topic Re: Closing New Amex AU Account in Credit Cards

Closing New Amex AU Account

Anonymous — Thu, 23 Feb 2017 18:02:53 GMT

Hi all. I opened an AU account under my fathers Amex green card this past december in attempts to help my credit. A few days after i was approved for a cc from BoA and one from CapOne. I also opened a store card. Before these cards I only had installment loans and no revolving lines. My credit score went up 30-40 points when the personal accounts reported but dropped 10-15 points when the AU charge card reported. The card always has a balance when it reports but i know that wont affect my score bc im AU. My question is: will it help my score if I close the AU account? This account is only 2 months old, will closing it increase my AAoA? I have 5 installment loans 4-5 years old and with the 3 new personal and 1 new AU it has dropped to 2Years 9 Mo.

Re: Closing New Amex AU Account

Anonymous — Thu, 23 Feb 2017 18:45:57 GMT

1. New accounts will drop you scores for a little but will bounce back.
2. The AMEX green you said is 2 months old. Did your father just got that card at the same time and made you an AU? Or 2 months old with for you? If that AMEX green, say, is about 15 yrs old, you will benefit from the length of credit on that account. If thats the case, hold on to it. Will help your AAoA. They say it's not as much with FICO 8 though.

Re: Closing New Amex AU Account

Anonymous — Thu, 23 Feb 2017 19:01:02 GMT

No he's had it for a few years I've had the AU account for two months but AMEX doesn't do backdating for their AU's so for me it reports as a new account. It just feels like this AU account is hurting more than helping. I initially got it because I didn't think that I would be able to qualify for too many ccs but since I opened three accounts of my own I'm not sure if I still need it. Will closing the account increase my AAoA?

Re: Closing New Amex AU Account

rmduhon — Thu, 23 Feb 2017 19:22:14 GMT

If it is removed from your reports it won't be calculated in your AAoA. It might not increase your AAoA since you've opened cards since then. I'd get removed because the balance on the card will affect your scores.

Re: Closing New Amex AU Account

Anonymous — Thu, 23 Feb 2017 19:28:19 GMT

You're right. I completely forgot about the no backdate with AMEX. 3 new accounts in 2 months definitely took a big hit on your AAoA. Unless you have no desire in getting AMEX in the future, you can close it. It's a good way to keep one foot in the door with AMEX if you plan to get your own card under your name in the future.
Your AAoA already took a hit. It take a little time to bounce back even after you close the account. I would hang on to it if that was me.

Re: Closing New Amex AU Account

rmduhon — Thu, 23 Feb 2017 19:34:12 GMT

But the AAoA hit will disappear if the account is removed from the reports and most closed AU accounts are removed. Even if a dispute is needed to do it.

Re: Closing New Amex AU Account

Anonymous — Thu, 23 Feb 2017 19:46:09 GMT

If I did have to dispute to have it removed, how would I go about that? What's the basis for having it removed through dispute?

Re: Closing New Amex AU Account

rmduhon — Thu, 23 Feb 2017 20:05:16 GMT

'Not responsible' or 'belongs to account holder'.