11-18-2010 05:07 AM
My green has the longest history in my credit report. Never been late. I'm tired of paying the yearly fees on it. I have balance of $175, $115 of it is the fee. I'm thinking about closing it. If I close it today, I won't have to pay the $115 fee but it will have a balance $60 which I will pay. How will this show up in my credit report, closing an account with a balance but will be eventually paid?
When I called them to possibly cancel, they told me to apply for another product, which I didn't yet. Should I apply for another card, will the "date opened account" on the
credit history reflect the old green card or will it start from today if I apply for a new one. My score is 720, I don't want to lower it. Please give advice.
11-18-2010 05:16 AM
With amex when you open a new account it will add to your AAOA. It is good to have an Amex card. I strongly suggeste getting an amex card that does not have annual fees and do not worry too much about drop in the scores in the short term.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.