Closing American Express

[bculp44]

Hi, I have had an American Express card (first the green one and now gold) since 2003.  I am considering closing it so as to not incur the annual fee of $150.  Is there anyway to know how this will affect my overall score?  I would close it obviously with it being paid off first.

[LS2982]

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@bculp44 wrote:

Hi, I have had an American Express card (first the green one and now gold) since 2003.  I am considering closing it so as to not incur the annual fee of $150.  Is there anyway to know how this will affect my overall score?  I would close it obviously with it being paid off first.

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Closing an AMEX charge should not hurt your scores only if you have a short AAoA.

[Creditaddict]

It would not effect your util at all unless looking at the TU 98 Version I believe... The other credit reports correctly note this account as charge and the balance is not caculated in Util.

[bculp44]

Hi sorry, what does AAoA mean?  

[logan_720]

I'm pretty sure that the AF on the Green card is $95, why not just PC to the Zync?

[bculp44]

I upgraded from the green to gold some time ago and we were using it more for everyday use back then but not anymore.  All we charge to it is gas and we pay it off eveyr month but what we can get in rewards does not equal the membership fee really.  The charge for the fee for services and what not we do not really utilize.  And what do you mean by PC to the Zync?

[LS2982]

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@bculp44 wrote:

Hi sorry, what does AAoA mean?  

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Average Age of Accounts

[bculp44]

So because I have had it opened for 10 years or so, I should be alright?

[LS2982]

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@bculp44 wrote:

So because I have had it opened for 10 years or so, I should be alright?

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If you have other accounts open as or near as long as the AMEX you should be fine.

[Repo-ed]

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@LS2982 wrote:

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@bculp44 wrote:

So because I have had it opened for 10 years or so, I should be alright?

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If you have other accounts open as or near as long as the AMEX you should be fine.

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+1 on trying to PC it to a ZYNC.  Keep that relationship with amex if possible.  I find AF fees overrated, but everyones financial situations is different, so if you don't want one and don't need the card, then close it.