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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.
It should not hurt, drop the card.
@Anonymous 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
may as well call amex to backdate the '05 card to '89 before closing.
@Anonymous 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.