topic Re: Costco Anywhere Not Inheriting Amex Backdates? in Credit Cards

Costco Anywhere Not Inheriting Amex Backdates?

smittyboy020 — Sun, 24 Jul 2016 21:34:16 GMT

My Amex True Earnings card was opened in 2014 with a 2008 backdate. Now my Citi Costco Anywhere "Cardmember since" date is 2014, not 2008. Does that possibly mean that Citi didn't inherit our Amex backdates? I guess we'll have to wait till September to see. Fingers crossed!!

Re: Costco Anywhere Not Inheriting Amex Backdates?

gdale6 — Sun, 24 Jul 2016 22:14:55 GMT

Citi will report the actual opening info the backdate from Amex is dead.

Re: Costco Anywhere Not Inheriting Amex Backdates?

Closingracer99 — Mon, 25 Jul 2016 02:00:22 GMT

@gdale6 wrote:
Citi will report the actual opening info the backdate from Amex is dead.

Backdating wasn't dead in 2014 when he or she apped for the Costco Amex card so in theory shouldn't the Citi one be reporting as 2008 like his previous Costco card? Unless they know ( Costco) when you applied for the card and telling Citi to report that?

Re: Costco Anywhere Not Inheriting Amex Backdates?

android01 — Mon, 25 Jul 2016 03:11:36 GMT

@Closingracer99 wrote:
@gdale6 wrote:
Citi will report the actual opening info the backdate from Amex is dead.
Backdating wasn't dead in 2014 when he or she apped for the Costco Amex card so in theory shouldn't the Citi one be reporting as 2008 like his previous Costco card? Unless they know ( Costco) when you applied for the card and telling Citi to report that?

American Express had two dates in their system. One was the "Member Since Date" (used for backdating), and the actual date was when the account was opened. In my case, my Member Since date was 1986. The actual opening date of my AMEX Costco card was 2011. My new Citi Costco card has an opening date of 2011. As someone noted earlier, Citi is using the date the AMEX card was opened, not the backdated Member SInce date.

Re: Costco Anywhere Not Inheriting Amex Backdates?

noobody — Mon, 25 Jul 2016 12:34:19 GMT

My guess is Costco move from Amex to Citi IS one of the reason backdate stopped last spring, so Citi can report correct opening date.

Re: Costco Anywhere Not Inheriting Amex Backdates?

MASTERNC — Mon, 25 Jul 2016 12:43:16 GMT

Sadly that will wreak havoc on people who apped in the past two years and used backdating to not be subject to Chase's 5/24 rule. With that card reporting as 2014, I'll be back to 5 new cards (instead of four) when I was thinking of apping for CSP. Guess I'll have to apply earlier than I wanted.

Re: Costco Anywhere Not Inheriting Amex Backdates?

takeshi74 — Mon, 25 Jul 2016 16:04:53 GMT

@Closingracer99 wrote:
Backdating wasn't dead in 2014 when he or she apped for the Costco Amex card so in theory shouldn't the Citi one be reporting as 2008 like his previous Costco card?

Depends on the theory that one wants to follow. I'm not aware of anything that obligates Citi to recognize the way AmEx was backdating.

Yeah, I had a TE backdate to 1998 and I'd love to the CAV report as opened in 1998 as well but I'm not expecting that. When contacting Citi CS they thanked me for being a customer since 2013 which was the actual open date of my TE.

@MASTERNC wrote:
Sadly that will wreak havoc on people who apped in the past two years and used backdating to not be subject to Chase's 5/24 rule.

If 1 account "wreaks havoc" then the 1 account isn't the problem so much as the person's credit profile. If 1 account on its own can make or break a credit profiule then the profile wasn't very strong to begin with.

Re: Costco Anywhere Not Inheriting Amex Backdates?

SouthJamaica — Mon, 25 Jul 2016 16:12:47 GMT

@smittyboy020 wrote:
My Amex True Earnings card was opened in 2014 with a 2008 backdate. Now my Citi Costco Anywhere "Cardmember since" date is 2014, not 2008. Does that possibly mean that Citi didn't inherit our Amex backdates? I guess we'll have to wait till September to see. Fingers crossed!!

I'm pretty sure it doesn't inherit the backdate.

When my JetBlue Amex was converted to a Barclays mastercard, the account open date reported was the date the JetBlue account was actually opened with Amex.

Re: Costco Anywhere Not Inheriting Amex Backdates?

MASTERNC — Mon, 25 Jul 2016 17:18:30 GMT

@takeshi74 wrote:

@MASTERNC wrote:
Sadly that will wreak havoc on people who apped in the past two years and used backdating to not be subject to Chase's 5/24 rule.
If 1 account "wreaks havoc" then the 1 account isn't the problem so much as the person's credit profile. If 1 account on its own can make or break a credit profiule then the profile wasn't very strong to begin with.

My credit is actually excellent, so that's not the point. The problem is Chase automatically denies applications where the applicant has opened 5 or more accounts over the past 24 months. Under the backdating (I opened a Costco card in 2014), I only had four cards opened in the past 24 months (as of today). When the new Citi account with the 2014 appears, I will be at five again until the fall. Since I don't know when that will happen and had wanted to apply for CSP in August, I now have to weigh applying now and acclerating spending for the bonus.

Re: Costco Anywhere Not Inheriting Amex Backdates?

android01 — Mon, 25 Jul 2016 19:33:43 GMT

http://www.clark.com/costco-visa-credit-hit

The problem now is that Citi hasn't begun reporting to the bureaus yet. That may take up to 90 days from the June 20 switch.

"To ensure that credit bureau reporting is accurate and does not reflect any disruption in the transition, Citi will begin reporting to the credit bureau in September," Liz Fogarty of Citi told Team Clark.

"This will allow time for the American Express account to be reported as closed and transferred as well as ensure that customers have an opportunity to make payments to Citi."

At least one listener we heard from on the Clark Howard Show saw his credit score plummet by 80 points as a result of the changeover. He apparently didn't have very many lines of available credit and is in a no man's land as he waits for Citi to start reporting now that American Express has stopped.

My AMEX is reporting closed and transferred, but no new Citi card yet.

Re: Costco Anywhere Not Inheriting Amex Backdates?

MASTERNC — Mon, 25 Jul 2016 19:58:19 GMT

@android01 wrote:
http://www.clark.com/costco-visa-credit-hit

The problem now is that Citi hasn't begun reporting to the bureaus yet. That may take up to 90 days from the June 20 switch.
"To ensure that credit bureau reporting is accurate and does not reflect any disruption in the transition, Citi will begin reporting to the credit bureau in September," Liz Fogarty of Citi told Team Clark.
"This will allow time for the American Express account to be reported as closed and transferred as well as ensure that customers have an opportunity to make payments to Citi."
At least one listener we heard from on the Clark Howard Show saw his credit score plummet by 80 points as a result of the changeover. He apparently didn't have very many lines of available credit and is in a no man's land as he waits for Citi to start reporting now that American Express has stopped.

My AMEX is reporting closed and transferred, but no new Citi card yet.

Thanks for the info - if that holds true, I can apply next month with no issue from the 5/24 rule. FWIW, I just received alerts last week that AMEX reported the account closed.