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mepliska
Posts: 1
Registered: ‎02-02-2010
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do I close my Amex clear acct?

Hello, I would appreciate advice from anyone!  My credit score is roughly 700.  I have three revolving accts - an Amex Gold (no pre-set limit, but they report $17,000 as my high balance, I show a roughly $1500 balance every month), a Citi Aadvantage card ($5000 limit but they dont' report the limit, roughly $3500 balance), and an Amex clear which I don't really use that much ($1,000 limit, 0 balance).  I have been a good customer of Amex but they refuse to raise my credit limit on that one even though I charge $1500-$2000 every month on my Gold card.  The clear card is not costing me anything, but is it lowering my credit score because of its low credit limit?  Should I close it?  Thanks!
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Cyan007
Posts: 237
Registered: ‎08-02-2009
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Re: do I close my Amex clear acct?

You should not close this card, especially since it doesn't have an annual fee.  I would let it rest in my wallet using once every few months on a small purchase to keep the activity rolling.  Since there is no balance on this card, it increases your total credit amount by $1000 which in turns help your utilization.  Keeping the card alive will also help your average age of accounts and credit history length which will help your score.

EQ (11/16/2007): 573

Starting Score (1/1/2010): EQ: 712 -- TU: 726
Current Score: EQ: 748 (12/22/11) -- TU: 726 (1/7/10) -- TU04: 701 (1/27/10) -- EX: 747 (1/27/10) (LO)
Goal Score: EQ: 760


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newstart2010
Posts: 670
Registered: ‎01-08-2010
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Re: do I close my Amex clear acct?


mepliska wrote:
Hello, I would appreciate advice from anyone!  My credit score is roughly 700.  I have three revolving accts - an Amex Gold (no pre-set limit, but they report $17,000 as my high balance, I show a roughly $1500 balance every month), a Citi Aadvantage card ($5000 limit but they dont' report the limit, roughly $3500 balance), and an Amex clear which I don't really use that much ($1,000 limit, 0 balance).  I have been a good customer of Amex but they refuse to raise my credit limit on that one even though I charge $1500-$2000 every month on my Gold card.  The clear card is not costing me anything, but is it lowering my credit score because of its low credit limit?  Should I close it?  Thanks!

I don't believe this is true.  In fact it adds to your total limit available there forekeeping your utilization lower.

 

You should try to pay off your balances on the other card (citi) and get them to report the limit correctly.  And try to pay off the amex gold before the reporting date so there is no balance shown.  that will increase your scores more.

I live my life like I type, fast and with a lot of mistakes.
11/01/2014 || FICO TU: 610 EXP: 601
11/11/2014 || FICO TU: 659 EXP: 657
Util: 3% || Fingerhut $1000, Dillards $400, Credit One $500, Target $800, USAA $1000, Pier 1 $900, Best Buy $1500, Wells Fargo $1000
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: do I close my Amex clear acct?

Your credit score (I hope you're talking FICO score) is not affected by the CL on this card or any other.

There are non-FICO (= "FAKO") scoring systems that give advice about needing more cards or higher limits or whatever, but their scores aren't used by lenders, and their advice can actually be hurtful.

The Clear is a perfectly good card. If it's working for you, keep it.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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DI
Posts: 5,744
Registered: ‎01-28-2008
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Re: do I close my Amex clear acct?

No! Never close an AMEX card...expecially if it doesn't involve an AF.   AMEX cards are hard to get approved for.

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