Amex No Longer Backdating to Credit Bureaus

[peaceonearth]

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@Anonymous wrote:


This will actually keep people at check from getting cards they don't really need. I opened my PRG on 2/17 but reported late March as of 2015 instead of 2001. I was going to call and argue, but it won't get me anywhere. I'll just get business cards since the don't hurt my AAoA and utilization.

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I'd rather have AMEX everyday than Walmart MC in my walet therfore, people will always try to get AMEX and continue applying for C cards they don't need.

They will find the excuse to apply.

[Imperfectfuture]

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@peaceonearth wrote:

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@Anonymous wrote:


This will actually keep people at check from getting cards they don't really need. I opened my PRG on 2/17 but reported late March as of 2015 instead of 2001. I was going to call and argue, but it won't get me anywhere. I'll just get business cards since the don't hurt my AAoA and utilization.

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I'd rather have AMEX everyday than Walmart MC in my walet therfore, people will always try to get AMEX and continue applying for C cards they don't need.

They will find the excuse to apply.

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This.  Never want Wally, and probably not sam's club.  However, the only add ons for Amex would be for MR instead of cash back, and that time has not been determined yet.

[yfan]

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@NycKid175 wrote:

Alright guys so this morning I called the Credit Bureau Department and I spoke to a representative and a supervisor and they both confirmed that AMEX did change the policy on backdating since March 21st so any new accounts reported after that date will not be backdated that includes the AU (Authorized Users) the only thing that will be backdated is your MSD (Member Since Date) on the card but AMEX will report the actual date you opened your credit cards through the credit bureaus. Also, I asked the supervisor why did they changed this policy and he explained to me that to many people where complaining about the AU being backdated so because of this AMEX changed the policy so there you have it guys everything good must come to an end unfortunately. 

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This actually makes a lot of sense. The backdating for AUs allows, for example, an 18 year old with no credit history whatsoever to report an account older than him or herself. Further, it allows for reporting of multiple tradelines from the time one was an AU (not a real member) for whatever cards they get later.  I can see why people would be upset by this. We didn't all have privileged childhoods and parents who put us on their Amex, and it's not fair to the rest of us.

[Anonymous]

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@Anonymous wrote:

Well we don't know for sure that all old cards will be left alone.  It's still possible that Amex will go back and adjust the reported open date to reflect the actual date you opened a card instead of the member since date.

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if it is indeed a regulatory matter, then it will only apply to new accounts. old accounts will be grandfathered into their old policy. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Well we don't know for sure that all old cards will be left alone.  It's still possible that Amex will go back and adjust the reported open date to reflect the actual date you opened a card instead of the member since date.

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if it is indeed a regulatory matter, then it will only apply to new accounts. old accounts will be grandfathered into their old policy. 

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Thats the hope

[Anonymous]

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@fedxboy wrote:

I sure others will complain now (not in this thread, but to Amex) for those previously backdated.  It's not fair, Sally got more mashed potatoes than I did!!

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[cashnocredit]

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@Anonymous wrote:

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@fedxboy wrote:

I sure others will complain now (not in this thread, but to Amex) for those previously backdated.  It's not fair, Sally got more mashed potatoes than I did!!

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There was a study with monkeys that demonstrated this. Two monkeys were very happy when the experimenter would alternate giving each monkey the same treat but when the experimenter gave one monkey a preferred treat and then proceeded to give the other one the original treat the monkey looked at it in disbelief then threw it at the experimenter and started banging it's cage.

Apparently evolution hasn't changed that much.

[Anonymous]

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@kdm31091 wrote:

I only care because sometimes people impulse app excessively, and while it doesn't effect me in any way shape or form, it does when they post on here wanting advice. To that end, the best advice is not always "app app app", regardless of which bonuses are available etc. I'm not saying you or anyone is all "app app app", but the point is, some who post on here would probably be best advised to not app, yet that is so rarely the stated advice.

It's fine to say "why do you care?" but it doesn't hold up when plenty of the time we are answering questions from people who do want us to care when and why they app -- "when should I app? Should I get xyz card?" etc. So yes, there are people who make it our business and do expect us to care enough to give an informed response.

So if the lack of the backdating benefit stops one person from apping for something they really don't need -- it's a good thing. If they were going to app for other reasons that you mentioned, fine. I don't care. I'm just making an observation that perhaps impulses will be slowed down. Perhaps not, because impulse appers will find another reason outside of backdating to app. Anyway, it was just a thought. Regardless, backdating is dead and those who still want Amex will still app for it.

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Well said! The responses your posts seem to elicit are interesting to say the least. I don't get it. Maybe because I agree with most, if not all, of what you say. Keep up the good work!!! See you around the forum!

[Anonymous]

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@FinStar wrote:

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@Anonymous wrote:

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@peaceonearth wrote:

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@Anonymous wrote:

Well we don't know for sure that all old cards will be left alone.  It's still possible that Amex will go back and adjust the reported open date to reflect the actual date you opened a card instead of the member since date.

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If AMEX reverses its member since date X policy, you'll be affected big time.

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Im well aware of how it would affect me.  While it will lower my AAoA, it's not going to change anything 'big time'

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IMHO, and while this recent change is still premature, I don't think they will touch or adjust any of the other previously opened accounts' reporting dates (prior to this change).  Of course, it remains to be seen.  Thus, if this was an enforcement action from the regulators (i.e. slap on the wrist), then it's likely an agreement on a go-forward basis (or effective as of 3/21).

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I agree with you 100%.

[Anonymous]

With their recurring business decisions I see them becoming less prestigious than discover in 5 years time..