Should I reopen my Amex SPG?
Apr 11, 2013, 10:30 am
#1
Original Poster
Join Date: Oct 2005
Posts: 120
Should I reopen my Amex SPG?
I had a personal Amex SPG since 1995 with CL of $25k and when the annual fee was up in Feb, I was hoping for a retention bonus so I called in to cancel but they called my bluff (
mea culpa, so no need to stone me). Anyways, my question is should I request for a reinstatement to optimize age of credit history? Also, if i ask Amex to reopen the account, will it be a hard pull?
Data for consideration:
*Current credit score: 760
*Current portfolio: Amex Biz Gold, Personal Amex Platinum, CSP, Amazon and recently applied and approved for Biz SPG.
*Avg. Monthly utilization: 5k-10k
Thanks in advance.
mea culpa, so no need to stone me). Anyways, my question is should I request for a reinstatement to optimize age of credit history? Also, if i ask Amex to reopen the account, will it be a hard pull?Data for consideration:
*Current credit score: 760
*Current portfolio: Amex Biz Gold, Personal Amex Platinum, CSP, Amazon and recently applied and approved for Biz SPG.
*Avg. Monthly utilization: 5k-10k
Thanks in advance.
Apr 11, 2013, 1:54 pm
#5
Join Date: Aug 2010
Location: ORF
Programs: Amex Plat, AA, BA Silver, Marriott Plat, Choice Gold, HHonors Gold, IHG Diamond
Posts: 3,749
More like 12. From the app page for the personal SPG card: "Welcome bonus offer not available to applicants who have had this product within the last 12 months." That means the window for a personal app would reopen in February 2014.
If the OP is approved for the business SPG card, you could hold that until you make your next personal SPG app next year and then cancel the biz card. The biz and personal cards are considered separate products so after canceling the biz card and waiting 12 months, you could make another application for that. Keep in mind that Amex/SPG have run promotions in August the last couple of years where the spending requirement went down while the signup bonus went up from 25K to 30K.
If the OP is approved for the business SPG card, you could hold that until you make your next personal SPG app next year and then cancel the biz card. The biz and personal cards are considered separate products so after canceling the biz card and waiting 12 months, you could make another application for that. Keep in mind that Amex/SPG have run promotions in August the last couple of years where the spending requirement went down while the signup bonus went up from 25K to 30K.
Apr 11, 2013, 7:59 pm
#10
Join Date: Mar 2007
Location: S Cal
Programs: AA Lifetime Plat, United Silver, Marriott Plat, IHG Plat
Posts: 1,142
I'm curious about something, if the OP knows the answer to this.
My AmEx SPG dates from 1999. I also picked up an AmEx Business SPG this year. I decided to write off the annual fee on the Business card as a business expense - seemed like a reasonable tax deduction to me.
Now I'm thinking of keeping the Biz card and dropping the personal SPG to save on annual fees. This might also allow me to get a signup bonus on a new personal card down the road.
When the OP accidentally canceled the AmEx SPG (from 1995), was there any hit to your credit score? If canceling my personal SPG card (from 1999) is going to cost me on my credit score, it might not be worth it.
My AmEx SPG dates from 1999. I also picked up an AmEx Business SPG this year. I decided to write off the annual fee on the Business card as a business expense - seemed like a reasonable tax deduction to me.
Now I'm thinking of keeping the Biz card and dropping the personal SPG to save on annual fees. This might also allow me to get a signup bonus on a new personal card down the road.
When the OP accidentally canceled the AmEx SPG (from 1995), was there any hit to your credit score? If canceling my personal SPG card (from 1999) is going to cost me on my credit score, it might not be worth it.
Apr 11, 2013, 10:14 pm
#11
Original Poster
Join Date: Oct 2005
Posts: 120
I'm not a credit expert so if anyone knows whetehr reopening an account will result in hard pull, please let me know?
@Rus: after I closed the personal SPG, I picked up the Biz SPG + Ink Plus + Chase Amazon and noticed a decrease of 12 points on my credit score.
@Rus: after I closed the personal SPG, I picked up the Biz SPG + Ink Plus + Chase Amazon and noticed a decrease of 12 points on my credit score.
Apr 12, 2013, 5:32 am
#12
Join Date: Mar 2011
Location: Boston, MA
Programs: AA, SPG
Posts: 111
If you open a new SPG it will backdate to your member since date for AmEx. So if you've been a AmEx member since 1995 and you open a new AmEx SPG today, it will report on your credit as opened April 1995.
Apr 12, 2013, 7:31 am
#13
Join Date: Aug 2010
Location: ORF
Programs: Amex Plat, AA, BA Silver, Marriott Plat, Choice Gold, HHonors Gold, IHG Diamond
Posts: 3,749
For answers to questions like this, that aren't really miles and points oriented, you might find a site like http://creditboards.com/forums/ more helpful.
Apr 12, 2013, 8:57 pm
#14
In memoriam
Join Date: Jan 2006
Posts: 4,020
Forget account reopening. Repeat, don't do it.
Probably not going to help your credit score--and, will lose you the opportunity to wait until twelve months have passed and then apply for a new personal card with new bonus.
Meanwhile, get Amex SPG business card--and get a bonus there too.
Amex counts your membership from the first card you open with them assuming they have kept track properly.
I open and close Amex accounts very often (almost monthly) and have a great credit score.
Don't worry! Be happy!
Probably not going to help your credit score--and, will lose you the opportunity to wait until twelve months have passed and then apply for a new personal card with new bonus.
Meanwhile, get Amex SPG business card--and get a bonus there too.
Amex counts your membership from the first card you open with them assuming they have kept track properly.
I open and close Amex accounts very often (almost monthly) and have a great credit score.
Don't worry! Be happy!