topic Re: Advice on Closing recently opened cards in Credit Cards

Advice on Closing recently opened cards

dre180 — Thu, 10 Oct 2013 18:18:34 GMT

Hey all,

I recently opened an amex green as that's all I had pre-approval for and was dying to become an amex cardholder. I didn't want to chance apping for a higher tier card with the chance of rejection. Today I had pre-approval for the premier rewards gold which is a much better card. I applied and got approved. I suppose i could have waited and just upgraded the green, but the reward are so much better i didn't want to waste them on the green.

My question is this. I literally just opened the green card a month ago, and clearly have no need for it anymore. I don't really have a need for two amex cards, especially two with fees. Is it a bad idea to close it down in favor of the gold? Does amex frown upon that in the relationship? I'm assuming it won't hurt my credit too badly being that it has no age, and it's a charge so i'm not losing the limit? What do you guys recommend I do?

I appreciate any advice you can give...

Re: Advice on Closing recently opened cards

wHiTeSoL — Thu, 10 Oct 2013 18:20:15 GMT

Did you already pay the AF yet? If so I would keep it until it's up again.

Re: Advice on Closing recently opened cards

ac921ol — Thu, 10 Oct 2013 18:23:03 GMT

you could try Product change it to a card that has NO AF. i.e the BCE

Re: Advice on Closing recently opened cards

09Lexie — Thu, 10 Oct 2013 20:18:09 GMT

You might not receive the sign up bonus - did your email state you'll get the bonus?

Re: Advice on Closing recently opened cards

dre180 — Thu, 10 Oct 2013 20:19:00 GMT

I did not pay the AF yet. My only concern was why let the account build a history only to close it. Would that hurt the score more than just closing it right away? I suppose I could change it to another card, i'll look into the BCE, thanks. What I really wanted to do is have it change to a blue, but I heard amex typically doesn't convert charge cards to credit cards.

Re: Advice on Closing recently opened cards

09Lexie — Thu, 10 Oct 2013 20:19:52 GMT

Also the UW is the same on all charge cards. If you've paid the AF, try and see if you can PC to another AF card.

I don't think they will let you PC it to a non AF due to the Card Act

Re: Advice on Closing recently opened cards

dre180 — Thu, 10 Oct 2013 20:22:54 GMT

Which card are you referring to for the bonus, the green?

Re: Advice on Closing recently opened cards

09Lexie — Thu, 10 Oct 2013 20:38:52 GMT

PRG

Re: Advice on Closing recently opened cards

B335is — Thu, 10 Oct 2013 23:41:53 GMT

If your AF on the Green is waived I probably wouldn't close it since your AAoA already took the hit and it will continue to show on your report for 10+ years. However, if the 1st year AF on the Green isn't waived, I would probably just close it. PRG is a good card to have, congrats!

Re: Advice on Closing recently opened cards

youngandcreditwrthy — Fri, 11 Oct 2013 00:10:34 GMT

Pretty sure you can't PC a charge to a revolver.