FlyerTalk Forums - View Single Post - Having charge card AMEX Canada not good for your credit score?
Old Aug 13, 2015, 6:17 am
  #10  
Zhariak
 
Join Date: Feb 2007
Posts: 77
I don't know if I'm 100% correct on this, but:

It's a new account, of course it's going to bring your credit score down...


In my case, I jumped on board with Amex at a super young age (being freshly 18, they were the only bank/lender that would give me credit). Got a Platinum Credit card (not charge).

I spent a lot, and of course only used my Amex. Shortly after my credit score got SUPER awesome, I got a few other "whatever" cards from banks just for the sake of it, but then I jumped on board the Platinum charge bandwagon when I was 19.

Again, I think it brought my score down immediately, but then BAM again, my credit got really good, after using the card normally...

I could be wrong, but I think the charge cards are GREAT for long term credit score increases. I like to think it was my Amex usage that allowed me to qualify for my first auto loan finance (vehicle was $100,000).

Just use it normally, eventually it'll help more then if you never had it.
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