Close oldest credit card because annual fee too expensive.

[Anonymous]

My longest credit history is my American Express card, but they have raised their annual fee to $160. I rarely use this card and can't justify this expense. But closing this card could really effect my fico score. What should I do? Thanks for your help!

[CH-7-Mission-Accomplished]

Calll them and request a product change to the everyday card (no annua l fee).

[CreditDunce]

The easy answer used to be just open a new Amex account or two.  The card would be backdated to the original year you had an Amex.  Now you are stuck trying to PC your card to a lower fee/no AF card.    If you currently have a charge card (e.g. Gold, PRG), you can downgrade to either the Green or Senior Green card.  But you can't switch over to a revolver.  If this is a revolver, you will have many more choices of cards to switch to.  Your best bet is to call/chat with Amex to see which cards they will let you switch to.

But in the end if the card isn't providing you much benefit, it is probably best to close the card if you can't PC to a no-AF card.  The card will stay on your credit report for up to 10 years. During that time you age some of your other cards.

[blondy250]

Creditdunce, very bad advice Amex does not back date anymore, there is a 50 page thread on it.

[CraigHwk]

I recently closed a Cap One MC because of the annual fee and no rewards benefit.  It was my oldest card Opened in '11, but since it will be 10 years before it hurts my AAoA, I see no reason to keep it, especially with the cards I have now.

I say close it.  Like Creditdunce said, it won't hurt your AAoA for 10 years.

[blondy250]

Its generally ten years, however it can dispear from your credit reports much much sooner,  think weeks. There is no 10 year rule.

[Kenny]

If you like Amex they PC very easily via chat. I would suggest trying there first before closing it.

[Anonymous]

What is PC? I don't know that abbreviation, sorry.

[CreditDunce]

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@blondy250 wrote:
Creditdunce, very bad advice Amex does not back date anymore, there is a 50 page thread on it.

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I said it used to be:

"The easy answer used to be just open a new Amex account or two.  The card would be backdated to the original year you had an Amex.  Now you are stuck trying to PC your card to a lower fee/no AF card"

[CreditDunce]

PC=product change.  It is where you keep the same account history, but have a new type of credit card.  American Express is one of the easier credit card companies to PC.  However, they only allow you to PC between certain cards.