I'm thinking of getting a Blue AMEX card for students as oppose to a visa from my bank. Are they better for ur score since I think it's harder to get?
2007-07-28 18:04:50 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
no
2007-08-01 11:36:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The Brand does not make a difference but the type might...
On one side there is Amex, Citi,Discover and major Bank Cards -on the other side there are the store cards...
From a lender's point of view having a card from a major creditor like Amex might be a plus. But if your bank is a well known bank like National City, or like Citizens in New England, for example - it really does not make a difference.
2007-07-29 17:23:54 · answer #2 · answered by Ana B 1 · 0⤊ 0⤋
No, the way you pay your bills make a difference in your score.
For instance, if you have a credit card with company A- you always make payment on time, they must report you as current account. If you have another credit card with company B, you're always late on your payment, by law they have to report as it is.
People use credit card mostly for the rate and service that company offer, not so much about the name either Citibank, BOA or other major credit card companies. That's why credit card business is a competitive business. Visa is a Visa as long as where you go Visa accepts it.
2007-07-29 22:04:59 · answer #3 · answered by Phoenix 5 · 0⤊ 0⤋
No, with one exception that I know of, and that is Capital One. Capital One does something weird with reporting to the agencies so it makes it seem like you are always using your max credit line. Both AMEX and Visa do NOT do this so you should be safe with either.
2007-07-29 01:10:21 · answer #4 · answered by katesomes84 3 · 0⤊ 0⤋
The brand makes no difference. It's the debt to credit line ratio that affects your credit score.
The best thing is to improve both your credit score and credit line, is to pay the card in full every month.
2007-07-29 01:19:42 · answer #5 · answered by bdancer222 7 · 1⤊ 0⤋
Not specifically. However, different cards have different maximum credit limits. You should aim to stay under 40% of your credit limit for excellent credit ratings.
The higher your limit and the lower your balance, the better it looks to other creditors and this will help your score rise!
2007-07-29 03:28:31 · answer #6 · answered by Gulfstreamxo 1 · 0⤊ 0⤋
No, unless it doesn't specify your limit on your credit report(Capital One) i think.
2007-07-29 01:12:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋