topic Re: amex ED on the cutting block? in Credit Cards

amex ED on the cutting block?

zerbherb — Wed, 02 Nov 2016 15:29:45 GMT

9.5k limit not really useful for anything besides utilization. Should i close it and try have that 9.5k move elsewhere.

i only received 2.5k on my freedom unlimited because my chase exposure limit has been met for now until i have more income.

Re: amex ED on the cutting block?

Involver — Wed, 02 Nov 2016 15:31:07 GMT

You have another American Express account you can move that line to?

Re: amex ED on the cutting block?

zerbherb — Wed, 02 Nov 2016 15:31:41 GMT

nope

Re: amex ED on the cutting block?

Anonymous — Wed, 02 Nov 2016 15:38:22 GMT

Maybe I'm misunderstanding, but you want to see if you can move the 9.5k to a different card brand completely? If you have the Amex card for I believe 13 months you can move that line to another Amex card (ex I will move my ED line to my BCP line).

Re: amex ED on the cutting block?

zerbherb — Wed, 02 Nov 2016 16:21:34 GMT

Yeah i have no use for the everyday. I kinda just wanna close it and hopefully open up space for chase and discover to give me larger CLS.

Re: amex ED on the cutting block?

jacetx — Wed, 02 Nov 2016 17:42:12 GMT

@zerbherb wrote:
Yeah i have no use for the everyday. I kinda just wanna close it and hopefully open up space for chase and discover to give me larger CLS.

If you have no use for it close it. Keep in mind that closing your Amex account does not guarantee higher limits with Chase and Discover. There is no correlation at all.

Re: amex ED on the cutting block?

Anonymous — Wed, 02 Nov 2016 20:00:16 GMT

My ED was on the chopping block too at one point, but I tend to get more useful offers on it than my BCE so I'm keeping it open. If it's your only card with them, I would totally understand wanting to close it, but PCing it is not a bad idea at all!

Re: amex ED on the cutting block?

CreditCuriosity — Wed, 02 Nov 2016 23:49:53 GMT

@Anonymous wrote:
My ED was on the chopping block too at one point, but I tend to get more useful offers on it than my BCE so I'm keeping it open. If it's your only card with them, I would totally understand wanting to close it, but PCing it is not a bad idea at all!

Can't PC it to anything except the ED preferred. Its a no AF card, I personally would keep it as others have stated most likely that wont correlate in ability to get higher limits with other creditors. That has to do with income/profile. Amex is just very generous to some with smaller incomes for whatever reason if income is holding you back or DTI, etc.

Re: amex ED on the cutting block?

Anonymous — Wed, 02 Nov 2016 21:46:17 GMT

Close it if you don't want it but don't expect that to make Discover/Visa/MC to give you more credit...

Re: amex ED on the cutting block?

wasCB14 — Wed, 02 Nov 2016 23:25:13 GMT

If you want to grow your Chase exposure, I think being able to report (and potentially show) a higher income, and a longer history with them, may be more helpful than reducing your overall available credit.

There are definitely some profiles that get bloated and have useless accounts crowd out potentially great ones...but I doubt that's your problem.

Re: amex ED on the cutting block?

austinguy907 — Wed, 02 Nov 2016 23:44:35 GMT

@zerbherb wrote:
Yeah i have no use for the everyday. I kinda just wanna close it and hopefully open up space for chase and discover to give me larger CLS.

Where do people come up with this??? This has absolutely nothing to do with your CLI chances with either of them. If you don't want the ED card and think BCE might work better for catagories open the BCE and once the ED is over 13 months move the CL over. Otherwise close it and move on.

Onto the cra cra thoughs on the CLI impacts.... So Chase won't give you more due to DTI..... closing ED won't impact that since you're not making more $$$... Discover CLI's don't care about your other cards or what you're doing with them. They base their decision on the TU they show when you're logged into your account and more likely their internal scoring. As your TU rises the Discover rises along with it every 30/60 days if you hit the button or call the #.

AMEX started me at $10K and it grew to $50K in a year

Discover started me at $4500 and grew to $35K in a year (typical CLI's were $3-$4K/CLI until the last one that was $6K)