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Amex limit reallocation hassle

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EW800
Valued Contributor

Re: Amex limit reallocation hassle

Would anyone know if doing a CL transfer with Amex resets any type of clock?  About six months ago I moved about $5K of my Optima account to my ED account with no problem.   I would now like to move even more of the Optima CL (currently $15.5K) over to the AE (currently $12K).  Anyone know if there is any type of waiting period after doing a CL transfer previously?

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Sept 2024: EX8: 847; EQ8: 850; TU8: 848 -- Middle Mortgage Score: 821
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .
Message 11 of 21
Anonymous
Not applicable

Re: Amex limit reallocation hassle


@EW800 wrote:

Would anyone know if doing a CL transfer with Amex resets any type of clock?  About six months ago I moved about $5K of my Optima account to my ED account with no problem.   I would now like to move even more of the Optima CL (currently $15.5K) over to the AE (currently $12K).  Anyone know if there is any type of waiting period after doing a CL transfer previously?

 


Don't think so

Message 12 of 21
Jaylima91
Established Contributor

Re: Amex limit reallocation hassle

Thank you guys. Ignorance is bliss in my case. Smiley Sad I should've done A LOT more research prior to doing this. Would you guys recommend I close it considering I won't use it with $1k CL and I just got the EDP too? I am going to take the hit of 2 new TL on my profile since amex isn't backdating any longer

Message 13 of 21
CarbonCard
Established Contributor

Re: Amex limit reallocation hassle

Personally, I wouldn't. You can 3X CLI it, and PC to BCE after 13 months.
Starting Score: (1/15)TU: 690 EX: 690 EQ: 711
Current Score: (10/18) TU-8: 813 EX-8: 808 EQ: 797
Goal Score: (7/20) 800+ for all three bureaus

Take the myFICO Fitness Challenge
Message 14 of 21
Anonymous
Not applicable

Re: Amex limit reallocation hassle


@Jaylima91 wrote:

Thank you guys. Ignorance is bliss in my case. Smiley Sad I should've done A LOT more research prior to doing this. Would you guys recommend I close it considering I won't use it with $1k CL and I just got the EDP too? I am going to take the hit of 2 new TL on my profile since amex isn't backdating any longer



I wouldn't close it. Don't you buy groceries at all.? The BCF can't be beat for that. And follow ClixT's suggestion about the 3X CLI

Message 15 of 21
kdm31091
Super Contributor

Re: Amex limit reallocation hassle

It's not a hassle to do. You just have to know and follow the policy which is 13 months.
Message 16 of 21
Jaylima91
Established Contributor

Re: Amex limit reallocation hassle

I buy groceries but I also spend a lot on my Cc monthly.
Message 17 of 21
Anonymous
Not applicable

Re: Amex limit reallocation hassle


@Jaylima91 wrote:

Thank you guys. Ignorance is bliss in my case. Smiley Sad I should've done A LOT more research prior to doing this. Would you guys recommend I close it considering I won't use it with $1k CL and I just got the EDP too? I am going to take the hit of 2 new TL on my profile since amex isn't backdating any longer


Don't close it. Use both of them. It will just take some time. Did you already get a cli on the ED or no? Just make payments several times a month on your charges. It's already open now. The TLs will balance out.

 

Go for a limit increase in 6 months on the ED, and the next 6 months on the Blue.

 

From what I am reading here their Blue cash cards are kind of strict, and harder to get than the ED.

Message 18 of 21
Anonymous
Not applicable

Re: Amex limit reallocation hassle


@Jaylima91 wrote:
I buy groceries but I also spend a lot on my Cc monthly.

Up to you but I wouldn't close out a card that gives 6% on groceries.  If nothing else, just use it for that.

Message 19 of 21
Jaylima91
Established Contributor

Re: Amex limit reallocation hassle

Thank you guys
Message 20 of 21
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