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I read so much and ansked so many people about how this really works...but it wasn't as clear and had so many doubts until I really saw my amex membership backded (open date) on the CR today! Wow that's a lot and I sure am a happy camper now. I already see my vantage score gone high...really wanted to get a <1% on car loan this summer and looks like it may just happen.
The whole amex bacdating, member since date etc etc were as clear to me...it was red herring!
~ 100k in Rev CC. 15k Credit Line. 16.5k Car Loan(@1.7%) Starting scores: 690 EQ (Dec 2012) Mid-year FICO scores April ‘13 Pulled by lenders(Barclays, Amex): TU 747 • EQ 752 • EX 746 • Scores As of Nov 2013: 740 and above across the board. |
Question about this...
Lets say I have a friend that has an AmEx for 10 years. They then add me as an AU. I get backdating for the 10 years right? Then they subsequently drop me from being an AU. I subsequently apply for a AmEx and they will backdate the new card for that 10 years. Correct?
@LS2982 wrote:
Very nice!!!
Not sure if that would hold up when the auto loan goes on manual review tho.
LS can you give me some details on what you are thinking about?
If they do a manual review...well the history shows when the account was open and shows all the payments (ok) of each month for the past 2 and 1/2 year (at least in the fako report).
I won't be like the car-loan-lender would have my previous report and they compare with my current and see that Amex although shows opend a decade back in time, is not in the report until a dedade later on the new report...
What you thinking on how they would review my app in terms of Amex report on my CR?
~ 100k in Rev CC. 15k Credit Line. 16.5k Car Loan(@1.7%) Starting scores: 690 EQ (Dec 2012) Mid-year FICO scores April ‘13 Pulled by lenders(Barclays, Amex): TU 747 • EQ 752 • EX 746 • Scores As of Nov 2013: 740 and above across the board. |
@codesingh wrote:
@LS2982 wrote:
Very nice!!!
Not sure if that would hold up when the auto loan goes on manual review tho.LS can you give me some details on what you are thinking about?
If they do a manual review...well the history shows when the account was open and shows all the payments (ok) of each month for the past 2 and 1/2 year (at least in the fako report).
I won't be like the car-loan-lender would have my previous report and they compare with my current and see that Amex although shows opend a decade back in time, is not in the report until a dedade later on the new report...
What you thinking on how they would review my app in terms of Amex report on my CR?
They will see when it was opened as far as the backdate but they can see how many payments has been made to the account and figure out its just backdating. I'm sure the big lenders out there know about AMEX backdating.