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So I originally applied for an Amex Gold back in August of 2010 just to get in the family. I got approved for the Blue Cash last month and statement cut on the 14th. Today, my new Amex is showing up only with Experian with, of course, open date of 1/1/2010. Since I never use the gold card should I go ahead and close it out or should I wait until the 11 month mark and close before the annual fee? I only got it so that I would be able to get the Blue Cash later down the road, which I have already accomplished.
Also, since the Gold is my first Amex, and my Blue Cash was backdated, will the backdating work the same later on down the road if I acquire another Amex (with the gold card being closed and all)?
@JagerBombs89 wrote:So I originally applied for an Amex Gold back in August of 2010 just to get in the family. I got approved for the Blue Cash last month and statement cut on the 14th. Today, my new Amex is showing up only with Experian with, of course, open date of 1/1/2010. Since I never use the gold card should I go ahead and close it out or should I wait until the 11 month mark and close before the annual fee? I only got it so that I would be able to get the Blue Cash later down the road, which I have already accomplished.
Also, since the Gold is my first Amex, and my Blue Cash was backdated, will the backdating work the same later on down the road if I acquire another Amex (with the gold card being closed and all)?
Yes, close it since you got the card that you wanted. There's no need to keep paying an annual fee for a card that you have no use for anymore. Congrats on getting the Blue Cash card! If you've been a member since 8/10 you'll always be a member starting at that time regardless which AMEX card you end up with.
I'd hold onto it until the 11th month and then close it.*
I know that 5 months may seem trivial, but I don't see the benefit to cutting short the time any positive history will report -- even if the benefit of that positive history will not be recognized for a short 5 month period 10 years from now (since the card will report for five additional month because you kept it open five additional months).
*If you won't remember to close it in July, then it's probably best to close it now.
I would see if they would let you reallocate some of the CL to the card you want to keep, otherwise I would probably PC at year mark to something with no annual fee and keep it.
@Creditaddict wrote:I would see if they would let you reallocate some of the CL to the card you want to keep, otherwise I would probably PC at year mark to something with no annual fee and keep it.
The card I would be closing is the Gold (Charge Card) where as I am going to be keeping the revolver. I think I might close it in June, as one has mentioned, to keep it on my CR for as long as possible