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Close Amex card

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Matth1669
New Member

Close Amex card

I have 2 amex cards.   I have a amex one card since 2006 and just received the amex blue cash card last month.  I am thinking of closing the blue card since the interest rate is higher on this card and the rewards are lower than my one card.  Roughly, how many points would my score drop if I closed the blue card and kept the amex one since the interest rate and rewards are better on this card??

 

Thank You

Message 1 of 7
6 REPLIES 6
DI
Super Contributor

Re: Close Amex card

 


@Matth1669 wrote:

I have 2 amex cards.   I have a amex one card since 2006 and just received the amex blue cash card last month.  I am thinking of closing the blue card since the interest rate is higher on this card and the rewards are lower than my one card.  Roughly, how many points would my score drop if I closed the blue card and kept the amex one since the interest rate and rewards are better on this card??

 

Thank You


Why did you apply for the Blue Cash card?

 

Message 2 of 7
Wolf3
Senior Contributor

Re: Close Amex card

I don't see the point in closing it.  It has no fee, just don't use it much.

Message 3 of 7
Lel
Moderator Emeritus

Re: Close Amex card

 


@Matth1669 wrote:

I have 2 amex cards.   I have a amex one card since 2006 and just received the amex blue cash card last month.  I am thinking of closing the blue card since the interest rate is higher on this card and the rewards are lower than my one card.  Roughly, how many points would my score drop if I closed the blue card and kept the amex one since the interest rate and rewards are better on this card??

 

Thank You


 

No way to answer this question with the information posted so far.  Closing this new card will mean losing its CL, which will affect your utilization ratio.  If you have high balances reporting on your older Amex, then the loss of the Blue Cash CL could drive your utilization up and your score down.

 

If your util is low regardless of whether you keep the Blue Cash or not, then your score may not suffer that much at all.  It's already taken a hit from the inquiry, new account, and decreased account age.  Closing it won't erase that from your credit report.  As has already been suggested, keeping the card and using it every once in a while to keep it active might be the better choice.  As it ages, assuming that it remains an account in good standing, it will eventually have a net positive effect on your score.

Message 4 of 7
Anonymous
Not applicable

Re: Close Amex card

As the others said, closing the Blue Cash doesn't do any good. I would just keep it.

Message 5 of 7
Anonymous
Not applicable

Re: Close Amex card

Add me to the 4th!      Many of us are trying to get Amex.     You are lucky to got Blue Cash.    So ...  KEEP it  and   USE it !!    

Message 6 of 7
Anonymous
Not applicable

Re: Close Amex card


@DI wrote:

 

Why did you apply for the Blue Cash card?

 


Very good question DI.

Message 7 of 7
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