12-18-2009 08:52 PM
I am trying to seek advice regarding my AMEX accounts. I have 3 Amex accounts (Blue Student, Blue, and Costco) and they were all opened in 2000(May, July and Dec). About a year ago all my account CLs were reduced from $2k-5k to $500 (to all 3 accounts!). About a few couple of months ago I tried to increased the CL to one of the cards, but I was declined saying I had too many accounts. I saw from other threads that combining about can be done with AMEX... So my question is: should I call and combine all three accounts into one then ask for an increase? if so, how will it affect my score? My current EQ score is 762. (Technically I don't need the CL increase, but I just feel sad that my mom, being unemployed could get an AMEX card with a starting CL on 5k and I'm stuck with $500.)
I don't know if combining the 3 accounts would mean closing 2 of them, therefore affecting my AAoA. If it does, I don't want to touch them.
12-19-2009 07:45 AM
It would not immediately affect your FICO score much if any because closed accounts factor into FICO scoring for average age. It would affect your score 10 years from now when the closed ones fall off your report and then your average age would drop but by then it would be ten years from now and you would have other aged accounts..
The reason I wouldn't do it is because I think you would eventually end up with one open card with a 500 credit limit and two closed cards. Better to hang on to the three open cards and try for an increase again sometime in the future.
12-19-2009 08:06 AM
Hi...how is your utilization right now? On all your cards put together, how do the balances due compare to the credit lines?
How many accounts did you have when they told you that you had too many accounts? Was your utilization high when they cut your limits?
Don't mean to be nosy...but I'm wondering if there was more to AmEx's decision, like high utilization.
Credit is very tight right now. It may not be the time to tweak accounts. I understand your frustration.
12-19-2009 03:35 PM
Thanks for your replies.... My Util has always been kept at 1-5% overall... since my AMEX has only $500 I only use it for Costco gas (roughly $100 a month) and I pay in full every month.
Altogether I now have 2 from Capital One, 2 from Chase (1 Chase and 1 Wamu converted to Chase), 1 Discover, 1 Citicard and 3 Amex....
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.