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Closing Amex - Getting Amex

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Anonymous
Not applicable

Closing Amex - Getting Amex

Hey guys,

Been a while as i went gardening for 5 months and caved in (more on that soon).

However, i have the following question:

I have 5 revolving accounts with AmEx. One of them is the SPG and i been having that card for 9 months and barely use it. (Also the AF that kicks in in a few months makes me want to get rid of it as it’s not beneficial to me)

Now that the AmEx Amazon Business cards came i see more benefit in those for me.

Can i close my SPG and immediately apply for the new Amazon Business card or is there a waiting period?

Figured i just post it here instead of business credit because it’s pertains more towards closing and opening a new account.

Thanks in advance!
Message 1 of 7
6 REPLIES 6
jamesdwi
Valued Contributor

Re: Closing Amex - Getting Amex

No experience in doing it personally, but it seems likely that it could improve your chance of getting the Business card, but I would wait at least 24 hours in case the updating of your amex internal credit score, so when you apply they see that you have less availible credit with Amex making you a lower risk, in case you are at the limit of what Amex considers your max exposure with them. 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 2 of 7
_NERD
Established Contributor

Re: Closing Amex - Getting Amex

What is a AMEX internal credit score and how often does that refresh? I just PIF my BCE last week & a balance reported this statement cycle. The new statement cuts this Friday and I’m trying to time my CLI request perfectly.

Thanks!

3B profile optimization in progress...
Message 3 of 7
jamesdwi
Valued Contributor

Re: Closing Amex - Getting Amex


@_NERD wrote:
What is a AMEX internal credit score and how often does that refresh? I just PIF my BCE last week & a balance reported this statement cycle. The new statement cuts this Friday and I’m trying to time my CLI request perfectly.

Thanks!

Your internal credit score is used to  see if you will be approved for credit limit increases on revolvers, and if you have a Charge card what your limit is on your NPSL card. It can change daily, it takes into account many factors, your charge history, your payment history, the monthly pulls they typically do on your credit. It gives American Express a much better view of your financial standings. And allows them to approve additional AMEX cards without a hard pull on your credit most times, at least for non bussiness cards, I don't have any bussiness cards, so not sure if a new bussiness card is a hard pull or not. 

I'm not sure when they update the scores, but probably daily, and since closing an account is considered a good thing from an underwriting perspective it may not be taken into account untill nightly batch processing.  

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 4 of 7
credit_is_crack
Valued Contributor

Re: Closing Amex - Getting Amex


@Anonymous wrote:
Hey guys,
Been a while as i went gardening for 5 months and caved in (more on that soon).
However, i have the following question:
I have 5 revolving accounts with AmEx. One of them is the SPG and i been having that card for 9 months and barely use it. (Also the AF that kicks in in a few months makes me want to get rid of it as it’s not beneficial to me)
Now that the AmEx Amazon Business cards came i see more benefit in those for me.
Can i close my SPG and immediately apply for the new Amazon Business card or is there a waiting period?
Figured i just post it here instead of business credit because it’s pertains more towards closing and opening a new account.
Thanks in advance!

I did this exact thing in OCT. I wasn't sure of the waiting period so I gave it a bit. I'm pretty sure I'm at my max with Amex across my BCP, Magnet, Biz Lowes & BBP. Same boat as you (little usage on Lowes, or SPG in your case, and wanted Amazon). Closed Lowes on 10/15; applied for Amazon on 10/27 and was approved for the same amount the Lowes CL was ($10k). I'd give it at least a week to fully refresh, but I went 12 days just in case. They do seem to issue a temp limit of $2.5k upon approval to use immediately and the card arrived about a week later. It's metal too, wasn't expecting that and wasn't the reason I got it, but it was a nice surprise. Good luck! 

Message 5 of 7
Anonymous
Not applicable

Re: Closing Amex - Getting Amex

Awesome! Thanks guys!

I just called AmEx and closed my SPG over the phone.

They said it should take a few hours to show in the system but the rep suggested to call New Card Applications later/tomorrow to see if their system is showing 4 cards. If so i can apply for the Amazon AmEx card!

While i’m at it i will probably ask if i am passed the 2/90 rule. But i probably am, never hurts to ask clarifying questions.

Upon approval i will post in the Business Credit section of the results!

Thanks again all!
Message 6 of 7
RonM21
Valued Contributor

Re: Closing Amex - Getting Amex

Hoping this works out the way you want it to. Good thing about Amex is that you won't have to go through a bunch of HP's and such, even if it doesn't work out.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 7 of 7
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