topic Re: Closing American Express in Credit Cards

Closing American Express

Anonymous — Sun, 01 Apr 2012 22:26:15 GMT

Hi, I have had an American Express card (first the green one and now gold) since 2003. I am considering closing it so as to not incur the annual fee of $150. Is there anyway to know how this will affect my overall score? I would close it obviously with it being paid off first.

Re: Closing American Express

LS2982 — Sun, 01 Apr 2012 22:28:25 GMT

@Anonymous wrote:
Hi, I have had an American Express card (first the green one and now gold) since 2003. I am considering closing it so as to not incur the annual fee of $150. Is there anyway to know how this will affect my overall score? I would close it obviously with it being paid off first.

Closing an AMEX charge should not hurt your scores only if you have a short AAoA.

Re: Closing American Express

Creditaddict — Sun, 01 Apr 2012 22:29:06 GMT

It would not effect your util at all unless looking at the TU 98 Version I believe... The other credit reports correctly note this account as charge and the balance is not caculated in Util.

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:29:36 GMT

Hi sorry, what does AAoA mean?

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:30:37 GMT

I'm pretty sure that the AF on the Green card is $95, why not just PC to the Zync?

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:33:17 GMT

I upgraded from the green to gold some time ago and we were using it more for everyday use back then but not anymore. All we charge to it is gas and we pay it off eveyr month but what we can get in rewards does not equal the membership fee really. The charge for the fee for services and what not we do not really utilize. And what do you mean by PC to the Zync?

Re: Closing American Express

LS2982 — Sun, 01 Apr 2012 22:33:28 GMT

@Anonymous wrote:
Hi sorry, what does AAoA mean?

Average Age of Accounts

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:34:28 GMT

So because I have had it opened for 10 years or so, I should be alright?

Re: Closing American Express

LS2982 — Sun, 01 Apr 2012 22:36:23 GMT

@Anonymous wrote:
So because I have had it opened for 10 years or so, I should be alright?

If you have other accounts open as or near as long as the AMEX you should be fine.

Re: Closing American Express

Repo-ed — Sun, 01 Apr 2012 22:40:58 GMT

@LS2982 wrote:
@Anonymous wrote:
So because I have had it opened for 10 years or so, I should be alright?
If you have other accounts open as or near as long as the AMEX you should be fine.

+1 on trying to PC it to a ZYNC. Keep that relationship with amex if possible. I find AF fees overrated, but everyones financial situations is different, so if you don't want one and don't need the card, then close it.

Re: Closing American Express

Datx — Sun, 01 Apr 2012 22:41:41 GMT

@Anonymous wrote:
I upgraded from the green to gold some time ago and we were using it more for everyday use back then but not anymore. All we charge to it is gas and we pay it off eveyr month but what we can get in rewards does not equal the membership fee really. The charge for the fee for services and what not we do not really utilize. And what do you mean by PC to the Zync?

PC = Product Change

If you do a product change to the Amex Zync card, you will still have an Amex card open with a small AF (annual fee) of $25.

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:43:50 GMT

I have cards opened since 04, 06 (2), 99, and another American Express where they consider me a member since 03 but I probably opened it after

Re: Closing American Express

LS2982 — Sun, 01 Apr 2012 22:44:20 GMT

@Datx wrote:
@Anonymous wrote:
I upgraded from the green to gold some time ago and we were using it more for everyday use back then but not anymore. All we charge to it is gas and we pay it off eveyr month but what we can get in rewards does not equal the membership fee really. The charge for the fee for services and what not we do not really utilize. And what do you mean by PC to the Zync?
PC = Product Change

If you do a product change to the Amex Zync card, you will still have an Amex card open with a small AF (annual fee) of $25.

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:45:31 GMT

@Datx wrote:
@Anonymous wrote:
I upgraded from the green to gold some time ago and we were using it more for everyday use back then but not anymore. All we charge to it is gas and we pay it off eveyr month but what we can get in rewards does not equal the membership fee really. The charge for the fee for services and what not we do not really utilize. And what do you mean by PC to the Zync?
PC = Product Change

If you do a product change to the Amex Zync card, you will still have an Amex card open with a small AF (annual fee) of $25.

Oh ok. American Express did mention about their Blue card that has no annual fee. But then is it considered me opening another line of credit or does it cancel each other out because its another American Express card.

Re: Closing American Express

LS2982 — Sun, 01 Apr 2012 22:47:36 GMT

@Anonymous wrote:
@Datx wrote:
@Anonymous wrote:
I upgraded from the green to gold some time ago and we were using it more for everyday use back then but not anymore. All we charge to it is gas and we pay it off eveyr month but what we can get in rewards does not equal the membership fee really. The charge for the fee for services and what not we do not really utilize. And what do you mean by PC to the Zync?
PC = Product Change

If you do a product change to the Amex Zync card, you will still have an Amex card open with a small AF (annual fee) of $25.
Oh ok. American Express did mention about their Blue card that has no annual fee. But then is it considered me opening another line of credit or does it cancel each other out because its another American Express card.

Its going to be a new tradeline on your CR's.

Re: Closing American Express

Datx — Sun, 01 Apr 2012 22:50:13 GMT

@Anonymous wrote:

Oh ok. American Express did mention about their Blue card that has no annual fee. But then is it considered me opening another line of credit or does it cancel each other out because its another American Express card.

The Blue card is a credit card, and the Green or Gold card you have now is a charge card. I dont believe Amex allows for you to PC from a charge card to a credit card. But I may be wrong. Doesnt hurt to call Amex CS and ask.

Edit. Whoops, you didnt ask about PCing to the Amex Blue. So yea, agree with LS above. Its going to be a new account, new tradeline on your CR if you apply and of course approved.

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 22:50:52 GMT

And by tradeline you mean it will show as a new line of credit? How would that affect me? I mean I have two AmEx cards now so if I am closing one but still have the other with a $11,000 limit

Re: Closing American Express

android01 — Sun, 01 Apr 2012 22:59:29 GMT

@Datx wrote:
@Anonymous wrote:

Oh ok. American Express did mention about their Blue card that has no annual fee. But then is it considered me opening another line of credit or does it cancel each other out because its another American Express card.
The Blue card is a credit card, and the Green or Gold card you have now is a charge card. I dont believe Amex allows for you to PC from a charge card to a credit card. But I may be wrong. Doesnt hurt to call Amex CS and ask.

Edit. Whoops, you didnt ask about PCing to the Amex Blue. So yea, agree with LS above. Its going to be a new account, new tradeline on your CR if you apply and of course approved.

There will be an ADDITIONAL trade line on your credit reports, however it will NOT be new because AMEX will backdate the opening date to when you originally became a customer with them. I think you mentioned 2003.

Re: Closing American Express

Anonymous — Sun, 01 Apr 2012 23:00:12 GMT

So would this affect me in anyway because it is a new tradeline?

Re: Closing American Express

Repo-ed — Sun, 01 Apr 2012 23:01:24 GMT

@android01 wrote:
@Datx wrote:
@Anonymous wrote:

Oh ok. American Express did mention about their Blue card that has no annual fee. But then is it considered me opening another line of credit or does it cancel each other out because its another American Express card.
The Blue card is a credit card, and the Green or Gold card you have now is a charge card. I dont believe Amex allows for you to PC from a charge card to a credit card. But I may be wrong. Doesnt hurt to call Amex CS and ask.

Edit. Whoops, you didnt ask about PCing to the Amex Blue. So yea, agree with LS above. Its going to be a new account, new tradeline on your CR if you apply and of course approved.
There will be an ADDITIONAL trade line on your credit reports, however it will NOT be new because AMEX will backdate the opening date to when you originally became a customer with them. I think you mentioned 2003.

His cards are dated back to 1999. His first Amex card.