it from any source you can. Example, say you're a kid again and you ask your mom for $1 to buy a candy bar but she doesn't give it to you. You move on and ask your dad, then your grandmother, etc... Also, say you have 10 inquiries on your credit report for credit cards. Now, it generally takes 30 to 60 days for a new account to show up on your credit report. What happens if all ten are approved for $10K each? That's ok if you're making $1 Mil a year, but if you're making $30K a year and you just opened $100K that you can max out and should you default, the banks are out $100K as it's unsecured debt. (You're income is usually not listed on the credit reports we see.) OK, that was probably a lot more than you wanted to know...but there's some info for you. Sorry for rambling on! | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 175 Registered: 2-2002 |
Suarez, I apologize. Off topic thread I agree. I added the 355 bit in there to get the thread back on topic, didn't work. Anyways... don't want to start a thread war so sorry for the blows. to reply to Alex Lee, Alex, I noticed that some credit card companies will allow certain raises in ones limit without a credit check, but most companies require one. I know the inquiry lowers one's credit score, however, I heard that if there are more than one inquiry within a weeks time all the inquiries count as only one inquiry against your credit score, is this true? Also, why does having multiple credit cards hurt your credit score? Thanks in advance for the response. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 66 Registered: 4-2002 |
Not true Lionsfan, couple things. First is we do sometimes look at other credit cards you have and will give you what you have on your other account. IE: You've handled $25K with Citi but you want to put a $25K purchase on your Bank One account but you're limit is only $10K. We'll look at that $25K with Citi (among other things on your credit report) and be comfortable matching it. Also, it's better to show that you're using say 10% of your total credit lines rather than 100% of your credit lines in terms of credit scores...and if you only have a $10K line with a $10K balance, then you're using 100%. Ben said to call up and ask for increases "every month or three", DON'T! We will pull a credit report (inquiry) each time you call up and the inquiries on your credit report will make it look like you're desperate for credit (money). If you're using our card and paying well, the computers will automatically give you increases most of the time. Do call and ask for better interest rates if you need to carry a balance, but your best bet is to pay off your account in full every month. Why pay 15% interest on gas and milk? Just in case anyone is wondering, I'm employed by Bank One Credit Card Services as an analyst. | ||
| LionsFan54 (Lionsfan54)
New member Username: Lionsfan54 Post Number: 1 Registered: 3-2003 |
"Also, always call and harass your credit card company every month or three. Ask for more. Higher limits, better features, lower intrest rate, etc. Much in life is available, but never offered to you, you have to go seek it out. " Actually, every person has a total amount of credit they can use. By having your credit card company up your limit to a needlessly high amount, you are taking away from credit somewhere else (eg car loan). It's actually best to keep your limits trimmed. Figure out how much space you want/need and keep it there. Make sure they don't sneak a raised limit past you. It doesn't matter whether you have a balance on your $10,000 gold card or just that limit. It all counts the same against your credit score. | ||
| John A. Suarez (Futureowner)
Member Username: Futureowner Post Number: 591 Registered: 3-2002 |
" absolutely no need for 2 pics displaying "off topic" icons [see Suarez's response]-seriously geeky and unnecesarily authoratative. Unless you are Rob, don't pretend you are the F-Chat police, it's unbecoming." Woah now Warren! Take a chill pill! If you can't acknowledge that this thread is Off Topic then you never will. Ever heard of a little thing called "humor"? Leave the personal attacks elsewhere, its unbecoming! "And just so Mr. Suarez doesn't respond with a picture of handcuffs to my message, I will ad that my 355 is doing great." And having a 355 justifies what and how? | ||
| Rikky Alessi (Ralessi)
Junior Member Username: Ralessi Post Number: 83 Registered: 5-2002 |
Wow, thanks a lot, I will definitely make use of that information ;-) | ||
| Ben Cannon (Artherd)
Junior Member Username: Artherd Post Number: 241 Registered: 6-2002 |
Hi Rikky, well, withought going too deep into the workings of things (and not knowing where to start, you likely know some of this stuff , the Credit Beruos keep records from nearly every bill/lease/rent you pay (Phone bill, PG&E, taxes, loans, credit cards, bank accounts, credit card etc. are just a few.) Basically, buisnesses and people will look at this file and decide wether they want to help you or not based on it's contents. Nearly EVERYTHING YOU TRY TO DO AFTER AGE 18 AND UNTILL THE DAY YOU DIE will hinge upon the contents of this credit file in a computer somewhere. Want to buy a car? They'll look at the file to decide if you're worthy.. Want to rent office space? Buy a house? Yep. File. Want to carry some vendor's product? They'll look at both your buisness, and as owner, personal credit files... (yeah...) Want to even buy almost anything large, wether financed, or even just paid in cash/check, many are running credit checks now to decide if you're 'worthy', it's gotten so easy to run them instantly. So, even if you don't need to do anything right away (eg, in college and don't need a car/house untill 4 years from now) GET a credit card, and put EVERYTHING you pay bills on on the card to show "high activity" and a long "history of activity" Ie, stop writing checks, or paying in cash. It will help you establish a "history." Doing a trick similar to what someone did to get an amex black card, paying for not just your stuff, but that of your buddies, might be a good trick (If I could go back in time, I'd definately risk that Also, always call and harass your credit card company every month or three. Ask for more. Higher limits, better features, lower intrest rate, etc. Much in life is available, but never offered to you, you have to go seek it out. That way, 4 years from now, the BMW dealership will say "damn, we want to give you a loan!" The system will try to keep those withought money (and as such, withought a sizeable and long-lasting credit/spending history) from making money (ability to rent property, ability to get a loan to start a buisness, or buy more equipment once you have a buisness, etc.) The way to beat the system is to make it look like you DON'T need any loans, credit, jobs, space, house, or cars Then people will clammor all over themselves to GIVE you these things. It's kind of backwards. More than a bit. People with better credit ratings also pay LESS for the same things that normal people get. Ie, intrest rates on loans will be lower, discounts on hotels, airlines, even groceries. It dosen't stop either, many job interviews ask for your SSN, and employeers can and will look at your credit report to decide if you will be a 'trustworthy' employee. (wether it's legal for them to do this or not...) Basically, I always knew it was for some blye-sky reason 'good' to have this 'good credit', but I never realised it would impact so many fascets of my everyday life. It's getting more and more pervasive too, but with your chin up and the right knowlege in your head, you can beat the system. Best! Ben. | ||
| Rikky Alessi (Ralessi)
Junior Member Username: Ralessi Post Number: 82 Registered: 5-2002 |
Ben, What exactly do you mean by "learn early, beat the system" etc.? Enlighten me please :-) (16) | ||
| Ben Cannon (Artherd)
Junior Member Username: Artherd Post Number: 240 Registered: 6-2002 |
Sprint will do that for me (make reservations) when I dial 411. Costs me $1. :P I'm still struggleing to even get a decent corporate CC (nobody likes small corporations entirely owned and run by young CEOs with no other actual 'job' history anymore. Or so it seems. Teach me to start the company at age 15. Ok, I'll stop whineing.) (I lied, more whineing: ) Wish my parents taught me how to play this game (credit, etc) long ago. If there are any parents of young children in the audience, please get them a credit card and teach them how to beat the game and the system as soon as you possibly can! (that's what it is, just a silly, silly, very serious, yet still silly game.) Seems to be getting worse as of late too. Vendors don't want to sell product anymore withought an exhaustive credit check, and 2 years tax returns. (and the same vendors wonder why the economy is tanking.) Soon I doubt I'll be able to use a public restroom withought giving up my SSN. Maybe they'll mail me the results in 2-4weeks... Now where's that can 'o spraypaint... ;) Best! Ben. | ||
| Taek-Ho Kwon (Stickanddice)
Junior Member Username: Stickanddice Post Number: 218 Registered: 11-2002 |
My black card is matte black, not glossy. Are there different types? Maybe I have the bootleg black card...??? I acquired one through my dad's secretary's advice. The only card I got with an annual fee. I didn't think it was anything special. They have all kinds of ridiculous cards now. Titanium, platinum, etc. The reason it helps in restaurants is because you can have the card representative make the reservation for you. | ||
| Jason Fraser (Jfraser)
Member Username: Jfraser Post Number: 290 Registered: 3-2001 |
Sorry, I'm on a roll here....tickets to those 'special events'....One such event was the British F1 GP last year....I thought what the hell and bought the 'Amex' package (lunch, champagne reception, the usual crap), only to discover when the tickets etc had arrived that Amex had NOTHING to do with it, they had simply subcontracted the whole thing out to a corporate entertaining company whose published rates were less than I paid thru Amex.... | ||
| Jason Fraser (Jfraser)
Member Username: Jfraser Post Number: 289 Registered: 3-2001 |
Hmmm, The perks one gets from Amex Centurian really depends on which country the card was issued....Granted in the US, there is a cache about it, but the UK issued Centurian is absolutely NOT worth the money & frankly some of the so called companion tickets are at best misleading and at worst false advertising. For example ineligible for discount/companion ticket because the origin of travel was not the same as the origin of card issue!!! I think that is a little ridiculous. Negotiated special room rates on rooms that frankly aren't 'special' only to be told that the room category you desire doesn't have a negotiated room rate with Amex...I'm surprised that the perks aren't globally uniform, but there really are major differences between the US and UK version of the card. It doesn't really matter what colour your card is, the real mark of spending power is always going to be the ability to pay the bill at the end of each month!! | ||
| G.Peters (Wfo_racer)
Junior Member Username: Wfo_racer Post Number: 82 Registered: 5-2002 |
The real cost of the card is,$2500.00 for the primary holder and $1500.00 for my wife's card . If you don't travel alot it makes no sense to have. If you do , you get some pretty cool perks. And invites to some pretty cool events. More than their other products provide. You have to spend around $150K a year and have some pretty good cash flow . Would I have ever imagined I would spend $4K a year just to charge junk on ,no.Do I get back $4K in benefits a year ,heck yeah and then some. Plus I write off the cost of the damn thing every year. WFO | ||
| Ming Cheng (Onlinesys)
Member Username: Onlinesys Post Number: 264 Registered: 5-2002 |
May be Rob could contact one of the Bank to issue a FerrariChat.com Visa card specially for the members! Cheers | ||
| Coop (360)
Junior Member Username: 360 Post Number: 91 Registered: 4-2002 |
BLACK MASTER CARD... and more http://news.bbc.co.uk/2/hi/uk_news/2069758.stm http://home3.americanexpress.com/corp/latestnews/centurion_launch.asp www.centurioncard.de | ||
| wm hart (Whart)
Member Username: Whart Post Number: 841 Registered: 12-2001 |
RaQuel Welch allegedly told Allan Grubman (bigshot music biz lawyer and Lizzy's dad) that the only way he would get laid was to glue his Amex card to his forehead.BTW, i'll bet you can get cheap seats on Air France Concorde these days, even without a premium credit card... | ||
| RockStar (Remix)
New member Username: Remix Post Number: 4 Registered: 3-2003 |
LOL. Too many people here with too much loot. Haha. One thing is, how in the hell do they see your card BEFORE you eat dinner? I never whip mine out (pardon the expression) until it's time to pay for dinner. By then it's too late. Yeah, my payment history must blow. I always pay about 2 days late and always via FedEx. Like clockwork & I know exactly how many HOURS it takes to be processed, too. They should have offered me this perk many moons ago otherwise. It is the only credit card I own outside of my bank debit card. If they don't take Amex, I just won't eat/stay/shop there and I've been like that for years. Anyway, I'm just gonna spray paint mine. REMIX | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 61 Registered: 4-2002 |
Geez, does every F Chatter have a Black Card? ;-) Someday I'll get mine...someday! | ||
| ross koller (Ross)
Member Username: Ross Post Number: 909 Registered: 3-2002 |
ok, well since ed and dario came clean, so will i...the black card is a good deal once you take advantage of the free companion ticket deal, even just once. everything else after that is gravy. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 60 Registered: 4-2002 |
Ross, I guess it shouldn't surprise me that much as I'm a banker! (Not personal finances though) I thought the figure was more like 5K people worth > $50 mil and 50K people worth > $1 mil. With good old Bill and Warren at the top of the lists. | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 173 Registered: 2-2002 |
I'm not going to apologize for the off topic post because 1) I did talk about F-s in Asia 2) absolutely no need for 2 pics displaying "off topic" icons [see Suarez's response]-seriously geeky and unnecesarily authoratative. Unless you are Rob, don't pretend you are the F-Chat police, it's unbecoming. Anyways, I'm telling you guys that you don't have to spend 100 -150,000 to get a black card, it also depends on how long you have been a customer and your payment history. Also, not everyone knows what it is, its not like it looks all that special, it's black and glossy and looks like a regular Am Ex. Restaraunts, in my opinion tend to always recognize it and give you better service. And I think there are more than 5000 people in the US with it. I think more like 25,000. Like I said, when it first came out it might have been exclusive, but its not that exclusive anymore. The platinum card is great too! It now gets you into a lot of airport lounges even if you don't have a first class ticket. Ie continental. And just so Mr. Suarez doesn't respond with a picture of handcuffs to my message, I will ad that my 355 is doing great. It has been resting in the garage while I was away but with the weather cooperating these days, I will fire it up soon. I have to get the road salt off the body though. | ||
| Ed Christophersen (Dr_c)
New member Username: Dr_c Post Number: 18 Registered: 12-2002 |
The one offer that staggered me on the Platinum Card, that came once each year, was a round the world trip on the Concorde, that stopped on all seven continents, that took something like 30 days. The price, for a couple (no single tickets available) was something like $85,000 PER SEAT. And, I think that it sold out every year! Now that's what I call descretionary income! | ||
| Ed Christophersen (Dr_c)
New member Username: Dr_c Post Number: 17 Registered: 12-2002 |
Actually, if you take one trip per year to Europe on the Platinum Card, and take advantage of the free companion ticket, it pays for the annual service fee. For a while, when I travelled more than I do now, the Platinum Card was worth it. I particularly liked the superb 24-hr travel concierge. A couple of times, it was the only thing that saved me. Anyway, there certainly are times when you can justify something like the Platinum Card. So, there are probably people who can justify the Black Card. So be it. | ||
| Dario Ferdows (Dario)
New member Username: Dario Post Number: 5 Registered: 12-2002 |
The Centurion Card is a great card to own ... When I went to the Bellagio and got into a dispute at the check-in, the manager saw the black card in my wallet and mumbled something to the assistant who instantly apologised and fixed the problem.... I asked him what happened, she said you're a good guest, I asked, how's she know? and he replied probably becaese of your black card, during training there is a 20 min lesson on the black card and how to treat customers who have it??? | ||
| ross koller (Ross)
Member Username: Ross Post Number: 908 Registered: 3-2002 |
alex, it might amaze you to know that there are just over 57,000 people in the usa whose networth is $50 mil or higher, according to recent wall street journal article. dey be spendin da money! | ||
| Kevin Butler (Challenge)
Junior Member Username: Challenge Post Number: 120 Registered: 9-2002 |
OK, I used to work at a large bank's credit card operations. There were a handful of accounts (50 or so) that had "AV" status, meaning approve anything. Pretty wild. | ||
| RockStar (Remix)
New member Username: Remix Post Number: 3 Registered: 3-2003 |
Holy smokes! I'm about $50k shy of the minimum. I guess I could put EVERYTHING I buy on my Amex and maybe I would hit minimum. Like I said, I'm not rich, but I guess I can see where people would put $1-million on their Amex. I have a friend who works at their Remittance Processing center and says what I spend is chump change - there are people regularly putting $400,000 A MONTH on their cards. Ahhh, the good life. Yes, OFF TOPIC but a cool thread nonetheless. REMIX | ||
| Mr. Doody (Doody)
Member Username: Doody Post Number: 923 Registered: 11-2001 |
no need to apologize! the thread is stuck here. no reason not to continue the discussion. i just wish OT stuff got moved to OT if it didn't get started there properly. doody. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 58 Registered: 4-2002 |
Sorry Doody, ok, I'll stop now. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 57 Registered: 4-2002 |
I don't think there are 5,000 people in the world (approx num of cardholders) that are spending $100,000 a month. $100K to $150K in a year is more like it. Also remember, I'm going to guess that a vast majority of these people are "economy proof" or economy exempt. | ||
| Mr. Doody (Doody)
Member Username: Doody Post Number: 922 Registered: 11-2001 |
OFF OFF TOPIC. i get mail from amex every freakin' month to upgrade to platinum. i totally don't see the win and ignore it. it's only a win IMO if you are travelling all the damn time. OFF OFF TOPIC. doody. | ||
| Jason (Arnaget)
New member Username: Arnaget Post Number: 14 Registered: 3-2003 |
oops.. i guess i was misinformed then. the requirements still sound pretty stringent. perhaps they have relaxed them a bit due to the economy?.. | ||
| Alex Lee (Alxlee)
Junior Member Username: Alxlee Post Number: 56 Registered: 4-2002 |
Jason, not that secretive: http://doit.circles.com/corp/New_art_wallstreetjournal_apr2002.html From the thread:http://www.ferrarichat.com/discus/messages/21/224055.html?1048691856 | ||
| Jason (Arnaget)
New member Username: Arnaget Post Number: 13 Registered: 3-2003 |
I've heard that the evaluation process for the centurion is extremely secretive. one rumor was that you have to spend above 100k/month to qualify... in asia (and hong kong especially), it's become a big status symbol that all the "tai-tai's" (wives of rich men who shop a lot...) strive for. Jerry Seinfeld supposedly had to request Amex to give him one. I guess he doesn't spend enough..? | ||
| DES (Sickspeed)
Advanced Member Username: Sickspeed Post Number: 2967 Registered: 8-2002 |
Remix, call them and tell them you're a little ticked off that they haven't offered you platinum status... If they don't offer it then, threaten to cancel the card, saying just what you said, that you drop 100k and have been with them for 15 years- so what if you're a few days late with payments... If you call, i don't see why they won't bump you up... | ||
| John A. Suarez (Futureowner)
Member Username: Futureowner Post Number: 586 Registered: 3-2002 |
  OFF TOPIC!!! | ||
| A Migliore (Remix)
New member Username: Remix Post Number: 1 Registered: 3-2003 |
I'm not rich but I regularly put $100,000 on my Amex Gold and travel 80,000 miles a year but they haven't even offered me a Platinum card (been with them for 15 years, too). I always pay them a few days late so maybe that's it. Hmmmm... REMIX | ||
| John A. Suarez (Futureowner)
Member Username: Futureowner Post Number: 585 Registered: 3-2002 |
. | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 172 Registered: 2-2002 |
Black card - looks cool, great reputation, better service at restaraunts and snotty places that actually care. You have to be invited, you don't have to spend 150,000/ year, just a lot. 1000/year membership, I think its 2000 or 1500 to get an additional family card -i have to check. If you travel its worth the $$$ because it automatically enrolls you into all the top hotel clubs and airline clubs. Other than that, its very similar to the platinum card. Yes, once exclusive, now more and more people have it. It use to come in a box in the mail, so cool, now it just comes in a book, still cool, just not as cool. different phone number for customer service, so polite makes you want to puke. By the way do any of you guys know if Visa or mastercard or any other card companies make an equivalent of the black card? I have a quantum mastercard but in NO way is it comparable to the black card. this is a cool topic. Let's make a list of all these secret, snobby clubs or in the case of the black card, useful information that we can benefit from. For instance the Starwood Preferred or platinum guest card is awesome. You can get a suite for the price of a regular room, plus a lot of perks! Totally worth it if you can get it. BTw I was MIA for awhile because I was in Korea and Japan. Let's see, saw a Murcielago, 360 hard top and a porsche -C2 I think, all driving in a row in Seoul -all young guys. Lambos and F-s are extremely rare in Korea. Also saw a GT2 on the street parked, couldn't believe it. In Tokyo saw some ridiculous cars. 360 orange spider. too many mercedes 600 series, but what was strange was that every mercedes SL and CL was suped up Brabus, or the other one that starts with L-- They looked unbelievable. Also saw a few suped up Porsches. Totally slipped my mind what company works on Porsche? Not Ruf, I think it started with a B. Why are there so many more Euro super cars in Japan than in Korea? Hmmm... maybe has to do with taxis starting at 5 bucks, lunches for 45 dollars... ... And sorry about the ladies post. Couldn't think about anything to write on that subject... great subjet heading thought right? |