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.
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.
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.
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!
|Total CL: $306.1k||UTL: 3%||AAoA: 6.8yrs||Baddies: 0||Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping|