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Valued Member
Posts: 45
Registered: ‎07-06-2012
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Should i cancel AMEX green? Need your expertise! Thanks!

[ Edited ]

My year is up with AMEX and they charged me the $95 renew fee. So I tried pulling the cancellation to waive but AMEX won't bulge. They actually cancelled AMEX green that I have a year (should I reinstate?). Here are few reasons/questions. Below are my scores and cards. Thank you guys!

 

1. Since I got the amex a year ago for credit building, would cancelling now get rid of all the credit history?

2. Since I have four other cards, it is enough?

3. I have try to keep my usage under 30% lately, what other ways to improve scores?

4. I need to buy house, trying to build good credit for PenFed, are there other things I need to do?

 

Current Card

1. Chase Freedom:                    $2500 (almost 1 year)

2. Discover:                                   $2500 (almost 1 year)

3. CapitalOne:                              $2000 (almost 1 year)

4. Chase Sapphire Preffered:   $8000 (just got approved waiting for card to come)

5. Amex Green                             $3000 (result of financial review) (My oldest card, first got it in July 2012)

 

Current Score

Fico Equifax: 659

Fico TransUnion: 694

Fico Experian: don't know yet

 

All comments/suggestions are welcome! thanks!

BARCLAY FICO: 782 12/12/14
DISCOVER FICO: 783 12/12/14
Chase Freedom $23,700 |Chase Ink Plus $22,500 |Amex TrueEarnings $20,000 |Usbank Cash+ $20,000 | Citi DoubleCash $16,500 |PenFed Cash Rewards $16,000 |Discover IT $14,500 |SallieMae $12,500 |Citi Forward $8,000 |Quicksilver $4,200 |StateFarm CC $4,000
Start of Gardening 12/13/14
Moderator
Posts: 27,206
Registered: ‎09-13-2012
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Re: Should i cancel AMEX green? Need your expertise! Thanks!

Established Contributor
Posts: 937
Registered: ‎07-24-2012
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Re: Should i cancel AMEX green? Need your expertise! Thanks!


gr33nsuit wrote:

My year is up with AMEX and they charged me the $95 renew fee. So I tried pulling the cancellation to waive but AMEX won't bulge. They actually cancelled AMEX green that I have a year. So my question should i reactivate it? Here are few reasons/questions below are my scores and cards. Thank you guys!

 

1. Since I got the amex a year ago for credit building, would cancelling now get rid of all the credit history? No, the history will stay on all reports for 10 years. Walk away. 

2. Since I have four other cards, it is enough? Four is fine. Use them, pay them off but let one report 3% to 7% each billing cycle

3. I have try to keep my usage under 30% lately, what other ways to improve scores? Don't let 30% report, pay them off each month - see answer to #2

4. I need to buy house, trying to build good credit for PenFed, are there other things I need to do? You are close to the magical 700 point. Keep using and paying the cards, let them age, no more apps and you will improve over time. 

 

Current Card

1. Chase Freedom:   $2000 (almost 1 year)

2. Discover:                 $2500 (almost 1 year)

3. CapitalOne:            $1500 (almost 1 year)

4. Chase Sapphire:   $5000 (just got approved waiting for card to come)

5. Amex Green            $3000 (result of financial review) (My oldest card, first got it in July 2012)

 

Current Score

Fico Equifax: 659

Fico TransUnion: 694

Fico Experian: don't know yet

 

All comments/suggestions are welcome! thanks!


Unless you use AmEx cards heavy they don't seem to offer up much in the way of retention bonuses. I hope you got your points out before it closed. 

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: Should i cancel AMEX green? Need your expertise! Thanks!


gr33nsuit wrote:

My year is up with AMEX and they charged me the $95 renew fee. So I tried pulling the cancellation to waive but AMEX won't bulge. They actually cancelled AMEX green that I have a year (should I reinstate?). Here are few reasons/questions. Below are my scores and cards. Thank you guys!

 

1. Since I got the amex a year ago for credit building, would cancelling now get rid of all the credit history?

2. Since I have four other cards, it is enough?

3. I have try to keep my usage under 30% lately, what other ways to improve scores?

4. I need to buy house, trying to build good credit for PenFed, are there other things I need to do?

 

Current Card

1. Chase Freedom:   $2000 (almost 1 year)

2. Discover:                 $2500 (almost 1 year)

3. CapitalOne:            $1500 (almost 1 year)

4. Chase Sapphire:   $5000 (just got approved waiting for card to come)

5. Amex Green            $3000 (result of financial review) (My oldest card, first got it in July 2012)

 

Current Score

Fico Equifax: 659

Fico TransUnion: 694

Fico Experian: don't know yet

 

All comments/suggestions are welcome! thanks!


No cancelling a card will not just cancel or remove its history. An accounts history will stay on your credit for 7 years. No matter if its closed by you or the lender. Also remember now AMEX charge cards are not considered as revolving debt. 


$100K in Credit
Last Credit Card App: 11/16/13
Valued Member
Posts: 45
Registered: ‎07-06-2012
0

Re: Should i cancel AMEX green? Need your expertise! Thanks!

well great. I just realized I have over $120 worth of points. Guess i'll have to reactivate the account temporarily.

BARCLAY FICO: 782 12/12/14
DISCOVER FICO: 783 12/12/14
Chase Freedom $23,700 |Chase Ink Plus $22,500 |Amex TrueEarnings $20,000 |Usbank Cash+ $20,000 | Citi DoubleCash $16,500 |PenFed Cash Rewards $16,000 |Discover IT $14,500 |SallieMae $12,500 |Citi Forward $8,000 |Quicksilver $4,200 |StateFarm CC $4,000
Start of Gardening 12/13/14
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: Should i cancel AMEX green? Need your expertise! Thanks!


gr33nsuit wrote:

well great. I just realized I have over $120 worth of points. Guess i'll have to reactivate the account temporarily.


Sounds like more than enough to cover the AF

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Valued Contributor
Posts: 1,425
Registered: ‎08-30-2011
0

Re: Should i cancel AMEX green? Need your expertise! Thanks!


gr33nsuit wrote:

well great. I just realized I have over $120 worth of points. Guess i'll have to reactivate the account temporarily.


If you've already cancelled your AMEX Green card, I'm pretty sure AMEX will not reopen it.  As I recall from past posts on the same subject, that's one of the reasons folks should think long and hard about cancelling a card, if they are on the fence about it's usefulness.  You'll likely need to re-apply. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Valued Contributor
Posts: 4,204
Registered: ‎06-05-2013
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Re: Should i cancel AMEX green? Need your expertise! Thanks!

[ Edited ]

gr33nsuit wrote:

Since I got the amex a year ago for credit building, would cancelling now get rid of all the credit history?

No.  Closed accounts do not instantly fall off

 


gr33nsuit wrote:

Since I have four other cards, it is enough?

 

Enough is subjective.  You need to make the call based on your needs/wants/preferences/priorities.  If you want feedback then you need to clarify those items with us.  Four is enough for some and not enough for others.  There is not a magic number of cards for everyone.  Number of cards isn't the only factor you should be considering.

 


gr33nsuit wrote:

I have try to keep my usage under 30% lately, what other ways to improve scores?

I need to buy house, trying to build good credit for PenFed, are there other things I need to do?

Keep your utilization even lower whether it's through getting higher limits, allowing less to report, a combination, etc.  Let your accounts age with positive information.  Diversify your credit.  You only mention credit cards.  Do you have any installment accounts?  These are all the usual suspects that affect credit and there are no quick fixes to building credit.

 

How soon are you looking to buy a house?  You don't want to be applying for a bunch of stuff prior to applying for your mortgage.

 


gr33nsuit wrote:

Amex Green            $3000 (result of financial review) (My oldest card, first got it in July 2012) 


Why would you close your oldest card?  If your oldest card is from 2012 and you just got approved for a CSP then you really need to let your accounts age.

Moderator
Posts: 27,206
Registered: ‎09-13-2012
0

Re: Should i cancel AMEX green? Need your expertise! Thanks!

It is possible to reinstate your account. It depends how long its been closed. They may sp you and charge $25 fee. YMMV
Valued Member
Posts: 45
Registered: ‎07-06-2012
0

Re: Should i cancel AMEX green? Need your expertise! Thanks!

what does the last part mean?

BARCLAY FICO: 782 12/12/14
DISCOVER FICO: 783 12/12/14
Chase Freedom $23,700 |Chase Ink Plus $22,500 |Amex TrueEarnings $20,000 |Usbank Cash+ $20,000 | Citi DoubleCash $16,500 |PenFed Cash Rewards $16,000 |Discover IT $14,500 |SallieMae $12,500 |Citi Forward $8,000 |Quicksilver $4,200 |StateFarm CC $4,000
Start of Gardening 12/13/14
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