Ok, help me strategize.
Amex Cash Magnet CL: 8k (up for a CLI May 4) 181 day increase since I increased
Amex Everyday to 24k from 12k back in NOV. 2018
I no longer want the Amex Magnet Card. Should I......
A. Go for the increase, then ask to reallocate that money to the Hilton Honors Card?
a. My concern is that I wouldn’t qualify for any of the offers that come along with the Hilton Card b/c I’m just transferring the CL to a new card.
B. Should I leave the Cash Magnet where it is and just app for the Hilton Card (I’m prequalified it’s a SP). Once I’m approved, ask to move the balance from the magnet to the Hilton? Is this even possible?
At the end of the day, I’d like to maximize my options, rid myself of the Cash Magnet and add Amex Hilton to my wallet.
****Due to my gardening status, I won’t app for the Hilton until Mid 2020. I have to let some of this Credit age a bit. No new cards for the next 12 months.
Deets:
-I’m a 701 on Experian
-I give Both my Amex’s about 2k in action each month.
-No lates
Utilization is 11% overall.
Amex Cash Magnet CL: 8k (up for a CLI May 4) 181 day increase since I increased
Amex Everyday to 24k from 12k back in NOV. 2018
I no longer want the Amex Magnet Card. Should I......
A. Go for the increase, then ask to reallocate that money to the Hilton Honors Card?
a. My concern is that I wouldn’t qualify for any of the offers that come along with the Hilton Card b/c I’m just transferring the CL to a new card.
B. Should I leave the Cash Magnet where it is and just app for the Hilton Card (I’m prequalified it’s a SP). Once I’m approved, ask to move the balance from the magnet to the Hilton? Is this even possible?
At the end of the day, I’d like to maximize my options, rid myself of the Cash Magnet and add Amex Hilton to my wallet.
****Due to my gardening status, I won’t app for the Hilton until Mid 2020. I have to let some of this Credit age a bit. No new cards for the next 12 months.
Deets:
-I’m a 701 on Experian
-I give Both my Amex’s about 2k in action each month.
-No lates
Utilization is 11% overall.
I would keep the Magnet and ED where they are right now. The CLI opportunity does not expire.
When you app the Hilton, it is quite possible AMEX makes a reallocation, and you won't know which card, either Magnet or ED, they might pull from, until they do... or do not.
By leaving the Magnet alone, you don't poke the bear about "closing a card early" and reduce your risk of getting boxed out of the SUB on the Hilton card.
You can reallocate limits after the Hilton app.
Since all three cards are probably no-AF, there is absolutely no rush to close any of them. Slow and thoughtful, planning carefully, is my advice regarding AMEX changes.
Yes...strategy with a little slow and steady. There is absolutely no rush here. I like your approach. 😊
In addition, I should’ve shared that I didn’t plan on going for the Hilton until Mid 2020. I’m not doing any new apps until I achieve my 5/24 for my Chase Card. (Not sure if that makes a difference in this applied strategy.
In addition, I should’ve shared that I didn’t plan on going for the Hilton until Mid 2020. I’m not doing any new apps until I achieve my 5/24 for my Chase Card. (Not sure if that makes a difference in this applied strategy.
You will not be able to PC thr cards but i wouldnt close it out yet. When you app, they will auto reallocate as they see fit, if you are at your max.
Forgive me but just want to clarify...PC the card???
So far the consensus is that I shouldn’t ask for the CLI increase on the Magnet, just wait until Mid 2020 to app for the Hilton and let Amex work their magic.
It’s hard to determine their CLI ceiling. I’m at 24k and 8k. If I get the Hilton, who knows what Limit they’ll give me.
So far the consensus is that I shouldn’t ask for the CLI increase on the Magnet, just wait until Mid 2020 to app for the Hilton and let Amex work their magic.
It’s hard to determine their CLI ceiling. I’m at 24k and 8k. If I get the Hilton, who knows what Limit they’ll give me.