topic Re: Amex question in Credit Cards

Amex question

pat0812 — Tue, 11 Dec 2012 00:39:29 GMT

i have only 7 months credit history but I have already 4 cc

i started credit in may 2012

walmart recently raised my limit from 400 to 1050

wells fargo $300 secured

capital one $500

amex gold NPSL (opened November 2012)

i need to buy a car soon and I was wondering if applying

in January for an amex revolver will help me?

would it backdate to January 2012 and will it make it look like my history is 1 year old ? Or will my

credit history show up as I started it in January in stead of may ?

will that help me?

Re: Amex question

armbenderc — Tue, 11 Dec 2012 00:54:23 GMT

pat0812 wrote:
i have only 7 months credit history but I have already 4 cc
i started credit in may 2012
walmart recently raised my limit from 400 to 1050

wells fargo $300 secured
capital one $500
amex gold NPSL (opened November 2012)

i need to buy a car soon and I was wondering if applying
in January for an amex revolver will help me?
would it backdate to January 2012 and will it make it look like my history is 1 year old ? Or will my
credit history show up as I started it in January in stead of may ?
will that help me?

Seems like you asked this before. If you don't have a lot of inq, you can apply for amex revolver. However, I am not sure if you would be approve with thin file. The good news is that if you get denied, it would be a sp.

As for a car loan, how much are we talking about? a focus? beeemer? or corvette?

Re: Amex question

pat0812 — Tue, 11 Dec 2012 06:32:02 GMT

i want a car around $15k

i don't need the revolver amex, but if it will help me to make my history older than i would do it

I have with experian and transunion 5-7 inquiries, on my equifax it's 11

Re: Amex question

CotySinz — Tue, 11 Dec 2012 13:22:38 GMT

If you got an Amex revolver it would backdate to when you got your first Amex - so November of 2012 - your not going to magically get 11 months of extra history with them.

Re: Amex question

armbenderc — Tue, 11 Dec 2012 13:41:44 GMT

CotySinz wrote:
If you got an Amex revolver it would backdate to when you got your first Amex - so November of 2012 - your not going to magically get 11 months of extra history with them.

I think he would be backdated to 01/12 (if he open it 01/13) on his new Amex account, so 1 year. Thus, his new account is "older" than his old amex account opened end of this year.

Re: Amex question

adavis425 — Tue, 11 Dec 2012 14:00:50 GMT

armbenderc wrote:
CotySinz wrote:
If you got an Amex revolver it would backdate to when you got your first Amex - so November of 2012 - your not going to magically get 11 months of extra history with them.
I think he would be backdated to 01/12 (if he open it 01/13) on his new Amex account, so 1 year. Thus, his new account is "older" than his old amex account opened end of this year.

Yup, 1/12. You get the actual month of approval with the year of previous AMEX card. So a January approval would be 1/12 since his first AMEX was issued in 2012.

Re: Amex question

CruzImperial — Tue, 11 Dec 2012 14:09:40 GMT

Going to be 1/12 but I don't think they will approve you

Re: Amex question

Cdnewmanpac — Tue, 11 Dec 2012 14:28:44 GMT

as others mentioned, you will get an open date of 1/12. That will help you a little bit. But not very much, because most auto lenders use an auto enhanced fico, which scores in favor of auto loan history, then installment history, then revolving history. So any bump you get will be smaller than it would be for a traditional fico score. I would be surprised if it makes enough difference to change your interest rate on your car loan, which is going to be high. It might make a difference if you are borderline for approval at all. Also, I think you are borderline for an Amex revolver. Delta gold, maybe.