Re: Amex No Longer Backdating to Credit Bureau's

FocusedAndDetermined · ‎04-04-2015

Timing is everything...

I haven't been posting much, but I do check in from time-to-time. Yesterday, I was ready to sign-in to report that I had snagged a PRG, and was looking forward to another AMEX card with an adjusted MSD. Then I saw this thread.

At first I was deeply dissappoited, but after the initial shock wore off and I refleted on my present situation, I focused more on the 50K bonus MR points and $0 first year annual fee. It would have been nice to have the complete package that I was going for, but all things considered, I did well.

As for the change in policy, I think it is in large part due to the recent National Consumer Assistance Plan, which has as some of its major highlights:

Consistent standards will be reinforced by the credit bureaus to entities that submit data for inclusion in a credit report (data furnishers).
A multi-company working group will be formed to regularly review and help ensure consistency and uniformity in the data submitted by data furnishers for inclusion in a consumer's credit report.

It seems that AMEX may not have had a choice in this matter. The thing that puzzles me is that the agreement was reached last month and the changes were stated to be implemented over the next 6 to 39 months. Based on this alone it would seem AMEX rushed into corrective action, unless they were issued a cease and desist order. Chances are we may never know.

My inclination back in December was to go for the PRG after nabbing the ED. Since I had already drapped, I decided to wait 3 mos. As they use to say on the streets, " You slow, you blow." With the number of student loans I have from 2003 - 2005, I won't really be hurt that much. AAoA should still be close to 7 yrs, if not over. Life does go on.

Anonymous · ‎04-04-2015

Maybe, just maybe this is their start if becoming more prestigious again? Cut those who may app the Amex just for backdating only? I wonder how many will not app or close their cards because of this? Just curious.

longtimelurker · ‎04-04-2015

@mitchblue wrote:
@longtimelurker wrote:
@Open123 wrote:
@mitchblue wrote:
But how about the ones who go department store a lot and don't go bookstore (amazon). Not everyone has your spend..
Cash+, at least for the initial $2,000 per quarter.
Yes, BCP, on SELECT department stores, pays 1% more than a standard 2% card, so you would have to spend a lot to make the AF worthwhile (and after Cash +, you might do better with a store specific card anyway).

So it's not that BCP never has any value, just generally not a huge value
But they do have groceries as well at 6% ($360 right there) why are we forgetting that? Sure, you can get 2 sallie mae's but how many have two? I'm pretty sure I couldn't get a 2nd one now..360-95 is better than 120 (6kx2%).

I wasn't making comparisons to any particular card. The point is that some of the travel cards can give significant value, and, with good redemptions, the EDP will far outpace the BCP for example. For cash back, a 6% with low cap, 3/3/1 isn't great. And neither is the Sallie Mae, which wasn't my point. If you restict yourself to one card, then yes, maybe, but for gas there are choices with unrestricted 5% cashback, BC gives 5% up to 50K on groceries a year etc.

longtimelurker · ‎04-04-2015

@Anonymous wrote:
Maybe, just maybe this is their start if becoming more prestigious again? Cut those who may app the Amex just for backdating only? I wonder how many will not app or close their cards because of this? Just curious.

I doubt if the majority of customers are even aware of backdating and factor it into their decisions, only those on forums like this. Getting rid of them probably has little impact. And again outside the forums, mainy still think Amex IS prestigious!

Anonymous · ‎04-04-2015

Agree! I had no idea they backdated when I applied. Glad they did since I only had one card all this time anyway. If I apply for a Platinum & get approved, I look at it now as a better Amex card. But sorry for all who didn't get a chance to benefit from the MSD.

mitchblue · ‎04-04-2015

My BCP is still being backdated 15 years, so unless they wipe that from us..it's still viable to keep. IMO.

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)

manyquestions · ‎04-04-2015

@Anonymous wrote:
Agree! I had no idea they backdated when I applied. Glad they did since I only had one card all this time anyway. If I apply for a Platinum & get approved, I look at it now as a better Amex card. But sorry for all who didn't get a chance to benefit from the MSD.

I agree. A tiny part of the population cares about this stuff.

mitchblue · ‎04-04-2015

@longtimelurker wrote:
@mitchblue wrote:
@longtimelurker wrote:
@Open123 wrote:
@mitchblue wrote:
But how about the ones who go department store a lot and don't go bookstore (amazon). Not everyone has your spend..
Cash+, at least for the initial $2,000 per quarter.
Yes, BCP, on SELECT department stores, pays 1% more than a standard 2% card, so you would have to spend a lot to make the AF worthwhile (and after Cash +, you might do better with a store specific card anyway).

So it's not that BCP never has any value, just generally not a huge value
But they do have groceries as well at 6% ($360 right there) why are we forgetting that? Sure, you can get 2 sallie mae's but how many have two? I'm pretty sure I couldn't get a 2nd one now..360-95 is better than 120 (6kx2%).
I wasn't making comparisons to any particular card. The point is that some of the travel cards can give significant value, and, with good redemptions, the EDP will far outpace the BCP for example. For cash back, a 6% with low cap, 3/3/1 isn't great. And neither is the Sallie Mae, which wasn't my point. If you restict yourself to one card, then yes, maybe, but for gas there are choices with unrestricted 5% cashback, BC gives 5% up to 50K on groceries a year etc.

Okay. Though 6k is perfect for me. We do about 500 month so we pretty much max out. I wasn't arguing that there aren't better cards out there but the fact the BCP was still a good card to have..

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)

FocusedAndDetermined · ‎04-04-2015

@manyquestions wrote:
@Anonymous wrote:
Agree! I had no idea they backdated when I applied. Glad they did since I only had one card all this time anyway. If I apply for a Platinum & get approved, I look at it now as a better Amex card. But sorry for all who didn't get a chance to benefit from the MSD.
I agree. A tiny part of the population cares about this stuff.

This is true. Those of us on forums like this do not qualify as a representative sample.

My mother had AMEX accts decades ago but closed them because of the fees. Last year she took advantage of a PRG offer. When she got the card, I informed her of the ability to adjust MSD. She shrugged and did nothing.

Imperfectfuture · ‎04-04-2015

@Anonymous wrote:
Maybe, just maybe this is their start if becoming more prestigious again? Cut those who may app the Amex just for backdating only? I wonder how many will not app or close their cards because of this? Just curious.

If it's useful to me at the time, I may upgrade the BCE to BCP, but wouldn't be till this summer. That is one way. Makes you think carefully about opening a new line.

If, in fact, this is the new reporting standard,

Signature needs updating

Amex No Longer Backdating to Credit Bureaus