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@Anonymous wrote:What kind of effect on your FICO and overall credit if you:1. Cancel active card upon FR fairy comes knocking on yor door.2. Cancel before you activated to just not bother with AMEX all together.3. Let them cancel it if you don't comply with FR demand.
3.) According to FICO scoring, it doesn't matter who closed the account or how it's notated. It's not going to prevent someone from getting approved for credit cards as long as the closed account has no baddies and a $0 balance. The only negative I see might be on a manual review and a lender having questions.
@Anonymous wrote:
@Anonymous wrote:
What kind of effect on your FICO and overall credit if you:1. Cancel active card upon FR fairy comes knocking on yor door.2. Cancel before you activated to just not bother with AMEX all together.3. Let them cancel it if you don't comply with FR demand.
1. In my estimation this is the best option if you decide to ditch the cards. Then your accounts will basically just show as closed, paid, assuming you pay off balances or at least continue to pay on time.
2. Sure, you can do that. But the folks weighing in on this subject with stories of FR already have Amex cards. Amex seems to leave some people alone completely, so I wouldn't make a blanket statement that everyone should ditch Amex. The have some strange, arbitrary process for messing with people. I think they have a gigantic dart board with account numbers.
3. Bad option. Your file will show "Account closed by credit grantor." Looks bad on your file since the reason is not given. Better off with option 1.
Message Edited by devhip on 08-30-2007 11:30 AM
@oneloveforall_2000 wrote:
I just got approved with them not to long ago for 5500k should i cancel?