Costco Amex Drama - my impulsive action!

[DigitalArk]

I haved talked to two CSRs of Amex Credit Bureau Unit and I was told by them that they already reported my card and they would not delete the account entirely. They said that they did not have the policy of removing account(s) deleted within 30 days after opening. Well, after taking all of your suggestions in consideration, I decided to reinstate the card (probably it was the best option for me). I called the Amex CS yesterday and reinstated my account. I got the card back instantly with a soft pull !!!!!!
Questions:
1). If I move to another state with no Costco around, I will apply for a BCE, since True Earnings cannot do a PC.
Will the BCE be backdated to the year of my True Earnings?
2). When should I ask for 3x CLI?
3). If I am making 10K a year, can my CL be 15K or 20K or 30K?

[Exonumist]

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@DigitalArk wrote:
I haved talked to two CSRs of Amex Credit Bureau Unit and I was told by them that they already reported my card and they would not delete the account entirely. They said that they did not have the policy of removing account(s) deleted within 30 days after opening. Well, after taking all of your suggestions in consideration, I decided to reinstate the card (probably it was the best option for me). I called the Amex CS yesterday and reinstated my account. I got the card back instantly with a soft pull !!!!!!
Questions:
1). If I move to another state with no Costco around, I will apply for a BCE, since True Earnings cannot do a PC.
Will the BCE be backdated to the year of my True Earnings?
2). When should I ask for 3x CLI?
3). If I am making 10K a year, can my CL be 15K or 20K or 30K?

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Glad to here you reinstated the card!

For your first question the answer is yes. From here on out any cards that you get from Amex will be backdated to 2013. For example let's say you apply for BCE in January of 2015. That card will report as being opened in January of 2013. Just take the current month and put it with the member since year. 

61 days from the day the account was created. Ask for 3x and the system will either approve, counter, or deny. For a 14k line you may want to look into asking for less then 25k. It seems to be more of YMMV situation whether or not they might ask for proof of income.

Are you only making 10k a year...? 

[DigitalArk]

Thank you Default4 for your quick response. No, I am not just making 10K/year.

[Exonumist]

I figured, but I just wanted to be sure... Generally speaking someone with good credit should be able to get about 100-150% of their annual income. There are quite a few factors into that though. 

[DigitalArk]

Can it be done beyond 61 days for the 3x CLI? Like 62, 85 or 90 days? I am just throwing out some random numbers..

[Exonumist]

Of course. Anything after 61 days. 

[DigitalArk]

Cool!

By the way, I just joined NFCU and got their cashRewards card (two HPs). As you all knew, I got this Costco Amex (another HP). I was denied a CLI from USAA recently (one more HP). I also had a quote from GEICO for auto insurance two months ago (maybe a HP? not sure). All of these were happened within few months. So my credit scores took a huge hit for that. Now, what is the best strategy to pay my credit cards in order to rebuild/increase my credit scores? ( I am sorry if this has been asked multiple times)

[bahbahd]

Re: Now, what is the best strategy to pay my credit cards in order to rebuild/increase my credit scores?

PIF all but one card each month. If you want, rotate which card reports a balance. Balance on the one reporting card can be up to 10% of total available credit.  

There is no "monthly payment strategy" that will continue to grow scores. Utilization is an at-this-moment snapshot of balances reported to your credit reports. Most cards report monthly, soon after the statement cuts. The statement balance is what is reported for that month's balance.

To "increase" your score right now, do not miss monthly payments, do not charge $10k on new toys at Costco unless you can pay it off that month, let these accounts age and the HP inquiries age to 1 year before applying for any new loans or credit cards. 

[09Lexie]

Glad you got your card restated. When you move, app for a revolver that fits your new lifestyle. Good luck!

[djc1puno]

Glad u got it back!