topic Re: AMEX: Closing Account & Opening Another Question in Credit Card Applications

AMEX: Closing Account & Opening Another Question

Repairman — Mon, 07 Sep 2015 13:55:34 GMT

I currently have 2 AMEX cards. I plan to transfer my balance from 1 of my AMEX cards to the other, then close that 1st AMEX card, and apply for a different one, as the card I'm closing can't be product changed.

My question is when do you think it would be in my best interest to apply for the new AMEX card? Should I apply for the new account BEFORE I transfer the balance? BEFORE I close the old one? Or should I apply AFTER I close the 1st card? Does it make a difference? I'm looking for my best chance of approval and good starting cl.

Any advice?

Re: AMEX: Closing Account & Opening Another Question

NRB525 — Mon, 07 Sep 2015 15:01:36 GMT

Which specific AMEX cards are you talking about?

Which of the two are you keeping? Which is being cancelled? What is the new card you have your eye on?

What are your scores, and how long have you had the two AMEXes? What is the limit you are combining in, to get to what CL?

Re: AMEX: Closing Account & Opening Another Question

Repairman — Mon, 07 Sep 2015 15:26:10 GMT

@NRB525 wrote:
Which specific AMEX cards are you talking about?
Which of the two are you keeping? Which is being cancelled? What is the new card you have your eye on?
What are your scores, and how long have you had the two AMEXes? What is the limit you are combining in, to get to what CL?

Closing Optima, keeping SPG, applying for EveryDay. Will have had the Optima for 2 years at time of closing and SPG for 1 year. Scores should be low 700's at time of closing/applying. If combined, new cl on SPG should be $13000.

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 18:14:45 GMT

@Repairman wrote:
@NRB525 wrote:
Which specific AMEX cards are you talking about?
Which of the two are you keeping? Which is being cancelled? What is the new card you have your eye on?
What are your scores, and how long have you had the two AMEXes? What is the limit you are combining in, to get to what CL?
Closing Optima, keeping SPG, applying for EveryDay. Will have had the Optima for 2 years at time of closing and SPG for 1 year. Scores should be low 700's at time of closing/applying. If combined, new cl on SPG should be $13000.

IMO,

I would close it after apply for the new card. I see no benefit in closing the card before you apply for the new card since you can have a total of four revolving accounts with amex.

Re: AMEX: Closing Account & Opening Another Question

Repairman — Mon, 07 Sep 2015 18:45:53 GMT

@12njoy wrote:
@Repairman wrote:
Closing Optima, keeping SPG, applying for EveryDay. Will have had the Optima for 2 years at time of closing and SPG for 1 year. Scores should be low 700's at time of closing/applying. If combined, new cl on SPG should be $13000.
IMO,

I would close it after apply for the new card. I see no benefit in closing the card before you apply for the new card since you can have a total of four revolving accounts with amex.

Ok, thanks. And how about transferring the cl? Should I just apply for the new card and THEN after aprroval, transfer the cl and close? And how long before or after applying should I do it?

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 18:57:03 GMT

I would apply for new card and then any time after approval you Cass close the card and move the credit line over. One question is will closing this account hurt your average age of accounts? If so, may be worth keeping the card open. You could leave it open with a $500 credit line and move the rest over to your other card.

Re: AMEX: Closing Account & Opening Another Question

Repairman — Mon, 07 Sep 2015 20:00:59 GMT

@12njoy wrote:
I would apply for new card and then any time after approval you Cass close the card and move the credit line over. One question is will closing this account hurt your average age of accounts? If so, may be worth keeping the card open. You could leave it open with a $500 credit line and move the rest over to your other card.

Thanks for the advice! I definitely want to close the card as it has an AF, high APR, and no chance of reduction. The card will only be 2 yrs old and my oldest cc is 19yrs.

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 20:02:09 GMT

@Repairman wrote:
@12njoy wrote:
I would apply for new card and then any time after approval you Cass close the card and move the credit line over. One question is will closing this account hurt your average age of accounts? If so, may be worth keeping the card open. You could leave it open with a $500 credit line and move the rest over to your other card.
Thanks for the advice! I definitely want to close the card as it has an AF, high APR, and no chance of reduction. The card will only be 2 yrs old and my oldest cc is 19yrs.

Ok. Sounds like it's in line for closure

Re: AMEX: Closing Account & Opening Another Question

B335is — Mon, 07 Sep 2015 21:57:28 GMT

I would just caution you that Amex has very strict requirements for reallocation. The from acct needs to generate 13 statements and I can't remember how many for the to acct. I just tried with a Delta Platinum (12 statements cut) to SPG (8 statements cut) and was denied. I proceeded with the closure since it was only $3100 limit on the Delta card. When I pressed them to give the guidelines they told me its confidential, for whatever reason.

I would just apply for the card you want. Only if you're at a maximum exposure situation with Amex would it matter.

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 22:02:01 GMT

@B335is wrote:
I would just caution you that Amex has very strict requirements for reallocation. The from acct needs to generate 13 statements and I can't remember how many for the to acct. I just tried with a Delta Platinum (12 statements cut) to SPG (8 statements cut) and was denied. I proceeded with the closure since it was only $3100 limit on the Delta card. When I pressed them to give the guidelines they told me its confidential, for whatever reason.

I would just apply for the card you want. Only if you're at a maximum exposure situation with Amex would it matter.

I know when I did mine last year, they told me it only mattered on the from account. It had to be 13 months. They wouldn't do it a day earlier. They didn't mention anything about the to account. Of course OP can try it and if not approved, just keep account opened our close it.

Re: AMEX: Closing Account & Opening Another Question

B335is — Mon, 07 Sep 2015 22:08:25 GMT

I think you're right 12njoy. I hadn't let the 13th statement cut so it was my fault. Just seeing that $175 AF there can be discouraging lol. I don't know why the CSR I spoke to felt giving the guideline was some big secret either, I guess like everything it depends who picks up the phone.

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 22:11:09 GMT

@B335is wrote:
I think you're right 12njoy. I hadn't let the 13th statement cut so it was my fault. Just seeing that $175 AF there can be discouraging lol. I don't know why the CSR I spoke to felt giving the guideline was some big secret either, I guess like everything it depends who picks up the phone.

You're right B335,

We roll the dice every time we dial that phone

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 22:13:03 GMT

There was some discussion on the board a while back that a credit reallocation with amex would count as a cli. I asked when I did mine if it would and was told no it wouldn't count as a cli.

Re: AMEX: Closing Account & Opening Another Question

Repairman — Mon, 07 Sep 2015 22:17:16 GMT

@B335is wrote:
I would just caution you that Amex has very strict requirements for reallocation. The from acct needs to generate 13 statements and I can't remember how many for the to acct. I just tried with a Delta Platinum (12 statements cut) to SPG (8 statements cut) and was denied. I proceeded with the closure since it was only $3100 limit on the Delta card. When I pressed them to give the guidelines they told me its confidential, for whatever reason.

I would just apply for the card you want. Only if you're at a maximum exposure situation with Amex would it matter.

I read elsewhere that the from card had o be at least 13mo old and the to card 3 mos. At the time I attempt the transfer they should be 24mo and 12mo, respectively.

Re: AMEX: Closing Account & Opening Another Question

12njoy — Mon, 07 Sep 2015 22:18:55 GMT

@Repairman wrote:
@B335is wrote:
I would just caution you that Amex has very strict requirements for reallocation. The from acct needs to generate 13 statements and I can't remember how many for the to acct. I just tried with a Delta Platinum (12 statements cut) to SPG (8 statements cut) and was denied. I proceeded with the closure since it was only $3100 limit on the Delta card. When I pressed them to give the guidelines they told me its confidential, for whatever reason.

I would just apply for the card you want. Only if you're at a maximum exposure situation with Amex would it matter.
I read elsewhere that the from card had o be at least 13mo old and the to card 3 mos. At the time I attempt the transfer they should be 24mo and 12mo, respectively.

You should be fine then

Re: AMEX: Closing Account & Opening Another Question

B335is — Mon, 07 Sep 2015 22:37:06 GMT

Yeah I really thought there was a requirement for the to account age but I've been wrong before. Nevertheless you should be fine!

Re: AMEX: Closing Account & Opening Another Question

Anonymous — Tue, 08 Sep 2015 17:56:11 GMT

@B335is wrote:
I would just caution you that Amex has very strict requirements for reallocation. The from acct needs to generate 13 statements and I can't remember how many for the to acct. I just tried with a Delta Platinum (12 statements cut) to SPG (8 statements cut) and was denied. I proceeded with the closure since it was only $3100 limit on the Delta card. When I pressed them to give the guidelines they told me its confidential, for whatever reason.

I would just apply for the card you want. Only if you're at a maximum exposure situation with Amex would it matter.

I had quite the opposite experience last week. I opened the Delta Gold a month ago with a $4900 SL, then was offered a sweet deal on the Delta Platinum card. I was approved with only a $1400 SL. I called in to see if that could be increased as it was a lot lower than other cards I was recently approved for. She offered to move part of the CL from the Gold to the Platinum right there on the spot, and moved $3500 from Gold to Platinum. At the time she processed it, the Gold was maybe 30 days old and the Platinum probably less than 10 minutes old.

Maybe because it was Delta to Delta, but I don't see why that would matter. Who knows?

Re: AMEX: Closing Account & Opening Another Question

SunriseEarth — Tue, 08 Sep 2015 18:06:58 GMT

@12njoy wrote:
@B335is wrote:
I would just caution you that Amex has very strict requirements for reallocation. The from acct needs to generate 13 statements and I can't remember how many for the to acct. I just tried with a Delta Platinum (12 statements cut) to SPG (8 statements cut) and was denied. I proceeded with the closure since it was only $3100 limit on the Delta card. When I pressed them to give the guidelines they told me its confidential, for whatever reason.

I would just apply for the card you want. Only if you're at a maximum exposure situation with Amex would it matter.
I know when I did mine last year, they told me it only mattered on the from account. It had to be 13 months. They wouldn't do it a day earlier. They didn't mention anything about the to account. Of course OP can try it and if not approved, just keep account opened our close it.

AFAIK, the requirements were the donor account had at least 13 statement and the recipient account was open for at least 61 days. However, with the easing of the CLI requirements for cards opened less than 61 days, I'm not sure if this is still the "rule" for the recipient account. I haven't directly tried reallocation of CLs with AMEX yet, so this is only anecdotal.