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Valued Contributor
Posts: 2,105
Registered: ‎09-11-2013
0

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?

EX FAKO 733/FICO 712 EQ FAKO 716/FICO 701 TU FAKO 732/FICO 706
Total Credit Limits: $367,190 (July 2013 starting credit limits totaled $2,700) - Goal SURPASSED (What to do now...)
current utilization: 3% - current AAoA: 1.8-2.4 years
In my wallet: Amex(25.1k), Barclays(12.9k), BofA(30k), Capital One (25k), Chase(10k), CITI(1k), Diners Club(30k), Discover(14.5k), 5/3(18k), Equality Visa(4k), Key Bank(3.5k), NASA FCU(5k), NFCU(65k), Synchrony(42k), USAA(42k), US Bank(5k), and Wells Fargo(35k).
New Contributor
Posts: 119
Registered: ‎03-12-2013
0

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

Valued Contributor
Posts: 2,105
Registered: ‎09-11-2013
0

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.

EX FAKO 733/FICO 712 EQ FAKO 716/FICO 701 TU FAKO 732/FICO 706
Total Credit Limits: $367,190 (July 2013 starting credit limits totaled $2,700) - Goal SURPASSED (What to do now...)
current utilization: 3% - current AAoA: 1.8-2.4 years
In my wallet: Amex(25.1k), Barclays(12.9k), BofA(30k), Capital One (25k), Chase(10k), CITI(1k), Diners Club(30k), Discover(14.5k), 5/3(18k), Equality Visa(4k), Key Bank(3.5k), NASA FCU(5k), NFCU(65k), Synchrony(42k), USAA(42k), US Bank(5k), and Wells Fargo(35k).
Frequent Contributor
Posts: 484
Registered: ‎11-08-2007
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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
Super Contributor
Posts: 9,896
Registered: ‎04-22-2013
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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.

Valued Contributor
Posts: 1,355
Registered: ‎03-24-2013
0

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 | DISCOVER IT | CHASE CSP
--------$32,000-------------$22,700-----------$30,000------------$30,000--------$8,750----------$5,000----

FICO - TU: 780 EX: 785 EQ: 760
Valued Contributor
Posts: 2,105
Registered: ‎09-11-2013
0

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.

EX FAKO 733/FICO 712 EQ FAKO 716/FICO 701 TU FAKO 732/FICO 706
Total Credit Limits: $367,190 (July 2013 starting credit limits totaled $2,700) - Goal SURPASSED (What to do now...)
current utilization: 3% - current AAoA: 1.8-2.4 years
In my wallet: Amex(25.1k), Barclays(12.9k), BofA(30k), Capital One (25k), Chase(10k), CITI(1k), Diners Club(30k), Discover(14.5k), 5/3(18k), Equality Visa(4k), Key Bank(3.5k), NASA FCU(5k), NFCU(65k), Synchrony(42k), USAA(42k), US Bank(5k), and Wells Fargo(35k).
Valued Contributor
Posts: 7,750
Registered: ‎10-21-2012
0

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.

Valued Contributor
Posts: 2,105
Registered: ‎09-11-2013
0

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 :smileywink:  I only wish I had known about the backdating before getting all the cards in the same year.  Foolish me!:smileymad:

EX FAKO 733/FICO 712 EQ FAKO 716/FICO 701 TU FAKO 732/FICO 706
Total Credit Limits: $367,190 (July 2013 starting credit limits totaled $2,700) - Goal SURPASSED (What to do now...)
current utilization: 3% - current AAoA: 1.8-2.4 years
In my wallet: Amex(25.1k), Barclays(12.9k), BofA(30k), Capital One (25k), Chase(10k), CITI(1k), Diners Club(30k), Discover(14.5k), 5/3(18k), Equality Visa(4k), Key Bank(3.5k), NASA FCU(5k), NFCU(65k), Synchrony(42k), USAA(42k), US Bank(5k), and Wells Fargo(35k).
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

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).
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