Should I cancel my Amex Everyday card?

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aaman224455
 
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Should I cancel my Amex Everyday card?

Postby aaman224455 » Tue Aug 26, 2014 7:06 pm

I recently received a Amex Blue Cash Everyday card. I am a full time graduate student, have a credit score of ~700, have an income from part time work (summer) of <$9,000, and have net assets of ~$25,000. All of this information was correctly reported on my application. After reading about the possibility of FR by Amex, I am worried that if they were to conduct a FR on me me my account would be closed and I would be black-listed. The issue is that because my income was so low, I did not have to file taxes and therefore do not have the ability for IRS to verify my income. All I have copies of checks from work.

Should this concern me enough to go ahead and cancel the card in case I am ever reviewed? The card would be <1 month old. Would canceling so quickly prevent me from getting a card from Amex if I were to apply again in 3-4 years?

Thank you for your help.

**I know I should have filed anyways for the returns, but it just happened to slip through the cracks. Learn from my mistakes.


aaman224455
 
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Postby aaman224455 » Tue Aug 26, 2014 9:10 pm

Just to add, credit score is actually >750, no outstanding debts or liabilities.

432521
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Postby 432521 » Tue Aug 26, 2014 10:15 pm

don't worry about it, amex doesn't usually FR unless you buy a lot of gift cards at once or you are trying to up your limit to over 25k
March 2011- Wellsfargo Cash Back College Card
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popamode72
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Postby popamode72 » Tue Aug 26, 2014 10:44 pm

432521 wrote:don't worry about it, amex doesn't usually FR unless you buy a lot of gift cards at once or you are trying to up your limit to over 25k


I always have that fear in the back of my mind but glad to know. I have no desire to even want to buy gift cards at all though I hope my new Chase account doesn't scare them or a few accounts I closed. They don't seem to mind my inquiries that much as of now.
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 26, 2014 11:21 pm

I agree with the others. Keep the account open. Make regular payments on the card so the utilization remains low. Don't ask for a credit limit increase. Use the card in a responsible, boring, conservative manner to keep a low profile. Once you're filing your tax returns properly, it will be good to have had some history established with the card.

And don't buy gift cards with it!
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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nismoZtuner
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Postby nismoZtuner » Wed Aug 27, 2014 1:39 am

CarefulBuilder14 wrote:I agree with the others. Keep the account open. Make regular payments on the card so the utilization remains low. Don't ask for a credit limit increase. Use the card in a responsible, boring, conservative manner to keep a low profile. Once you're filing your tax returns properly, it will be good to have had some history established with the card.

And don't buy gift cards with it!


+1 with CB..don't ask for CLIs just be on the down low. That is what I would do- plus they won't really pick on you if you're not doing anything wrong.. I say KEEP IT!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
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takeshi
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Postby takeshi » Wed Aug 27, 2014 8:40 am

aaman224455 wrote:Should this concern me enough to go ahead and cancel the card in case I am ever reviewed?

The FR fear is overblown IMO. Unless you give them reasons to suspect anything you're unlikely to run into an FR. It's really your call if the fear of FR outweighs the benefits of the card. You've already taken the hard pull for the card and taken the hit to AAoA unless it was sufficiently backdated.

rockyrock
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Postby rockyrock » Wed Aug 27, 2014 10:41 pm

takeshi wrote:The FR fear is overblown IMO. Unless you give them reasons to suspect anything you're unlikely to run into an FR. It's really your call if the fear of FR outweighs the benefits of the card. You've already taken the hard pull for the card and taken the hit to AAoA unless it was sufficiently backdated.


I agree.

Chill out.
Sapphire Reserve: travel & dining (almost everything until I meet my initial spend)
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MrMosby
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Postby MrMosby » Thu Aug 28, 2014 7:24 am

I just had an FR done for a higher limit, it was painless - I'm not sure why most people worry about them unless they are hiding something.
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 28, 2014 7:32 pm

MrMosby wrote:I just had an FR done for a higher limit, it was painless - I'm not sure why most people worry about them unless they are hiding something.


It can still be an inconvenience if there's no tax return to submit. I agree that it isn't a big deal when someone has income and assets that are already documented.

Then again, with an income of $9k, I doubt the CL is high enough to worry Amex.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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