topic Re: 2 Amex Everyday cards—how will closing effect credit? in Credit Cards

2 Amex Everyday cards—how will closing effect credit?

Anonymous — Sun, 10 Jun 2018 16:52:13 GMT

Due to apping twice, I have two of the same card, both issued last week. One has a $500 limit, the other $2000. Is closing one a wise move or no?
Concerned about AAoA.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Blodreina — Sun, 10 Jun 2018 16:53:42 GMT

@Anonymous wrote:
Due to apping twice, I have two of the same card, both issued last week. One has a $500 limit, the other $2000. Is closing one a wise move or no?

Up to you. Personally, I'd close it. I didn't even know Amex issued cards with that low of a limit.

Here's a thread on closing credit cards.

Re: 2 Amex Everyday cards—how will closing effect credit?

Brian_Earl_Spilner — Sun, 10 Jun 2018 16:56:29 GMT

Why did you app twice? Regardless, the damage is done. Consolidate them into one card as soon as you can is what I would do. Or, reallocate to another card if you have another amex. Don't know how a pc works with Amex or how soon you can do one, if there's another card you like.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Brian_Earl_Spilner — Sun, 10 Jun 2018 16:55:39 GMT

@Blodreina wrote:
@Anonymous wrote:
Due to apping twice, I have two of the same card, both issued last week. One has a $500 limit, the other $2000. Is closing one a wise move or no?
Up to you. Personally, I'd close it. I didn't even know Amex issued cards with that low of a limit.

Here's a thread on closing credit cards.

They have a credit steps type program where you can be issued $500 or $1000 as a SL.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

AverageJoesCredit — Sun, 10 Jun 2018 17:13:31 GMT

@Blodreina wrote:
@Anonymous wrote:
Due to apping twice, I have two of the same card, both issued last week. One has a $500 limit, the other $2000. Is closing one a wise move or no?
Up to you. Personally, I'd close it. I didn't even know Amex issued cards with that low of a limit.

Here's a thread on closing credit cards.

Surprised with how long you've been a member here you didnt know this but I guess we learn everyday. If your profile has issues, Amex can let you in with the bare minimum of $500. Lots of people have gotten this or 1k but eventually you can grow out of it through time and improving ones profile

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Sun, 10 Jun 2018 17:30:11 GMT

If you can meet the sign up bonus for each card you should keep both of them for now. Unless you call them and they cancel and don’t report one of the cards, I have no idea how likely that is. Assuming your offer is 10,000 points for $1,000 in 90 days and Amex gives it to you, you could end up with 20,000 points which would be nice. You will only be able to change to the EveryDay Preferred card which has a fee, at least that is what I was told. I wanted to change my bce to EveryDay and they said I could only change to Bce preferred.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Sun, 10 Jun 2018 17:55:00 GMT

The other reason for keeping is if you go above $6K a year on supermarket spending. But using the card a lot (20 times a month) with a $500 CL might be painful

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

wasCB14 — Sun, 10 Jun 2018 18:07:45 GMT

@Anonymous wrote:
The other reason for keeping is if you go above $6K a year on supermarket spending. But using the card a lot (20 times a month) with a $500 CL might be painful

If someone is exceeding $6k on groceries, a PC to EDP (after a year) would likely be in order!

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Sun, 10 Jun 2018 19:40:09 GMT

With a $500 SL, I'm not sure it can be combined. Amex seems to have issues moving credit limits over that are $1K or less. Essentially, they'll issue a $500 SL card, however, I've been told a number of times by CSR (I know CSRs are not super informed.) that $1K is the minimum line for cards. I've had this discussion with my $1K BCE card. Assuming the card has already been issued and it can't simply be cancelled, essentially the options are: 1. Keep it or 2. Close it.

Congrats on your approval though.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Tue, 12 Jun 2018 00:58:42 GMT

Your AAoA already took the hit for two new accounts, so the damage is done there. The real damage comes from opening accounts and the HP associated with it. Closing it would be a personal preferance, but it shouldn't hurt you as it will still report. IMO you don't really need 2 of the same card, mainly because the $500 card will take some time to grow. Unless you plan to waste all your CLIs on it instead of the $2K card.

As others have said, not sure why you double apped. They tell you not to apply for it again while processing. Thoug I can see where glitches could happen.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Tue, 12 Jun 2018 01:10:57 GMT

The $500 ED card is unlikely to come with any SUBs. When you're in Amex's version of "credit steps" you don't get the sign up bonus.

@Anonymous wrote:
If you can meet the sign up bonus for each card you should keep both of them for now. Unless you call them and they cancel and don’t report one of the cards, I have no idea how likely that is. Assuming your offer is 10,000 points for $1,000 in 90 days and Amex gives it to you, you could end up with 20,000 points which would be nice. You will only be able to change to the EveryDay Preferred card which has a fee, at least that is what I was told. I wanted to change my bce to EveryDay and they said I could only change to Bce preferred.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Tue, 12 Jun 2018 04:43:41 GMT

Yep. They will not combine the limits because “it has to be 1k and over to reallocate that is our policy etc” Also not allowed to get signup bonus twice.

I cancelled the card in anger at the 2k limit right after approval. Called the next morning to reinstate, was told to apply again, reinstatement wasn’t possible. Did that, got the 500 limit (now super enraged of course) and again asked to reinstate the first card. Supervisor approved right away. Pretty pissed at AMEX honestly. Right after I called to see if I could reallocate the limit from one card to another, and they denied the request, they approved a balance transfer I no longer needed or wanted. **bleep** this company!

I love Discover so far.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Tue, 12 Jun 2018 04:44:53 GMT

I agree wholeheartedly but the card was hard-won so I’m keeping it for now.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Tue, 12 Jun 2018 11:24:03 GMT

I’m not really sure what there is to be angry about, you applied for the same card twice by accident I assume, and then they denied your request to combine based on their policies, you could have tried to get a cli on the lower card In the future and then combined them(which is your same option now.) But I am totally confused as to why you applied for the same card for a third time when you originally posted on what you should do about two approvals in the first place?

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

Anonymous — Tue, 12 Jun 2018 11:47:47 GMT

It was not by accident. It was because I was told they couldn’t reinstate a card that was closed mere hours before, and to app again.

I only applied twice. Angry because this card is marketed as a balance transfer card and the low limit renders it useless for that purpose.

Re: 2 Amex Everyday cards—how will closing effect Aaoa?

K-in-Boston — Tue, 12 Jun 2018 14:41:57 GMT

A few important things to consider:

When people apply for a card with the intention of doing a balance transfer, they usually do not receive a starting line that covers what they need, or at least not without heavily utilizing the card.
I've learned the hard way that with balance transfers, always do them manually after you have been approved rather than during the application process. When I applied for my Discover it card a few years back, I put in a request for a $15,000 balance transfer from another card during the application. My starting line was a mere $3500, and a few weeks after getting the card and running about $1300 or so through it, Discover decided to do a partial $1900 balance transfer and even though it said my first statement closing date was still a month away, they reported my balance mid-cycle with it almost completely maxed out!
Amex cards can and do grow very quickly (although not always as quickly as some of us would like). DW had very good scores, an AAoA of about 13 years, 1 new account in 2 years, and either 1 or 2 INQs on EX when she applied for her ED. They approved her for only $2,000. But 61 days later, that card was at $4,000. By the 8 month mark it was at $12,000 and by the 14 month mark it was at $32,000.