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CC Deville wrote:Could very well be. I just wonder why it took the regulators/competitors until 2015 to force Amex to change the policy. And I agree, it is very unlikely that Amex would do this on their own unless they noticed to many were abusing the policy and sought to close the loopholes to avoid scrutiny from regulators.
So far, the discussion only suggests that new
accounts won't be backdated. If people are annoyed now, they will be furious if Amex "forwarddates" existing accounts to when they were actually opened. If some FICOs reflected the full effect of app sprees and rage-driven or AF-dodging account closures, some people would have pretty lousy scores.
I know tricks and loopholes like backdating are sacred cows for many of us credit geeks, but I'm perfectly okay with a move to somewhat simpler, saner rules for credit.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt, Arrival
May close or PC: Prestige, BrooksBros
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech