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How could this effect my credit score? I have excellent credit and do like having and AMX card. However, I don't see much need for it particularly with the $40 annual fee. I would like to open a new Costco AMX account. That way I'd be paying $50 membership for Costco but nothing for the card. Then at least if I'm spending $10 more I'm getting a Costco membership.
The current AMX account is in good standing, always has been. I've already talked to AMX company there's no chance to just transfer the account over, it's a completely separate account.
How would closing the current AMX effect my credit? What about opening a new AMX account?
@haulingthescoreup wrote:
@Anonymous wrote:
So you're saying if we change our AMEX Green (in my case) to a Blue, I may get crappy CL but at least I don't have to pay for AF? Will switching from Green to a Blue hurt our credit scores?
I recently opened a Blue and then closed my Gold.
I presumably got hit a few points on EX for the inquiry, but hey, who knows? But there was no new account ding on any of my reports, because the opening year for the Gold was assigned to the Blue. It re-aged my AAoA slightly, but not as much as if it had shown up as a brand-new account.
The Gold didn't help my util, but the Blue does, or would if I carried balances.
Maddening as AmEx can be these days, this bit about assigning the year for the first card to all subsequent accounts is great. Those who have old AmEx accounts are in high cotton.
Because I'm a belt-and-suspenders girl, I would recommend opening a revolving account first and wait to see that old year show up on it, and then I'd cancel the fee card.
Yes, I know that they've always kept that old year on there, but things change daily, so just for the paranoid, I'd like to see that date on the new card first.
I'd be loving that feature of AMEX if they would give me a credit card. Get a card in 2009 with an opening date of 1988? Who would have thunk it? LOL.
Amex usually reports the "member since" date. That would not change with a different card.
In addition, the old report will stay on your report for up to 10 years. This means you would have two "old" accounts during that period, your old Amex and the new Costco card.
ericksond wrote:
So you're saying if we change our AMEX Green (in my case) to a Blue, I may get crappy CL but at least I don't have to pay for AF? Will switching from Green to a Blue hurt our credit scores?
@haulingthescoreup wrote:
@Anonymous wrote:
So you're saying if we change our AMEX Green (in my case) to a Blue, I may get crappy CL but at least I don't have to pay for AF? Will switching from Green to a Blue hurt our credit scores?
I recently opened a Blue and then closed my Gold.
I presumably got hit a few points on EX for the inquiry, but hey, who knows? But there was no new account ding on any of my reports, because the opening year for the Gold was assigned to the Blue. It re-aged my AAoA slightly, but not as much as if it had shown up as a brand-new account.
The Gold didn't help my util, but the Blue does, or would if I carried balances.
Maddening as AmEx can be these days, this bit about assigning the year for the first card to all subsequent accounts is great. Those who have old AmEx accounts are in high cotton.
Because I'm a belt-and-suspenders girl, I would recommend opening a revolving account first and wait to see that old year show up on it, and then I'd cancel the fee card.
Yes, I know that they've always kept that old year on there, but things change daily, so just for the paranoid, I'd like to see that date on the new card first.
I'd be loving that feature of AMEX if they would give me a credit card. Get a card in 2009 with an opening date of 1988? Who would have thunk it? LOL.
AMX won't allow us to just convert to any non-AF card. At least the person I talked to.
MrsHK wrote:
AMX won't allow us to just convert to any non-AF card. At least the person I talked to.
@haulingthescoreup wrote:
@Anonymous wrote:AMX won't allow us to just convert to any non-AF card. At least the person I talked to.
That's correct --you can't convert a charge card to a revolver, and vice versa.
I had to apply separately for the Blue, which added an inq to my EX report. But since we can't pull our EX FICO's any more, my attitude is no harm, no foul. But at least there was no new account ding, because when it showed up it was reporting as being 15 months old, and in your case, it should increase your AAoA, which is good.
So really, for a new account, getting an additional AmEx card probably creates the least possible damage.
Haha, I like your attitude. "If I can't see my score drop, it's like it never did."