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AMEX Backdate Strategy (student)

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Matt4776
Member

AMEX Backdate Strategy (student)

Hi Guys-

19 year old college student here. Long time reader first time poster. Very much into my credit.

Anyway, I got two credit cards (Cap 1 and Orchard Bank, which is now Cap 1) on my 18th birthday.

I currently have:

Cap One (500 CL) opened 12/11
Cap One (300 CL) opened 12/11
Chase Amazon (1000 CL) opened 2/12
**Citi Diamond Preferred (1500 CL) opened 5/13
Chase Disney Premier (3100 CL) opened 7/13
Discover It Student (500 CL) opened 7/13

**My dad got me this card without asking me to "help me build credit". He uses it himself and pays for it himself, and says he's going to give it to me with a 10k limit in a few years. Realistically, he just did it because he declared BK because of his recent divorce, and needed the intro APR rate himself. He also got me the two Cap 1 cards, which I hate because of the strict CLIs and $39 annual fees for not good service/rewards- but I digress.

Anyway, my goal is the AMEX BCP. My util is <10%, I have no deliquincies, and I have a few student loan accounts open also- all from 12/11. I was wondering if this plan sounded plausible:

Get a Green card sometime around December. I'd have two inquiries in 6 months then. AAoA around 1.5 years, with longest being two years. I would then hold that for a full year (where the annual fee is waived) then cancel before it kicks in, then in January of 2015, apply for BCP. By then, I'd have AAoA of 2.5 years, longest 3 years, 0 inqs, and prior AMEX experience. What would my chances be?

Sorry for the really long first post. I've been delayed at the airport for 12 hours, and I look forward to getting to know everyone!

Cheers!

~Matt

Message 1 of 14
13 REPLIES 13
09Lexie
Moderator Emerita

Re: AMEX Backdate Strategy (student)

Welcome to the forum! Assuming your income is high enough for the current CL's and whatever your father uses your card for- yes. May I ask is your father using your card or did he get himself on as AU?

More importantly, are you concerned with his usage and how that will affect your cr now and in the future? I only ask because if your phrasing 'help me build credit' of course, you do not have to respond.

Edit: Also, its not always necessary to go charge then revolver.
Message 2 of 14
djc1puno
Valued Contributor

Re: AMEX Backdate Strategy (student)

I would probably apply for the bcp before closing your green if you get it...that way if denied itll only be sp. if green is closed and denied bcp then itll be a hp. Depending on your scores then and util and payment history ur goals are very realistic imho! Just keep at it Smiley Wink


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Message 3 of 14
Matt4776
Member

Re: AMEX Backdate Strategy (student)

Sorry!

Forgt to mention my EQ score was most recently pulled at a 715 and CK estimates I'm at 702.

Also, the BCP is the last card I'm getting for a long time. After that, it's at least 1.5 years of gardening. Would that (just post getting approved BCP) be the ideal time to close my Cap 1 accounts? I just paid the annual fee on both so I have them for at least another year, but I'm scared if I close them three months before I apply for the BCP I would get rejected.
Message 4 of 14
Matt4776
Member

Re: AMEX Backdate Strategy (student)

Good point. Thanks for the advice!
Message 5 of 14
09Lexie
Moderator Emerita

Re: AMEX Backdate Strategy (student)

I would email the EO of Cap 1 and ask for your AF to be waived. They can refund the fee - if you get the fees waived no reason to close them.
Message 6 of 14
Matt4776
Member

Re: AMEX Backdate Strategy (student)

What reasoning would I give them for doing so? I only charge about $20-40 a month on that card since the benefits are far better on my other cards.
Message 7 of 14
09Lexie
Moderator Emerita

Re: AMEX Backdate Strategy (student)

Exactly what you wrote. You would use the card more but your other cards have better rewards without AFs
Message 8 of 14
djc1puno
Valued Contributor

Re: AMEX Backdate Strategy (student)

Just tell them your tired of paying for the fee and it doesn't justify ur limit. Lol. Smiley Wink gl!


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Message 9 of 14
Matt4776
Member

Re: AMEX Backdate Strategy (student)

My father isn't an AU, he just uses the card in my name. I make around $45000 a year through my family business in addition to being a full time student.

And I'm not too worried about my dad running up my util or missing a payment. I know the log-in info to the account so I can keep tabs on it.
Message 10 of 14
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