Too soon for Amex PC?

[Anonymous]

In the beginning of March I did the amex preapproval, and was recommended for the Gold or Platinum.  I didn't want to pay the AF, so I just app'd for the gold and was approved.  Since then I've been offered an opportunity where the benefits of having the platinum would actually come in handy and be worth the AF.  So I haven't even completed an entire billing cycle yet.  Do you think it would be too soon to request a PC?  Here's another kicker, after the amex I went on an app spree with both CC and shopping a car loan.  Now have about 16 hard INQs spread across my 3 reports, with 14 of them coming in the last month.  My last INQ resulted in an 11k CL tho, so I'm not sure how much they're affecting my scores.   Any and all opinions/experiences would be appreciated!

[Anonymous]

anyone? anyone at all have experience with this?

[Itsmeagain]

Since they are both signature cards, there would likely be no credit pull at all.  I have PC'd a couple of times with Amex and it was always instantaneous.  Just call.  The CSR's are very friendly and knowledgeable.  They will tell you if a credit pull is required.

[Anonymous]

Hi, this is my first post.

You may run into a road block:  American Express' interpretation of the new credit card rules is that a product change within the first year of opening the account is prohibited if such a change would result in a higher annual fee. I believe the part of the law they are referring to is sec 172:

"(a)  LIMITATION ON INCREASES WITHIN FIRST YEAR.--Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 171(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened"

You might want to call American Express and ask them if they will even consider such a change to a higher annual fee within 1 year --  irrespective of your personal credit history / situation.  They may make you apply for an entirely new account.

[Anonymous]

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@Anonymous wrote:

Hi, this is my first post.

You may run into a road block:  American Express' interpretation of the new credit card rules is that a product change within the first year of opening the account is prohibited if such a change would result in a higher annual fee. I believe the part of the law they are referring to is sec 172:

"(a)  LIMITATION ON INCREASES WITHIN FIRST YEAR.--Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 171(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened"

You might want to call American Express and ask them if they will even consider such a change to a higher annual fee within 1 year --  irrespective of your personal credit history / situation.  They may make you apply for an entirely new account.

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Very knowledgable first post, as you were absolutely correct!  I was told I can PC down to a card with lower AF anytime, but had to wait 13 months to PC up.  However, they just did another pull and approved me for the Platinum, so I'll just get rid of the gold somewhere down the line before the AF kicks in.  Welcome to the board, and thanks for the info.