topic AMEX Reported as "CLOSED?" in Credit Cards

AMEX Reported as "CLOSED?"

Anonymous — Sat, 06 Feb 2016 23:35:32 GMT

Hey guys, so the annual fee for my Premier Rewards Gold card kicked in a month ago. I only ran about $950 through the card in a year (never redeemed my points) either whatsoever and have swiped my money through other credit cards I have. Because of this, I called multiple times to threaten to cancel the card to get the AF waived to no success like I was instructed on here and through other blogs. They tried offering me a $75 credit (which is pointless because I would still have to pay $100 for a card I don't even use). So long story short after about 10 phone calls back to back, I ended up getting p*ssed because none of the reps at the retention department were waiving the fee so I just flat out told them to cancel it and close the account.

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first?

Re: AMEX Reported as "CLOSED?"

Shogun — Sat, 06 Feb 2016 23:42:41 GMT

Do you have other cards? Was this figuring significantly into your util? Need more info.

Re: AMEX Reported as "CLOSED?"

ojefferyo — Sat, 06 Feb 2016 23:45:55 GMT

@Anonymous wrote:
Hey guys, so the annual fee for my Premier Rewards Gold card kicked in a month ago. I only ran about $950 through the card in a year (never redeemed my points) either whatsoever and have swiped my money through other credit cards I have. Because of this, I called multiple times to threaten to cancel the card to get the AF waived to no success like I was instructed on here and through other blogs. They tried offering me a $75 credit (which is pointless because I would still have to pay $100 for a card I don't even use). So long story short after about 10 phone calls back to back, I ended up getting p*ssed because none of the reps at the retention department were waiving the fee so I just flat out told them to cancel it and close the account.

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first?

I don't think anyone here said it would not show as closed but rather it will remain on your report for at least 10 years. You may have interpreted it the wrong way.

Re: AMEX Reported as "CLOSED?"

baller4life — Sat, 06 Feb 2016 23:53:41 GMT

I believe you misunderstood. It's not that a closed card won't report closed for 10 years. It reports closed usually within a month of being closed. It will continue to report as a positive tradeline for 10 yrs. Which means it still is factored into your AAoA. But, not your utilization.

Re: AMEX Reported as "CLOSED?"

Anonymous — Sat, 06 Feb 2016 23:50:35 GMT

No knowledgable poster here would say that it wouldn't report as 'Closed' on your credit report. Having it reported as closed does not hurt your credit and is not responsible for any credit score drop. The PRG does not affect your utilization at all. Something else caused that.

Re: AMEX Reported as "CLOSED?"

ojefferyo — Sat, 06 Feb 2016 23:51:06 GMT

An 85 point drop seems very drastic though, is there anything else that's affecting it?

Re: AMEX Reported as "CLOSED?"

Anonymous — Sat, 06 Feb 2016 23:51:57 GMT

@Shogun wrote:
Do you have other cards? Was this figuring significantly into your util? Need more info.

It's the PRG. Charge cards don't affect your utilization

Re: AMEX Reported as "CLOSED?"

Anonymous — Sat, 06 Feb 2016 23:55:03 GMT

Also, I don;t know why you would be upset at the Amex CSRs who wouldn't waive the AF. You barely spent any money on the card and they're not going to waive a $195 AF where $100 of it comes back in airline fees credit for $950 spend..

Re: AMEX Reported as "CLOSED?"

NRB525 — Sat, 06 Feb 2016 23:55:21 GMT

@Anonymous wrote:

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first?

A closed card notes as closed on your report, but the payment history should remain, only the status changes.

A closed card will NOT create an 85 point drop, unless that were your only card, ever, but even then I'd not expect that much of a drop.

To get that far below 700, one has to have negatives somewhere on the file, else the score is just going to drop to 700, worst case if all cards get closed in good standing.

Do some research, let us know what you find. Something else is causing this score change, not the closed PRG.

Re: AMEX Reported as "CLOSED?"

Anonymous — Sun, 07 Feb 2016 00:17:14 GMT

As others have noted, the card closing did not cause the drop. You need to pull your report to see what happened.

Re: AMEX Reported as "CLOSED?"

Callandra — Sun, 07 Feb 2016 00:40:34 GMT

@Irish - agreed. Amex won't waive the fee for low usage. I think the $75 credit is very generous!

And as others have said, once closed, it will still report for up to ten years, but it reports as closed.

Re: AMEX Reported as "CLOSED?"

Burned2manybridgesB4 — Sun, 07 Feb 2016 00:45:04 GMT

You checked your 'fico bureaus'....

How and using what?

Re: AMEX Reported as "CLOSED?"

OmarGB9 — Sun, 07 Feb 2016 00:51:15 GMT

Sorry op, but if you asked for it to be closed, what did you expect? Closed accounts remain on your report for 10 years, but that doesn't mean it won't report as closed. Also, if you only spent $950 on the card, you can't really expect a retention offer. IMO, the $75 was generous. Anyway lesson learned. I also suggest checking your reports cause charge cards don't even factor into UTIL, and closing it wouldn't cause a score drop, so something else is up with your reports.

Re: AMEX Reported as "CLOSED?"

Anonymous — Sun, 07 Feb 2016 00:53:44 GMT

@Burned2manybridgesB4 wrote:
You checked your 'fico bureaus'....

How and using what?

Good point because if he's getting this score drop from CreditKarma, who knows what affect the closing would have as they don't count closed accounts in AAoA calculations.

Re: AMEX Reported as "CLOSED?"

Sharingan — Sun, 07 Feb 2016 00:57:33 GMT

Wow... unrealistic expectations much? There are people who run thousands through their AmEx PRGs who can't even get what the OP received to offset some of the AF. CSRs have become quite adept at dealing with empty threats from cardholders, and I'm quite surprised that AmEx didn't voluntarily close the card themselves by call #4.

Regardless, I agree with what others have stated regarding closing a charge card and how minimal the effect should have been on the OP's credit report. When I closed an AmEx Platinum in December, there was absolutely no impact to my credit. That's not to say that it wouldn't have affected others, but definitely not in the realm of nearly 100 points. Typically, that kind of score drop can be attributed to negative information being reported to a bureau.

Finally, I've seen some rubbish posted on credit card forums, but never anything suggesting that a closed card wouldn't be indicated as closed on credit reports. That doesn't even make sense...

Re: AMEX Reported as "CLOSED?"

Anonymous — Sun, 07 Feb 2016 01:00:00 GMT

Agreed. I closed 2 cards last month and gained 8pts. Has to be another factor. I am sorry this happened. Did you have a balance when you closed it?

Re: AMEX Reported as "CLOSED?"

Anonymous — Sun, 07 Feb 2016 03:27:10 GMT

@Anonymous wrote:
Hey guys, so the annual fee for my Premier Rewards Gold card kicked in a month ago. I only ran about $950 through the card in a year (never redeemed my points) either whatsoever and have swiped my money through other credit cards I have. Because of this, I called multiple times to threaten to cancel the card to get the AF waived to no success like I was instructed on here and through other blogs. They tried offering me a $75 credit (which is pointless because I would still have to pay $100 for a card I don't even use). So long story short after about 10 phone calls back to back, I ended up getting p*ssed because none of the reps at the retention department were waiving the fee so I just flat out told them to cancel it and close the account.

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first?

(Mod Cut-There are other ways that are FSR to say this)

The PRG has had a fee forever. The CCPs were courteous enough to even offer you any sort of credit; which, you refused. (Mod Cut-And this as well)

Re: AMEX Reported as "CLOSED?"

NRB525 — Sun, 07 Feb 2016 03:29:17 GMT

@Anonymous wrote:
@Anonymous wrote:
Hey guys, so the annual fee for my Premier Rewards Gold card kicked in a month ago. I only ran about $950 through the card in a year (never redeemed my points) either whatsoever and have swiped my money through other credit cards I have. Because of this, I called multiple times to threaten to cancel the card to get the AF waived to no success like I was instructed on here and through other blogs. They tried offering me a $75 credit (which is pointless because I would still have to pay $100 for a card I don't even use). So long story short after about 10 phone calls back to back, I ended up getting p*ssed because none of the reps at the retention department were waiving the fee so I just flat out told them to cancel it and close the account.

So here is my problem: Everyone on here says that it will not show as a closed account on your credit report for 10 years. That is not a true statement. I just checked all my FICO bureaus and they all have my AMEX card reported as "Account closed at consumer request." My Equifax score went from a 749 to a 664 because of this!!! I am mad as hell right now.

Anyone else have this problem or is this a first?

The PRG has had a fee forever. The CCPs were courteous enough to even offer you any sort of credit; which, you refused.

This is just so not FSR...

Re: AMEX Reported as "CLOSED?"

Burned2manybridgesB4 — Sun, 07 Feb 2016 01:07:58 GMT

@Anonymous wrote:
@Burned2manybridgesB4 wrote:
You checked your 'fico bureaus'....

How and using what?
Good point because if he's getting this score drop from CreditKarma, who knows what affect the closing would have as they don't count closed accounts in AAoA calculations.

Yep. I'm betting CMS flavored score.

Re: AMEX Reported as "CLOSED?"

pizza1 — Sun, 07 Feb 2016 01:09:52 GMT

Im just going +1 for everything said here....including the Knowledgable posters" comment....LOL Irish!!

um, yea...Closed acts rather closed by Consumer, or closed by grantor reports to the CRA within 30 days of being closed. If the CC was in good standing upon being closed, it will continue to report for up to 10yrs as a POSITIVE acct, and will be included into you AAOA/AAHOA.