A move of substance or just superficial?

[Anonymous]

Clueless credit, why don't you go for the PRG 50k for $1k spend.

Check cardmatch, keep trying until the 50k offer shows up.

[Odiseous]

---

@CluelessCredit wrote:

---

@takeshi74 wrote:

---

@CluelessCredit wrote:

I am making the assumption that it would be best to do away with the BoA Amex because I believe (might be wrong) that there is such as thing as too much available credit.

---

Has that been cited as an issue for you?  What is considerd "too much" can vary by creditor as well.

---

@CluelessCredit wrote:

I am making the assumption that it would be best to do away with the BoA Amex because I believe (might be wrong) that there is such as thing as too much available credit.  I currently only bring in about 80k before taxes.  I don't know how agencies would view having something around 30k in available credit.

---

Impossible to say based solely on available credit and income.  Many have multiples of their income.  Some qualify for only a fraction of their income.

It's not really the CRA's that matter as much as the creditors.

---

Ahhh, I always assumed there was some formula used.  I suppose I'll just give it a try.  Worst case scenario I get declined, and then I would know for sure if the "too much available credit" was a real thing or not.  I'm going strongly consider just applying for the AMEX Blue Cash for now.  I don't much care about the limit so much as I get an actual AMEX on the books.  I will hold on to the BoA AMEX and see how it all plays out.  Thanks for the assistance.

---

As always, it's YMMV.

I personaly have 253% of my Annual income, in available credit. The only grief AmEx gave me about it, was when I reached their maximum exposure (with just them, about half my annual income, over 5 revolving cards).

Even still, I have a couple of BT cards sitting at 70/90 % Util, and they are still giving me CCs.

A couple things to note:

- For general backdaing; it's better to establisth the MSD as early as possible, and not need it, than to need it and not have it. AmEx was a huge portion of my building, as I didn't get my first personal AmEx until Dec 2010. Though, I did have a Corporate AmEx dating to 2008. For me, having 5 CCs backdated to 2008 made a dramatic difference in my AAoA.

- In preparation for your home purchase, it's always best to have no inquiries for 6 months prior to applying for a mortgage.

- Since backdating is a application month/MSD year thing, your 2nd/3rd/4th/etc Amex should be applied for in early/mid Janruary, which means you should not apply for your mortgage until at least July of that same year. Though, starting your MSD this year, and getting more AmEx cards in Jan 2016 would be best.

[CreditUnionFan]

---

@CluelessCredit wrote:

To be a bit more clear as one poster alluded to, I'm not trying to back date the BoA AMEX.  I was instead questioning whether it would be worth it to drop the BoA AMEX (cut it up), and apply for an actual issued by AMEX ... AMEX?  The rationale being that once I'm debt free in a couple of years, I plan to travel etc.  Around that time I may also start considering the purchase of a home.  So, would it make more sense to go ahead and get something like the AMEX Blue Cash now, so that in two years should I want to change to a travel card; I would have the option to back date.  Then there would be no fear of a future hit to the FICO score when I might actually need it.

I am making the assumption that it would be best to do away with the BoA Amex because I believe (might be wrong) that there is such as thing as too much available credit.  I currently only bring in about 80k before taxes.  I don't know how agencies would view having something around 30k in available credit.  Maybe I should apply for the AMEX Blue Cash and just seek a really small CL, as I don't plan to use it for much anyway?

Also, I would like to pause and thank the community at large thus far.  While I haven't contributed much to the forums, the information I've learned here has enabled to move from having no credit and only SL debt; to almost being debt free with a strong FICO score!  It really is appreciated.

---

I use the Amex Blue Cash on a regular basis; it's a great card, IMHO, with a no annual fee version.

I would still keep the BoA card, although you could look into a Product Conversion (PC) into other cards if you didn't want to have two cards with the Amex logo. By PC'ing, rather than opening a new account, you retain the history dating back to 2009. If left as it is, just use the BoA card occasionally so it doesn't gets closed for inactivity.

Having "too much credit" is a subjective term, varies from lender to lender, and sometimes from UW to UW within the same lender.

[CluelessCredit]

I can't say thank you enough.  I can't believe I held on to such misinformation for such a long time.  I have been approved for the Blue Cash Everyday card with a 9,100 Limit.  Going into the garden to app no more.

And, as you suggested CreditUnionFan, I will be looking into a PC (probably better balance card) with BoA.

[bdhu2001]

---

@CluelessCredit wrote:

---

@takeshi74 wrote:

---

@CluelessCredit wrote:

I am making the assumption that it would be best to do away with the BoA Amex because I believe (might be wrong) that there is such as thing as too much available credit.

---

Has that been cited as an issue for you?  What is considerd "too much" can vary by creditor as well.

---

@CluelessCredit wrote:

I am making the assumption that it would be best to do away with the BoA Amex because I believe (might be wrong) that there is such as thing as too much available credit.  I currently only bring in about 80k before taxes.  I don't know how agencies would view having something around 30k in available credit.

---

Impossible to say based solely on available credit and income.  Many have multiples of their income.  Some qualify for only a fraction of their income.

It's not really the CRA's that matter as much as the creditors.

---

Ahhh, I always assumed there was some formula used.  I suppose I'll just give it a try.  Worst case scenario I get declined, and then I would know for sure if the "too much available credit" was a real thing or not.  I'm going strongly consider just applying for the AMEX Blue Cash for now.  I don't much care about the limit so much as I get an actual AMEX on the books.  I will hold on to the BoA AMEX and see how it all plays out.  Thanks for the assistance.

---

Good call.  I love my AmEX, but I shop at Costco.