Amex card to build credit history

thejinkazama

Hello,

I've done some research into this and I'd like to check with you that I'm not overlooking anything. I'm in my mid twenties and I don't have any debt. I'm likely to be getting a mortgage within the next few years. When I ran a few checks last August I had an almost perfect score on Experian and around 800 on checkmyfile. I know that these are only indicative however.

I'm looking into the Amex Platinum credit card. According to the eligibility checker on this site, I have a 95% chance of being accepted. I'd use this for everyday spending and pay it back in full every month by direct debit.

Am I overlooking anything? Is this the best way to build up a good rating so as to help with getting good mortgage rates in the future?

Thanks

grumbler

Amex CC is as good for this as any other CC.

Don't put too much trust into the 'almost perfect' scores from CRAs. They are worthless.

planteria

if you can get one, great. and it is the best card on the market for spending, overall
in the past Amex have been more fussy than some other providers, and apparently looked for some credit history, but i don't see any reason not to try. even if Amex were to decline you you would be free to apply for an alternative card

thejinkazama

I'm in the process of applying. I still live with parents therefore do I have to declare their income in the 'other household income' box or is this only for partners?

Thanks

ViolaLass

I would get another CC, personally. I had an Amex (for the cashback) but a lot of places don't take it. Go for one that is more universally accepted.

bozo007

ViolaLass wrote: »

I would get another CC, personally. I had an Amex (for the cashback) but a lot of places don't take it. Go for one that is more universally accepted.

Acceptance depends a lot on location. In London, I rarely come across a merchant that doesn't accept Amex but that is where I live & work so your experience may be different. Many places do not accept Amex but may accept Paypal - an Amex card in your Paypal account will also thus work. But I do agree that a backup Visa / MC is always a good idea. In my case, I have the Clarity card which helps when travelling outside UK.

ViolaLass

bozo007 wrote: »

Acceptance depends a lot on location. In London, I rarely come across a merchant that doesn't accept Amex but that is where I live & work so your experience may be different.

Fair. I'm more in the sticks and found it annoying to have to look after two CCs.

planteria

i travel around the UK on business and only around 10% of places i spend don't accept Amex. so i just have an non-Amex card as back up.

Izzy8484

The eligibility checker showed that a lot of sub prime lenders would offer me credit, no decent lenders like Amex were in my selection. It is true that my credit was bad in the past but I have since paid everything off and almost doubled my annual income. I got an Amex green card after they requested my payslip, council tax bill and copy of my passport. They may be fussy as some people state but I would give it a try. The rewards are very good.