AMEX: Closing Account & Opening Another Question

[Repairman]

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?

[NRB525]

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?

[Repairman]

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@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?

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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.

[12njoy]

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@Repairman wrote:

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@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?

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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.

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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.

[Repairman]

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@12njoy wrote:

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@Repairman wrote:

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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.

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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.

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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?

[12njoy]

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. 

[Repairman]

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@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. 

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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.

[12njoy]

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@Repairman wrote:

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@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. 

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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.

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Ok.  Sounds like it's in line for closure

[B335is]

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.

[12njoy]

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@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.

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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.