topic Re: 4 AMEXs, need to get rid of 2! in Credit Cards

4 AMEXs, need to get rid of 2!

egaithe — Mon, 16 Jul 2018 17:34:22 GMT

Three limits are $1,000 and one is $2,000, so I'm ready to close two of the cards and keep the two that I find the most beneficial. Two were opened in 2016 and two were opened in 2018. I plan to close the two that were opened in 2018. Both with zero balances. What kind of impact will these have to my credit score? I plan to transfer those credit lines to my other cards.

Re: 4 AMEXs, need to get rid of 2!

Brian_Earl_Spilner — Mon, 16 Jul 2018 17:50:34 GMT

The credit history should be reported for between 7 to 10 years, so no impact. Maybe when applying elsewhere you may have to explain the closures.

Re: 4 AMEXs, need to get rid of 2!

K-in-Boston — Mon, 16 Jul 2018 17:56:44 GMT

Unless closing the lines affects your overall utilization, there shouldn't be an impact at all. Usually Amex will not let you reallocate the last $500 of a card that you are closing, so those portions of the limits would likely be lost. YMMV of course, and some members have reported that number to be $1000. You could likely get an idea of this by going to the credit line reallocation page in your Amex account to see what the lowest amount you could leave on a card is.

Re: 4 AMEXs, need to get rid of 2!

wasCB14 — Mon, 16 Jul 2018 18:00:17 GMT

@egaithe wrote:
Three limits are $1,000 and one is $2,000, so I'm ready to close two of the cards and keep the two that I find the most beneficial. Two were opened in 2016 and two were opened in 2018. I plan to close the two that were opened in 2018. Both with zero balances. What kind of impact will these have to my credit score? I plan to transfer those credit lines to my other cards.

Possible AA for perceived (if not intended) bonus chasing?

Re: 4 AMEXs, need to get rid of 2!

coldfusion — Mon, 16 Jul 2018 18:01:33 GMT

With AMEX it is hit-or-miss when it comes to transferring CL from a donor card held less than 13 months.

More importantly, issuers really don't like it when closing cards that are less than 12 months old as it screams {churner|bonus-chaser}, and can trigger responses like SUB clawbacks and future applications being denied.

As to the specific question of how it will impact your FICO score, the closed accounts will remain on your credit history and your AAoA unaffected for 10 years, so assuming you have at least 1 other non-AMEX open account any direct short term impact should be minimal.

Re: 4 AMEXs, need to get rid of 2!

K-in-Boston — Mon, 16 Jul 2018 18:04:12 GMT

Good catch on the year, both of you. I glossed over that part and just answered about the FICO scoring.

Re: 4 AMEXs, need to get rid of 2!

Anonymous — Mon, 16 Jul 2018 18:08:29 GMT

@egaithe wrote:
Three limits are $1,000 and one is $2,000, so I'm ready to close two of the cards and keep the two that I find the most beneficial. Two were opened in 2016 and two were opened in 2018. I plan to close the two that were opened in 2018. Both with zero balances. What kind of impact will these have to my credit score? I plan to transfer those credit lines to my other cards.

Just curious, why are you wanting to close two of them? Are there Annual Fees associated with the ones you wish to close?

Re: 4 AMEXs, need to get rid of 2!

egaithe — Mon, 16 Jul 2018 18:41:55 GMT

@Anonymous wrote:
@egaithe wrote:
Three limits are $1,000 and one is $2,000, so I'm ready to close two of the cards and keep the two that I find the most beneficial. Two were opened in 2016 and two were opened in 2018. I plan to close the two that were opened in 2018. Both with zero balances. What kind of impact will these have to my credit score? I plan to transfer those credit lines to my other cards.
Just curious, why are you wanting to close two of them? Are there Annual Fees associated with the ones you wish to close?

No, the limits are just too low.

Re: 4 AMEXs, need to get rid of 2!

JustBPatient — Mon, 16 Jul 2018 19:34:44 GMT

Have you hit them up for CLI's ?

Re: 4 AMEXs, need to get rid of 2!

egaithe — Mon, 16 Jul 2018 20:07:52 GMT

@JustBPatient wrote:
Have you hit them up for CLI's ?

Yes, I got a $1000 CLI with one. I called and they said it was against policy to increase more than one card at a time.

Re: 4 AMEXs, need to get rid of 2!

xaximus — Mon, 16 Jul 2018 20:13:53 GMT

I would suggest holding on to them and putting small charges and PIF, they will grow over time and once they have a year, then I would PC them into another card or consolidate. Closing the 2 cards that were opened just this year doesn't look good and might cause AA against your account, you dont wan't Amex to do CLD's either. I would SD them and keep a small charge on each and PIF (Netflix, Hulu, something minor like $5-20 a month.)

Re: 4 AMEXs, need to get rid of 2!

RicHowe — Mon, 16 Jul 2018 20:15:52 GMT

GASP! Closing an AMEX card! I shudder to even think of it!

Re: 4 AMEXs, need to get rid of 2!

AverageJoesCredit — Mon, 16 Jul 2018 20:18:50 GMT

BLUE!!! MY PRECIOUS!!!

Re: 4 AMEXs, need to get rid of 2!

Anonymous — Mon, 16 Jul 2018 20:37:23 GMT

OP--I can understand your frustration at low CLs, but Amex is one that WILL grow. Further, as has been suggested, put a small charge and SD while every 181 days requesting a CLI on one of them. As they grow you will either reach what you believe are appropriate CLs or do as has been suggested and combine and/or PC. Without AFs being a consideration, they are doing you zero harm.

Re: 4 AMEXs, need to get rid of 2!

egaithe — Mon, 16 Jul 2018 20:54:20 GMT

@Anonymous wrote:
OP--I can understand your frustration at low CLs, but Amex is one that WILL grow. Further, as has been suggested, put a small charge and SD while every 181 days requesting a CLI on one of them. As they grow you will either reach what you believe are appropriate CLs or do as has been suggested and combine and/or PC. Without AFs being a consideration, they are doing you zero harm.

thank you! Great advice.