AMEX Credit line transfer and credit reporting

[Anonymous]

I recently opened a AMEX Everyday card to do a BT to pay down some debt but the limit wasn't exactly what I wanted so I was going to do a credit limit transfer from a 0$ balance AMEX card that I have but I was wondering how that would report to the credit agencies as far as utilization and CL goes? 

[K-in-Boston]

$0 of a $500 card is 0% utilization and $0 of a $50,000 card is 0% utilization. As long as it doesn’t change your overall utilization prior to the new card reporting, there shouldn’t be any difference. On your next scheduled statement, the older card will just report with the new limit. When your new card reports, it will report with the limit at the time of the statement closing.

[Anonymous]

Sorry maybe I wasn't clear, 

But say I have an older card with a $1000 limit with AMEX, then I transfer that full available credit limit to a new $1000 AMEX card. Will the previous card just be closed out and the new card will report $2k credit limit? 

[K-in-Boston]

Yes. If you closed the card and moved the full limit, the old car would be reported as closed and the new card would report with the combined limit. However, Amex usually doesn’t allow you to move an entire credit line. It’s usually all but the last $500, but some people have reported that they have only been able to move all but the last $1,000. Chase has a similar policy. If you go to the screen in your Amex account where you can reallocate credit lines, that seems to match up with the same amounts as just closing and moving.

[Anonymous]

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@K-in-Boston wrote:
Yes. If you closed the card and moved the full limit, the old car would be reported as closed and the new card would report with the combined limit. However, Amex usually doesn’t allow you to move an entire credit line. It’s usually all but the last $500, but some people have reported that they have only been able to move all but the last $1,000. Chase has a similar policy. If you go to the screen in your Amex account where you can reallocate credit lines, that seems to match up with the same amounts as just closing and moving.

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Awesome! I was curious, I wasn't aware of not being able to move the entire credit limit. I went to the online card management page and said available to transfer was the full limit but I didn't want to jump the gun then have the previous card closed because it's a card I would like to keep long term. 

[Anonymous]

If the card is "well" aged, wouldn't it be best to keep it open even if you left a small limit on it to sure up your AAOA?

[Anonymous]

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@Anonymous wrote:

If the card is "well" aged, wouldn't it be best to keep it open even if you left a small limit on it to sure up your AAOA?

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Closed accounts are still included in your AAoA until they fall off your report.

[AverageJoesCredit]

Just did my first trsnsfer yesterday, fast ,easy and most inportantly approved. I was given option to move all but $500.