Credit Cards

[pat0812]

i have only 7 months credit history but I have already 4 cc 

i started credit in may 2012

walmart recently raised my limit from 400 to 1050

wells fargo $300 secured 

capital one $500

amex gold  NPSL (opened November 2012)

i need to buy a car soon and I was wondering if applying 

in January for an amex revolver will help me?

would it backdate to January 2012 and will it make it look like my history  is 1 year old ? Or will my 

credit history show up as I started it in January in stead of may ?

will that help me?

[armbenderc]

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pat0812 wrote:

i have only 7 months credit history but I have already 4 cc 

i started credit in may 2012

walmart recently raised my limit from 400 to 1050

wells fargo $300 secured 

capital one $500

amex gold  NPSL (opened November 2012)

i need to buy a car soon and I was wondering if applying 

in January for an amex revolver will help me?

would it backdate to January 2012 and will it make it look like my history  is 1 year old ? Or will my 

credit history show up as I started it in January in stead of may ?

will that help me?

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Seems like you asked this before. If you don't have a lot of inq, you can apply for amex revolver. However, I am not sure if you would be approve with thin file. The good news is that if you get denied, it would be a sp.

As for a car loan, how much are we talking about? a focus? beeemer? or corvette?

[pat0812]

i want a car around $15k

i don't need the revolver amex, but if it will help me to make my history older than i would do it

I have with experian and transunion 5-7 inquiries, on my equifax it's 11

[CotySinz]

If you got an Amex revolver it would backdate to when you got your first Amex - so November of 2012 - your not going to magically get 11 months of extra history with them.

[armbenderc]

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CotySinz wrote:

If you got an Amex revolver it would backdate to when you got your first Amex - so November of 2012 - your not going to magically get 11 months of extra history with them.

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I think he would be backdated to 01/12 (if he open it 01/13) on his new Amex account, so 1 year. Thus, his new account is "older" than his old amex account opened end of this year.

[adavis425]

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armbenderc wrote:

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CotySinz wrote:

If you got an Amex revolver it would backdate to when you got your first Amex - so November of 2012 - your not going to magically get 11 months of extra history with them.

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I think he would be backdated to 01/12 (if he open it 01/13) on his new Amex account, so 1 year. Thus, his new account is "older" than his old amex account opened end of this year.

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Yup, 1/12. You get the actual month of approval with the year of previous AMEX card. So a January approval would be 1/12 since his first AMEX was issued in 2012.

[CruzImperial]

Going to be 1/12 but I don't think they will approve you

[Cdnewmanpac]

as others mentioned, you will get an open date of 1/12. That will help you a little bit. But not very much, because most auto lenders use  an auto enhanced fico, which scores in favor of auto loan history, then installment history, then revolving history. So any bump you get will be smaller than it would be for a traditional fico score. I would be surprised if it makes enough difference to change your interest rate on your car loan, which is going to be high. It might make a difference if you are borderline for approval at all. Also, I think you are borderline for an Amex revolver. Delta gold, maybe.