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what happens if i close my amex now?

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Anonymous
Not applicable

what happens if i close my amex now?

I really need some insight on this so credit gurus please help:

i currently want to close my amex green charge as i do not use it often most of my amex spendings goes through Amex gold. 

my annual fee hits about september

due to all my recent approvals my AAoA is about 1.5 years.

is closing my amex green charge take a big hit on my AAoA ? my oldest acct is from 2009 (cash rewards)

 

any cons to closing an acct so early before the year mark ?

 

please all the insight will be welcomed! Smiley Very Happy

 

whats the best way to close this account via chat or should i call ?

Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: what happens if i close my amex now?


@Anonymous wrote:

I really need some insight on this so credit gurus please help:

i currently want to close my amex green charge as i do not use it often most of my amex spendings goes through Amex gold. 

my annual fee hits about september

due to all my recent approvals my AAoA is about 1.5 years.

is closing my amex green charge take a big hit on my AAoA ? my oldest acct is from 2009 (cash rewards)

 

any cons to closing an acct so early before the year mark ?

 

please all the insight will be welcomed! Smiley Very Happy


Closing there will not affect your AAoA at all.  The trade line  will stay on your reports for 10 years.  There is absolutely no reason to keep the green card open when you have the PRG

 

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Message 2 of 12
sccredit
Valued Contributor

Re: what happens if i close my amex now?

Close it in August

Message 3 of 12
Anonymous
Not applicable

Re: what happens if i close my amex now?

Nothing will happen to your AAoA - at least not for the next 10 years. Your FICO will likely be unaffected entirely because charge cards do not influence utilization.

However, for manual review longer payment history is better than shorter. This isn't worth $100 in my opinion. Close it
Message 4 of 12
Goblin
Regular Contributor

Re: what happens if i close my amex now?

I agree with sccredit.  Since your annual fee is paid until September, close the card in August so this account will remain on your reports until August 2025, instead of February 2025.

 

Otherwise, just to get it out of your hair...close it anytime before September to avoid that AF.

Starting Score: Ex: 495 Eq: 492 Tu: 497
Current Score: Ex: 708 Eq: 716 Tu: 710

Message 5 of 12
Anonymous
Not applicable

Re: what happens if i close my amex now?

will that be seen by lenders as a negative sign or it does not matter much as far as a closed account?


@Anonymous wrote:

@Anonymous wrote:

I really need some insight on this so credit gurus please help:

i currently want to close my amex green charge as i do not use it often most of my amex spendings goes through Amex gold. 

my annual fee hits about september

due to all my recent approvals my AAoA is about 1.5 years.

is closing my amex green charge take a big hit on my AAoA ? my oldest acct is from 2009 (cash rewards)

 

any cons to closing an acct so early before the year mark ?

 

please all the insight will be welcomed! Smiley Very Happy


Closing there will not affect your AAoA at all.  The trade line  will stay on your reports for 10 years.  There is absolutely no reason to keep the green card open when you have the PRG

 

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true


 

Message 6 of 12
Anonymous
Not applicable

Re: what happens if i close my amex now?

been thinking thats a sweet spot to close it 


@sccredit wrote:

Close it in August


 

Message 7 of 12
Anonymous
Not applicable

Re: what happens if i close my amex now?

my biggest question was the AAoA but if closing now or in agust ill just close in august


@Goblin wrote:

I agree with sccredit.  Since your annual fee is paid until September, close the card in August so this account will remain on your reports until August 2025, instead of February 2025.

 

Otherwise, just to get it out of your hair...close it anytime before September to avoid that AF.


 

Message 8 of 12
Anonymous
Not applicable

Re: what happens if i close my amex now?


@Anonymous wrote:

will that be seen by lenders as a negative sign or it does not matter much as far as a closed account?


@Anonymous wrote:

@Anonymous wrote:

I really need some insight on this so credit gurus please help:

i currently want to close my amex green charge as i do not use it often most of my amex spendings goes through Amex gold. 

my annual fee hits about september

due to all my recent approvals my AAoA is about 1.5 years.

is closing my amex green charge take a big hit on my AAoA ? my oldest acct is from 2009 (cash rewards)

 

any cons to closing an acct so early before the year mark ?

 

please all the insight will be welcomed! Smiley Very Happy


Closing there will not affect your AAoA at all.  The trade line  will stay on your reports for 10 years.  There is absolutely no reason to keep the green card open when you have the PRG

 

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true


 


No, not at all

Message 9 of 12
Anonymous
Not applicable

Re: what happens if i close my amex now?

Thank you for the link.. good stuff!


@Anonymous wrote:

@Anonymous wrote:

I really need some insight on this so credit gurus please help:

i currently want to close my amex green charge as i do not use it often most of my amex spendings goes through Amex gold. 

my annual fee hits about september

due to all my recent approvals my AAoA is about 1.5 years.

is closing my amex green charge take a big hit on my AAoA ? my oldest acct is from 2009 (cash rewards)

 

any cons to closing an acct so early before the year mark ?

 

please all the insight will be welcomed! Smiley Very Happy


Closing there will not affect your AAoA at all.  The trade line  will stay on your reports for 10 years.  There is absolutely no reason to keep the green card open when you have the PRG

 

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true


 

Message 10 of 12
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