topic Close AMEX/Product Change/Leave Open? in Credit Cards

Close AMEX/Product Change/Leave Open?

anelson524 — Tue, 16 Feb 2016 23:04:25 GMT

Hi Everyone, I have been getting more and more active with my credit as of lately since pending a mortgage within the next year or two. I currently have an AMEX Gold Card with the fee increasing to $160/year. I do not use this card at all, just a few purchases here and there for some activity to report but less than $500/yr. I've never been fond of paying the fee for a card I don't use and now with the increase I question it more. The issue is that it was my first credit card I had, I was an authorized user on my fathers account. While being an AU I eventually opened my own gold card account some time later. While the report reflected the account age of 1984 when I opened my account, it continues to do so after closing the AU card I had on my dads account. With this being my oldest account I really don't believe it to be a smart idea to close. The caveat is that although it shows the account age as beginning in 1984 I was not even born until a few years later due to the backdated reporting no longer available. I fear even with a product change it may or may not effect the reporting age of the account. I'm just looking for some general advice on what others believe the best scenario would be. Thanks!

Re: Close AMEX/Product Change/Leave Open?

Anonymous — Tue, 16 Feb 2016 23:46:57 GMT

just PC it to the everyday card. backdate will follow

Re: Close AMEX/Product Change/Leave Open?

Closingracer99 — Tue, 16 Feb 2016 23:47:23 GMT

@anelson524 wrote:
Hi Everyone, I have been getting more and more active with my credit as of lately since pending a mortgage within the next year or two. I currently have an AMEX Gold Card with the fee increasing to $160/year. I do not use this card at all, just a few purchases here and there for some activity to report but less than $500/yr. I've never been fond of paying the fee for a card I don't use and now with the increase I question it more. The issue is that it was my first credit card I had, I was an authorized user on my fathers account. While being an AU I eventually opened my own gold card account some time later. While the report reflected the account age of 1984 when I opened my account, it continues to do so after closing the AU card I had on my dads account. With this being my oldest account I really don't believe it to be a smart idea to close. The caveat is that although it shows the account age as beginning in 1984 I was not even born until a few years later due to the backdated reporting no longer available. I fear even with a product change it may or may not effect the reporting age of the account. I'm just looking for some general advice on what others believe the best scenario would be. Thanks!

I would see if you can PC it. Remember it will still show for another 10 years on your reports and by then it should really matter.

Re: Close AMEX/Product Change/Leave Open?

CreditCuriosity — Tue, 16 Feb 2016 23:53:23 GMT

@Anonymous wrote:
just PC it to the everyday card. backdate will follow

Can't PC a charge card to a revolver. OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?

Re: Close AMEX/Product Change/Leave Open?

Anonymous — Wed, 17 Feb 2016 00:03:25 GMT

oh no crap duh lol. forgot that was a revolver. ignore me lol

Re: Close AMEX/Product Change/Leave Open?

Anonymous — Wed, 17 Feb 2016 00:09:18 GMT

unfortunately there aren't any non AF charge cards from them. it's not worth $95 a year (green) for something you can't use. but then again even after ten years if it falls off due to you closing it your AAoA will suffer due to the fact that card is the oldest by about 20 years

Re: Close AMEX/Product Change/Leave Open?

anelson524 — Wed, 24 Feb 2016 04:03:29 GMT

Just so hard to justify on this one, I literally never use the card not to mention I have a negative reward balance lol. My oldest account after this one is currently about 8 years old. So even if when the amex did drop off of my report my average account age would be 16-18yrs where as currently this one account at almost 33 years gives me a nice 33 year credit history. Although in 10 years it won't be as much as a factor for me if I keep up with everything I learn here and now.

Re: Close AMEX/Product Change/Leave Open?

L-TWT — Wed, 24 Feb 2016 07:29:18 GMT

OP, try downgrading card to a "senior" green card which I believe is still offered at $50 AF with membership rewards or $25 AF w/o rewards! Give Amex a call, good luck and keep us posted!

Re: Close AMEX/Product Change/Leave Open?

myjourney — Wed, 24 Feb 2016 07:32:51 GMT

@L-TWT wrote:
OP, try downgrading card to a "senior" green card which I believe is still offered at $50 AF with membership rewards or $25 AF w/o rewards! Give Amex a call, good luck and keep us posted!

Sorry to say that loophole was closed by Amex awhile back ...sad

Re: Close AMEX/Product Change/Leave Open?

L-TWT — Wed, 24 Feb 2016 07:40:17 GMT

😩
How un fortunate

Re: Close AMEX/Product Change/Leave Open?

myjourney — Wed, 24 Feb 2016 07:48:30 GMT

@L-TWT wrote:
😩
How un fortunate

Tell me about it I think they figured out no one applied for those cards but everyone seemed to want to downgrade to them righjt around AF time Lol Oooops

Re: Close AMEX/Product Change/Leave Open?

SunriseEarth — Wed, 24 Feb 2016 08:23:24 GMT

@anelson524 wrote:
Hi Everyone, I have been getting more and more active with my credit as of lately since pending a mortgage within the next year or two. I currently have an AMEX Gold Card with the fee increasing to $160/year. I do not use this card at all, just a few purchases here and there for some activity to report but less than $500/yr. I've never been fond of paying the fee for a card I don't use and now with the increase I question it more. The issue is that it was my first credit card I had, I was an authorized user on my fathers account. While being an AU I eventually opened my own gold card account some time later. While the report reflected the account age of 1984 when I opened my account, it continues to do so after closing the AU card I had on my dads account. With this being my oldest account I really don't believe it to be a smart idea to close. The caveat is that although it shows the account age as beginning in 1984 I was not even born until a few years later due to the backdated reporting no longer available. I fear even with a product change it may or may not effect the reporting age of the account. I'm just looking for some general advice on what others believe the best scenario would be. Thanks!

If you want to maintain AAoA, I'd recommend PCing to Green and then just use enough AMEX Offers to offset the AF.

Re: Close AMEX/Product Change/Leave Open?

Mattopotamus — Wed, 24 Feb 2016 13:24:58 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
just PC it to the everyday card. backdate will follow
Can't PC a charge card to a revolver. OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?

interesting. I PC my gold preferred to the ED last year.

Re: Close AMEX/Product Change/Leave Open?

CreditCuriosity — Wed, 24 Feb 2016 13:35:09 GMT

@Mattopotamus wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
just PC it to the everyday card. backdate will follow
Can't PC a charge card to a revolver. OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?
interesting. I PC my gold preferred to the ED last year.

You sure you PC'ed it or did it close and open a new trade line on your credit report? Never heard of a successful Charge Card to revolver coversion.

Re: Close AMEX/Product Change/Leave Open?

Mattopotamus — Wed, 24 Feb 2016 14:02:34 GMT

@CreditCuriousity wrote:
@Mattopotamus wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
just PC it to the everyday card. backdate will follow
Can't PC a charge card to a revolver. OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?
interesting. I PC my gold preferred to the ED last year.
You sure you PC'ed it or did it close and open a new trade line on your credit report? Never heard of a successful Charge Card to revolver coversion.

Actually you are right. I just looked and they did in fact close the old account and open it as a new one.

Re: Close AMEX/Product Change/Leave Open?

CreditCuriosity — Wed, 24 Feb 2016 14:10:32 GMT

@Mattopotamus wrote:
@CreditCuriousity wrote:
@Mattopotamus wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
just PC it to the everyday card. backdate will follow
Can't PC a charge card to a revolver. OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?
interesting. I PC my gold preferred to the ED last year.
You sure you PC'ed it or did it close and open a new trade line on your credit report? Never heard of a successful Charge Card to revolver coversion.
Actually you are right. I just looked and they did in fact close the old account and open it as a new one.

Thanks for looking and making sure we weren't losing our minds or the rules hasn't changed ..

Re: Close AMEX/Product Change/Leave Open?

anelson524 — Wed, 24 Feb 2016 22:12:17 GMT

Well I went ahead and downgraded to the green card. Thanks for your help and input everyone!

Re: Close AMEX/Product Change/Leave Open?

CreditCuriosity — Wed, 24 Feb 2016 23:07:18 GMT

@anelson524 wrote:
Well I went ahead and downgraded to the green card. Thanks for your help and input everyone!

Ya will be downgrading my platinum to Green at year mark. Got my 100k MR's and have other travel cards with hefty AF's that serve me better. Worth the 95$ to me to keep the AAoA open and a charge card with Amex. Will apply for a PRG probably Dec of this year for the 50k MR, thus not the downgrade to PRG from Plat as ruins bonus :/.