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Amex low limit

Super Contributor

Amex low limit

I have five amex cards (1 charge & 4 credit cards).  I want to apply for another amex card.  I really don't need the card, but looking to help AAoA anyway that I can.  My gut tells me that I will get another $2,000 limit.  Also, I called amex about backdating and was told that if I applied today and was approved, today's date would be reported to the CRA's as the opening date.  Any suggestions/experiences in this area?

Total Credit Limits: $1,025,050
Message 1 of 13
12 REPLIES
New Contributor

Re: Amex low limit


12njoy wrote:

I have five amex cards (1 charge & 4 credit cards).  I want to apply for another amex card.  I really don't need the card, but looking to help AAoA anyway that I can.  My gut tells me that I will get another $2,000 limit.  Also, I called amex about backdating and was told that if I applied today and was approved, today's date would be reported to the CRA's as the opening date.  Any suggestions/experiences in this area?


Think they have a limit of 4 credit cards with them so you may be out of luck

Message 2 of 13
Super Contributor

Re: Amex low limit

@rushx2112,

 

Thanks, that is what I've heard throughout these Boards.  I decided to call amex and they said there is no limit, but I don't won't to apply if I don't get backdated.  I have a thin file and a new account would hurt.

Total Credit Limits: $1,025,050
Message 3 of 13
Frequent Contributor

Re: Amex low limit

Once your MSD has been established, that will always be your date.

Any advice given is always YMMV...

Current FICOs: 740+ across the board | Goal: >760 FICO | Total CLs: $63.3k/$60k Goal | Utilization: 19% | Last App: 05/01/2014 | INQ: EX: 10, EQ: 8, TU: 5, All Expire 06/2016; No Collections/Charge Offs/BK's | AAoA: 7yrs.
| All Reports Frozen!!! | No Apps til 12/2015 | Homeowner since: 06/28/13 | White Whales: Marriott Rewards, Discover IT, Sallie Mae WMC, Sams MC
Message 4 of 13
Mega Contributor

Re: Amex low limit


12njoy wrote:

@rushx2112,

 

Thanks, that is what I've heard throughout these Boards.  I decided to call amex and they said there is no limit, but I don't won't to apply if I don't get backdated.  I have a thin file and a new account would hurt.


I suspect you may have had a bad rep!  People have certainly been rejected for trying to get more than 4 credit cards, and backdating is well established.

Message 5 of 13
Valued Contributor

Re: Amex low limit

Isn;t 5 enough? You are afraid of only getting a 2k line, why not garden for a while and let them grow? Try for 3x CLI's in the future
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 6 of 13
Super Contributor

Re: Amex low limit

@Luscher,

 

5 is plenty.  As I've indicated that I am trying to help my AAoA quickly (shortcut).  Gardening is great but the purpose of doing a 6th is for backdating.  If it was simply for another card, Amex wouldn't have been my choice, as I currently have 5.

Total Credit Limits: $1,025,050
Message 7 of 13
Community Leader
Senior Contributor

Re: Amex low limit

At some point you're going to max out your backdating efforts since the AAoA would get more diluted if you keep applyng for more credit.  Of course, ultimately you decide what's best for you and your financial goals.  You'd hate to get a card that you're not going to use only to serve as a "book stand".  Now, if you'll put the occasional use, sure why not.  But, it's likely the CL will not be that high based on the other AMEX cards you have.   Best of luck either way OP.

Message 8 of 13
Super Contributor

Re: Amex low limit

@FinStar,

 

Thanks for the great advice.  I recieved all my current (5) cards in the same year, so I was thinking with backdating on a new one would help AAoA.  All the cards I have I use by rotating them whereas I use maybe 3 each month and PIF and then use another 3 the following month.  This vicious cycle is repeated over and over Smiley Wink  I only wish I had known about the backdating before getting all the cards in the same year.  Foolish me!Smiley Mad

Total Credit Limits: $1,025,050
Message 9 of 13
Super Contributor

Re: Amex low limit

There's only so much backdating will help. AAoA is also not a major determinant of your credit score.

Unless your financial and credit situation has changed drastically, I doubt you will see very different limits either.

Best to not "over-abuse" the backdating by opening new accounts with Amex repeatedly. That can be viewed as desperate behavior, and invite FR as a result.

At a certain point, it's just too much work and risk for what it is worth.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 10 of 13