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Will closing a charge card (Amex) hurt my FICO score?

New Member

Will closing a charge card (Amex) hurt my FICO score?

I have two Amex cards:  one from 1989 and one from 2005.  I want to close the 2005 card because the annual fee is $160 and I can simply use the older card.  I don't believe there is a credit limit so I am thinking that the utilization calculation won't change.  Also, my credit history length should be the same since I have several cards that pre-date the 2005 card. Does this thinking make sense?  I would hate to pay $160 for an unused card just because I am afraid of a FICO score decrease.  Thank you.

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Senior Contributor

Re: Will closing a charge card (Amex) hurt my FICO score?

It should not  hurt, drop the card.

Message 2 of 4
Moderator Emeritus

Re: Will closing a charge card (Amex) hurt my FICO score?

 


fred wrote:

I have two Amex cards:  one from 1989 and one from 2005.  I want to close the 2005 card because the annual fee is $160 and I can simply use the older card.  I don't believe there is a credit limit so I am thinking that the utilization calculation won't change.  Also, my credit history length should be the same since I have several cards that pre-date the 2005 card. Does this thinking make sense?  I would hate to pay $160 for an unused card just because I am afraid of a FICO score decrease.  Thank you.


 

Welcome to the forums.

 

I agree that it shouldn't affect you at all but you need to read Closing Credit Cards to get a better picture of just how all that works.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 3 of 4
Highlighted
Senior Contributor

Re: Will closing a charge card (Amex) hurt my FICO score?

may as well call amex to backdate the '05 card to '89 before closing.

 


fred wrote:

I have two Amex cards:  one from 1989 and one from 2005.  I want to close the 2005 card because the annual fee is $160 and I can simply use the older card.  I don't believe there is a credit limit so I am thinking that the utilization calculation won't change.  Also, my credit history length should be the same since I have several cards that pre-date the 2005 card. Does this thinking make sense?  I would hate to pay $160 for an unused card just because I am afraid of a FICO score decrease.  Thank you.


 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
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