topic Re: Backdating with AMEX in Credit Cards

Backdating with AMEX

CS800 — Wed, 22 Jun 2011 13:57:43 GMT

I had an AMEX in 2001 that I closed in 2005 due to no use (time when i was still ignorant of credit and how it works).

So my AAoA is 4.5 years and will hit 5 years in Nov this year. i applied for all 3 of my credit cards and got them in Nov 2008.

I'm hoping to add one or two AMEX's next year to take advantage of backdating . That would give me 11 years with AMEX.

So if I get two cards, say the Green and the Zync, will they both be backdated to 2001? If yes, that would boost my AAoA a lot

Re: Backdating with AMEX

UFGuy2006 — Wed, 22 Jun 2011 14:34:36 GMT

@CS800 wrote:
I had an AMEX in 2001 that I closed in 2005 due to no use (time when I was still ignorant of credit and how it works).

So my AAoA is 4.5 years and will hit 5 years in Nov this year. I applied for all 3 of my credit cards and got them in Nov 2008.

I'm hoping to add one or two AMEX's next year to take advantage of backdating . That would give me 11 years with AMEX.

So if I get two cards, say the Green and the Zync, will they both be backdated to 2001? If yes, that would boost my AAoA a lot

Yes they should backdate as long as you closed the account when it was in good standing. Good luck! (BTW I'd personally look into a Charge/Revolving card combo with AMEX instead of two charge cards. Just my two cents!)

Re: Backdating with AMEX

CS800 — Wed, 22 Jun 2011 14:37:08 GMT

Do you mean like a BoA AMEX or a USAA AMEX type card? will they still backdate those?

Now does AMEX have cards that you don't have to pay in full at teh end of each month?

The AMEX I had was closed at my request and had a 0 balance. I wasnt using the card at all and from some bad advice back then closed it.

Re: Backdating with AMEX

Anonymous — Wed, 22 Jun 2011 14:39:30 GMT

Only cards issues by Amex will backdate. They issue revolving cards also.

Re: Backdating with AMEX

UFGuy2006 — Wed, 22 Jun 2011 14:41:13 GMT

@CS800 wrote:
Do you mean like a BoA AMEX or a USAA AMEX type card? will they still backdate those?

Now does AMEX have cards that you don't have to pay in full at teh end of each month?

The AMEX I had was closed at my request and had a 0 balance. I wasnt using the card at all and from some bad advice back then closed it.

No, cards issued by American Express (the bank) only backdate. Cards issued by other Banks that use the AMEX network (such as those you've mentioned) do not back date.

Yes Amex have cards that function as regular credit cards such as thier Blue Cards. I recommend going to the AMEX website to review some of their revolver options. Some have annual fees while others do not.

And since you closed the account in good standing, then backdating shouldn't be an issue! Remember, the account has to be issued by American Express to get the backdating perk (not by BOA or USAA).

Re: Backdating with AMEX

Anonymous — Wed, 22 Jun 2011 14:43:24 GMT

I don't think they backdate cobranded cards.

If you had a Amex (not cobranded) and you want to take advantage of backdating, I would apply in January so the open date is January 2001 instead of, say, December 2001. The month they show as date opened will be the month you apply and they tack on the member since year. In that scenario, if you apply in January, your AAoA will be 11 months longer than if you applied in December. Hope that makes sense.

Re: Backdating with AMEX

Walt_K — Wed, 22 Jun 2011 15:10:25 GMT

@Anonymous wrote:
I don't think they backdate cobranded cards.

If you had a Amex (not cobranded) and you want to take advantage of backdating, I would apply in January so the open date is January 2001 instead of, say, December 2001. The month they show as date opened will be the month you apply and they tack on the member since year. In that scenario, if you apply in January, your AAoA will be 11 months longer than if you applied in December. Hope that makes sense.

Slight clarification. You mean that he'll have 11 more months of age that will factor into his AAoA. But his AAoA will not be 11 months longer. Overall increase in his AAoA is going to depend on how many other accounts are reporting.

Re: Backdating with AMEX

CS800 — Wed, 22 Jun 2011 15:14:32 GMT

Seems like Blue Sky card is the one; no AF, travel rewards and notrequired to pay in full at teh end of the month.

I will wait to see my EX FICO next month and see how long it will take me to reach the 700 mark to apply

Re: Backdating with AMEX

Anonymous — Wed, 22 Jun 2011 15:26:16 GMT

@Walt_K wrote:
@Anonymous wrote:
I don't think they backdate cobranded cards.

If you had a Amex (not cobranded) and you want to take advantage of backdating, I would apply in January so the open date is January 2001 instead of, say, December 2001. The month they show as date opened will be the month you apply and they tack on the member since year. In that scenario, if you apply in January, your AAoA will be 11 months longer than if you applied in December. Hope that makes sense.
Slight clarification. You mean that he'll have 11 more months of age that will factor into his AAoA. But his AAoA will not be 11 months longer. Overall increase in his AAoA is going to depend on how many other accounts are reporting.

Yes, good clarification. So, if OP applies for 2 new AMEX cards in January 2012 his new reported AAoA should be 7 years:

currently 3 cards average age of 5 years (in November)

Plus 22 years (2 new AMEX cards acquired 1/2012 backdated to 1/2001)

= 5 cards at 37 years

= 7.4 AAoA rounded down to report as 7 years

Right?

Re: Backdating with AMEX

CS800 — Wed, 22 Jun 2011 16:24:25 GMT

3 cards at 4 years of age a piece = 12 years

If I apply for an AMEX in Jan 2012 and they backdate it to June 2001, that gives me about 11 years give or take

So my AAoA becomes : 4+4+4+11 divide by 4 = 23/4 = 5.75 years

BUT if i apply for two AMEX's at the same time and they both backdate to 2001, that adds another 11 years so my AAoA becomes

4+4+4+11+11 divide by 5 = 34/5 = 6.8 years

So only time will help me increase my AAoA.

Re: Backdating with AMEX

MarineVietVet — Wed, 22 Jun 2011 16:27:51 GMT

@CS800 wrote:
3 cards at 4 years of age a piece = 12 years

If I apply for an AMEX in Jan 2012 and they backdate it to June 2001, that gives me about 11 years give or take

So my AAoA becomes : 4+4+4+11 divide by 4 = 23/4 = 5.75 years

BUT if i apply for two AMEX's at the same time and they both backdate to 2001, that adds another 11 years so my AAoA becomes

4+4+4+11+11 divide by 5 = 34/5 = 6.8 years

So only time will help me increase my AAoA.

Remember that AAoA is figured by using both open and closed accounts (except collections and PR's) from the time they were first opened till the present. Are you calculating both?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Backdating with AMEX

CS800 — Wed, 22 Jun 2011 16:47:11 GMT

So I closed my AMEX (that was in good standing in 2005; opened in 2001) is that still being counted in my AAoA?

Do 'cards closed by credit grantor' also counted towards AaoA?

I have 3 BoA credit cards oopned in 2003 but 2 of them closed by credit grantor and one at my request.

Marine, I'm dreaming the day my scores would become like yours. I mean an 835 EQ?? The world belongs to people like you

Re: Backdating with AMEX

Anonymous — Wed, 22 Jun 2011 16:52:03 GMT

@CS800 wrote:
So I closed my AMEX (that was in good standing in 2005; opened in 2001) is that still being counted in my AAoA?
It should still be on your report, so yes, it counts towards your AAoA.

Do 'cards closed by credit grantor' also counted towards AaoA?
Yes.

I have 3 BoA credit cards oopned in 2003 but 2 of them closed by credit grantor and one at my request.
If they're still reporting, they count in your AAoA. Makes no difference if you closed them or they did.

Marine, I'm dreaming the day my scores would become like yours. I mean an 835 EQ?? The world belongs to people like you
Yes, I'm in awe!!!

Re: Backdating with AMEX

MarineVietVet — Wed, 22 Jun 2011 16:55:01 GMT

@CS800 wrote:
So I closed my AMEX (that was in good standing in 2005; opened in 2001) is that still being counted in my AAoA?

Do 'cards closed by credit grantor' also counted towards AaoA?

I have 3 BoA credit cards oopned in 2003 but 2 of them closed by credit grantor and one at my request.

Marine, I'm dreaming the day my scores would become like yours. I mean an 835 EQ?? The world belongs to people like you

Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present. It doesn't matter why it was closed as long as it's still reporting

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

Re: Backdating with AMEX

CS800 — Wed, 22 Jun 2011 18:11:38 GMT

Currently on EQ and TU, both saying my average age of my accounts is 4 years.

So here are the cards as follows :

AMEX - opened 2001 - closed 2005 -- 10 years

DCU Visa - opened 2003 - closed 2008 -- 8 years

BoA Plat - opened 2002 - closed 2006 -- 9 years

MBNA LL Bean - opened 2003 - closed 2007 -- 8 years

MBNA Aircraft Owners and Pilots - opened 2003 - closed 2007 -- 8 years

Cap one - opened 2008 - 4 years

Best Buy MC - opened 2008 - 4 years

So total of cards closed plus open = 8

Sum (in years) of accounts = 55 years

So is my AAoA : 55/8 = 6.8 ??

None of the above were ever a collection. Those closed ones all had payment plans on them and paid off in full already.

The AMEX does not report on my TU but reports on my EQ and EX credit reports. So should my EQ AAoA be 6 years instead of 4 as it's being reported?

Should the American Express report on the TU also?

Re: Backdating with AMEX

llecs — Wed, 22 Jun 2011 18:41:09 GMT

@CS800 wrote:
Currently on EQ and TU, both saying my average age of my accounts is 4 years.

So here are the cards as follows :

AMEX - opened 2001 - closed 2005 -- 10 years
DCU Visa - opened 2003 - closed 2008 -- 8 years
BoA Plat - opened 2002 - closed 2006 -- 9 years
MBNA LL Bean - opened 2003 - closed 2007 -- 8 years
MBNA Aircraft Owners and Pilots - opened 2003 - closed 2007 -- 8 years
Cap one - opened 2008 - 4 years
Cap one - opened 2008 - 4 years
Best Buy MC - opened 2008 - 4 years

So total of cards closed plus open = 8
Sum (in years) of accounts = 55 years
So is my AAoA : 55/8 = 6.8 ??

None of the above were ever a collection. Those closed ones all had payment plans on them and paid off in full already.

The AMEX does not report on my TU but reports on my EQ and EX credit reports. So should my EQ AAoA be 6 years instead of 4 as it's being reported?

Should the American Express report on the TU also?

To clarify, your two recent EQ and TU FICO reports say 4 years?

Are all of these 8 TLs listed on the Accounts page of your FICO reports? And the open dates match?

If so, it should read 6 years (FICO rounds the AAoA down to the nearest whole number). And yes, AAoA includes ALL OC accounts, opened or closed, charged-off or current.

Re: Backdating with AMEX

CS800 — Wed, 22 Jun 2011 22:35:15 GMT

llecs:

Correction, I just checked my lates SW report, My Eq AAoA is 5 years and my TU's AAoA is 4 years.

On TU, apart from the AMEX, all the other cards reports with proper dates. Not sure why it doesnt show up on TU.

On EQ, all the cards show with proper opening dates.

Re: Backdating with AMEX

Anonymous — Wed, 22 Jun 2011 22:40:59 GMT

@llecs wrote:
@CS800 wrote:
Currently on EQ and TU, both saying my average age of my accounts is 4 years.

So here are the cards as follows :

AMEX - opened 2001 - closed 2005 -- 10 years
DCU Visa - opened 2003 - closed 2008 -- 8 years
BoA Plat - opened 2002 - closed 2006 -- 9 years
MBNA LL Bean - opened 2003 - closed 2007 -- 8 years
MBNA Aircraft Owners and Pilots - opened 2003 - closed 2007 -- 8 years
Cap one - opened 2008 - 4 years
Cap one - opened 2008 - 4 years
Best Buy MC - opened 2008 - 4 years

So total of cards closed plus open = 8
Sum (in years) of accounts = 55 years
So is my AAoA : 55/8 = 6.8 ??

None of the above were ever a collection. Those closed ones all had payment plans on them and paid off in full already.

The AMEX does not report on my TU but reports on my EQ and EX credit reports. So should my EQ AAoA be 6 years instead of 4 as it's being reported?

Should the American Express report on the TU also?
To clarify, your two recent EQ and TU FICO reports say 4 years?

Are all of these 8 TLs listed on the Accounts page of your FICO reports? And the open dates match?

If so, it should read 6 years (FICO rounds the AAoA down to the nearest whole number). And yes, AAoA includes ALL OC accounts, opened or closed, charged-off or current.

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If you count the months rather than the years, it may look more like 4 years to FICO. It would be unlikely that your accounts have all been opened for exactly 10 years, 8 years, 4 years, etc. It's probably more like 9 years 3 months, 7 years 5 months, 4 years 1 month, etc. FICO rounds down.

If you're feeling frisky, to get your exact number, make a spreadsheet, enter the activation date for each trade line, get total months divide total months by number of cards to get average total months convert it to years (or something like that - my abacus is in my other mansion). Will end up with something like 4.95 which FICO regards as 4 years. I have a spreadsheet kinda like this with formulas for all 32 open and closed accounts and it's a nightmare when you factor in the variations across the three CRA's.

Good times.

Re: Backdating with AMEX

kromix — Wed, 22 Jun 2011 22:48:55 GMT

FicoFox,

So you are saying after you do the math and get the decimal number, FICO score rounds down to the nearest Year for point calculation purposes? ie: 6.76 Years = 6 Years?

Re: Backdating with AMEX

Anonymous — Wed, 22 Jun 2011 23:10:18 GMT

@kromix wrote:
FicoFox,

So you are saying after you do the math and get the decimal number, FICO score rounds down to the nearest Year for point calculation purposes? ie: 6.76 Years = 6 Years?

Hi Kromix,

Yes, FICO rounds down. Note that some FAKO sites may not do that when showing you your AAoA so it can get kinda confusing. But if you have alot of different tradelines in your spreadsheet with many different activation dates, you can set up the Excel formulas so that each time you open the spreadsheet, the AAoA will automatically update based on the current date. That way, you won't have to manually adjust entries as time goes on.