- Centurion Member
- Posts: 538
- Joined: Fri Mar 09, 2012 9:29 am
- Location: San Francisco, CA
No idea why AMEX does this but they do. Basically they report to the credit bureaus that your new card was opened on the first year you were a member (whether you were an AU [but you better keep the proof] or got your first card) and the month you got your new card.
For example, I added my wife (who never had an AMEX) to mine in Dec 2011. In January 2012, she applied for a card herself. Her card is being report as being opened since 1/2011.
Why does it help? One of the key things in FICO is age and breadth of your credit file. AAoA (average age of accounts) is a important yardstick. So if you open a bunch of credit cards, you not only lose because you got a bunch of new credit, inquiries, etc. You also lose because your AAoA is decreased. With AMEX, that doesn't have to be the case. In fact, if I was a teenager who understood credit (boggle) or more likely, a parent, I would add my child to my AMEX as soon as I could and make sure to create an online profile to for sure lock in their member date (of course I wouldn't be stupid enough to give them the card).
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k