Close & Combine with Amex

j615 · ‎06-16-2015

DW has the Costco TrueEarnings and just got her BCE. There hasn't been a CLI on the TrueEarnings for over 6 months. Will Amex allow her to move the entire CL on the TrueEarnings over to the BCE (after 61 days since the card is new) and then have the TrueEarnings closed?

Planning to do this because Amex said their current plans are to just close the TrueEarnings Card once Citi takes over for Costco. Since the BCE was backdated, it shouldn't affect AAoA, right? Is this a good or bad idea?

SunriseEarth · ‎06-17-2015

@j615 wrote:
DW has the Costco TrueEarnings and just got her BCE. There hasn't been a CLI on the TrueEarnings for over 6 months. Will Amex allow her to move the entire CL on the TrueEarnings over to the BCE (after 61 days since the card is new) and then have the TrueEarnings closed?

Planning to do this because Amex said their current plans are to just close the TrueEarnings Card once Citi takes over for Costco. Since the BCE was backdated, it shouldn't affect AAoA, right? Is this a good or bad idea?

It's certainly one option. IIRC, you can reallocate CLs, but there are stipulations. The donor account should have reached at least 13 statements and the receiver account needs to have been open for at least 61 days. I believe you can move all but $500 of the CL.

I'm debating this option myself. I'm hoping that AMEX will have a decent PC option for the TE. To keep my 1998 backdate, I'd even be willing to accept the Plenti card and just SD it or use it for AMEX Offers.

takeshi74 · ‎06-17-2015

@j615 wrote:
Since the BCE was backdated, it shouldn't affect AAoA, right?

Question seems odd since the BCE isn't getting closed but closing a card does not immediately impact AAoA. Even if a new card is backdated it can impact AAoA. It all depends on how the age of the new card impacts the person's existing AAoA. You can do the math to determine the impact. If you don't want to do this manually you can use Excel and its date forumlas, an onine AAoA calculator, etc. If the BCE is 61 days old are you sure it is backdated on her reports? The cutoff was March 21 -- i.e. the BCE would have had to first report by March 21.

See also (linked in the Helpful Threads sticky):

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

@j615 wrote:
Is this a good or bad idea?

Your call to make. I'm waiting for an offficial announcement regarding the TE before I do anything with mine. My TE is also backdated to 1998 and I wouldn't mind PC'ing it but there's nothing appealing to me at the moment.

taxi818 · ‎06-17-2015

@SunriseEarth wrote:
@j615 wrote:
DW has the Costco TrueEarnings and just got her BCE. There hasn't been a CLI on the TrueEarnings for over 6 months. Will Amex allow her to move the entire CL on the TrueEarnings over to the BCE (after 61 days since the card is new) and then have the TrueEarnings closed?

Planning to do this because Amex said their current plans are to just close the TrueEarnings Card once Citi takes over for Costco. Since the BCE was backdated, it shouldn't affect AAoA, right? Is this a good or bad idea?
It's certainly one option. IIRC, you can reallocate CLs, but there are stipulations. The donor account should have reached at least 13 statements and the receiver account needs to have been open for at least 61 days. I believe you can move all but $500 of the CL.

I'm debating this option myself. I'm hoping that AMEX will have a decent PC option for the TE. To keep my 1998 backdate, I'd even be willing to accept the Plenti card and just SD it or use it for AMEX Offers.

Thats going a little bit too far. hehehe

j615 · ‎06-17-2015

takeshi74 wrote:
If the BCE is 61 days old are you sure it is backdated on her reports? The cutoff was March 21

Whoa, looks like I never caught on that Amex stopped backdating if new account wasn't reported by 3/21. I went with the assumption that it did by going off of the backdated MSD on the BCE.

SunriseEarth · ‎06-17-2015

@taxi818 wrote:
@SunriseEarth wrote:
@j615 wrote:
DW has the Costco TrueEarnings and just got her BCE. There hasn't been a CLI on the TrueEarnings for over 6 months. Will Amex allow her to move the entire CL on the TrueEarnings over to the BCE (after 61 days since the card is new) and then have the TrueEarnings closed?

Planning to do this because Amex said their current plans are to just close the TrueEarnings Card once Citi takes over for Costco. Since the BCE was backdated, it shouldn't affect AAoA, right? Is this a good or bad idea?
It's certainly one option. IIRC, you can reallocate CLs, but there are stipulations. The donor account should have reached at least 13 statements and the receiver account needs to have been open for at least 61 days. I believe you can move all but $500 of the CL.

I'm debating this option myself. I'm hoping that AMEX will have a decent PC option for the TE. To keep my 1998 backdate, I'd even be willing to accept the Plenti card and just SD it or use it for AMEX Offers.
Thats going a little bit too far. hehehe

That's why I'm still hoping for a better PC option! But beggars can't be choosers.

j615 · ‎06-27-2015

Does anyone have any idea if closing a card at customer's request with Amex will affect future app desicions in their internal system?

creditfan · ‎06-27-2015

hi

I have a similar situation here

I would wait for Delta card to 13th statement cut in order to have ability tranfer CL to my other no fee card, but if I do that I will hit with the AF on my Delta Amex

the question is now, how do I get my refund back after closed the card and paid AF ?

thanks

Sharingan · ‎06-27-2015

@creditfan wrote:
hi
I have a similar situation here
I would wait for Delta card to 13th statement cut in order to have ability tranfer CL to my other no fee card, but if I do that I will hit with the AF on my Delta Amex
the question is now, how do I get my refund back after closed the card and paid AF ?

thanks

When I consolidated and closed my SPG card recently, AmEx offered to refund a prorated portion of the AF (4 months). I opted to have the refund applied to my EDP balance. I'm not sure what other options were available because I closed my SPG with 0 balance.

Just thought I'd also mention that I moved credit from my BCE (opened in 2013) to my EDP (opened 2015) within days of receiving it in the mail. I did it entirely on the online credit limit transfer page, and it was reflected on the main page login within minutes.

UncleB · ‎06-27-2015

I would hold off for a bit on closing your Costco TE card if it were me. I got a Green and a BCP in April; my MSD is 1995, but the accounts report to the credit bureaus as opened 04/2015 (which they were). I had no way of knowing I would miss a cutoff on the backdating by literally three weeks.

It's always possible at the last minute Amex will offer an attractive PC deal to any of the Costco TE cards, and considering the size of the Amex Costco portfolio, I would even say it's probable. Even if they didn't you would still have a chance to reallocate the credit line before it is closed out.