AMEX Reported as "CLOSED?"

[Anonymous]

Hey guys, so the annual fee for my Premier Rewards Gold card kicked in a month ago. I only ran about $950 through the card in a year (never redeemed my points) either whatsoever and have swiped my money through other credit cards I have. Because of this, I called multiple times to threaten to cancel the card to get the AF waived to no success like I was instructed on here and through other blogs. They tried offering me a $75 credit (which is pointless because I would still have to pay $100 for a card I don't even use). So long story short after about 10 phone calls back to back, I ended up getting p*ssed because none of the reps at the retention department were waiving the fee so I just flat out told them to cancel it and close the account. 

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first? 

[Shogun]

Do you have other cards?  Was this figuring significantly into your util?   Need more info.

[ojefferyo]

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@Anonymous wrote:

Hey guys, so the annual fee for my Premier Rewards Gold card kicked in a month ago. I only ran about $950 through the card in a year (never redeemed my points) either whatsoever and have swiped my money through other credit cards I have. Because of this, I called multiple times to threaten to cancel the card to get the AF waived to no success like I was instructed on here and through other blogs. They tried offering me a $75 credit (which is pointless because I would still have to pay $100 for a card I don't even use). So long story short after about 10 phone calls back to back, I ended up getting p*ssed because none of the reps at the retention department were waiving the fee so I just flat out told them to cancel it and close the account. 

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first? 

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I don't think anyone here said it would not show as closed but rather it will remain on your report for at least 10 years. You may have interpreted it the wrong way. 

[baller4life]

I believe you misunderstood. It's not that a closed card won't report closed for 10 years. It reports closed usually within a month of being closed. It will continue to report as a positive tradeline for 10 yrs. Which means it still is factored into your AAoA. But, not your utilization.

[Anonymous]

No knowledgable poster here would say that it wouldn't report as 'Closed' on your credit report.  Having it reported as closed does not hurt your credit and is not responsible for any credit score drop.  The PRG does not affect your utilization at all. Something else caused that.

[ojefferyo]

An 85 point drop seems very drastic though, is there anything else that's affecting it?

[Anonymous]

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@Shogun wrote:

Do you have other cards?  Was this figuring significantly into your util?   Need more info.

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It's the PRG.  Charge cards don't affect your utilization

[Anonymous]

Also, I don;t know why you would be upset at the Amex CSRs who wouldn't waive the AF.  You barely spent any money on the card and they're not going to waive a $195 AF where $100 of it comes back in airline fees credit for $950 spend..

[NRB525]

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@Anonymous wrote:

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first? 

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A closed card notes as closed on your report, but the payment history should remain, only the status changes.

A closed card will NOT create an 85 point drop, unless that were your only card, ever, but even then I'd not expect that much of a drop.

To get that far below 700, one has to have negatives somewhere on the file, else the score is just going to drop to 700, worst case if all cards get closed in good standing.

Do some research, let us know what you find. Something else is causing this score change, not the closed PRG.

[Anonymous]

As others have noted, the card closing did not cause the drop. You need to pull your report to see what happened.