@CleanCredit wrote:
Hi guys, I got an email from AMEX today for the Gold Delta SkyMiles. It's a 60K mile bonus offer if I sign up by April 15th. Now, I don't really need another credit card but from my understanding, AMEX doesn't do a HP if you already have an account with them right? I currently have the BCP. My thought is I could open the account, get the promotion, and then cancel the card. The only thing that would take a hit is my AAoA (I think?). Do you guys see any other downfalls to this plan?
Again, I'm not shopping for credit, but I wouldn't mind getting a free flight or two with summer vacation coming up.
FWIW, my FICO scores are between 760-770.
Couple things. First, it is untrue that there will not be a HP if you already have an account. Generally Amex will not pull another HP if you are denied but in most cases a new HP will be done if you are approved. Now, there have been some recent reports of people not getting HPs when approved but in most cases that has been for a second application within 30 days after first approval. It has varied but it is definitely a YMMV situation and I would not count on no HP. Having said that, generally the negative effect of a HP is overstated and if a card is worth the negative effect on your AAoA it certainly should be worth a single HP.
As not above, any new account will affect your AAoA. How much effect this will have on your score, if any, is completely dependent on your overall credit profile.
In the end, only you can decide if the card is worth it and cancelling the card immediately will negate some of the benefits of the card, such as free baggage and boarding status. If you apply and get the card, I'd suggest you keep the card at least for a year to decide if it has value to you. He 60K miles is a good offer for that card but you need to look on the Delta webpage and see if it fits into to your travel plans.
