topic JB Dropping Amex. Will This Adversely Affect Credit Score? in General Credit Topics

JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Tue, 16 Feb 2016 15:22:06 GMT

Hello,

i'm new to this forum, but it seems most of you are aware that the sponsorship/partnership between JetBlue and Amex is ending. JetBlue's new partner will be Barclays.

My question is - will this transition adversely affect my credit score?

According to Amex most of the accounts are automatically being transferred to Barclays.

The Amex accounts will be CLOSED.

My understanding is that payment history, length of history for an account, etc. are factors that affect the credit score.

It would seem like a fair assumption that having Amex close my card would hurt my credit yet. However, when I talked to customer service they said it would not.

This seems like a front line CSR type of comment that may not be fully informed.

He also said 'the deals are still being worked out" so that is not especially comforting.

Does anybody have more insight into what's going on?

Will my credit history take a hit becuase of this transition (all other factors being equal)?

Amx posted a FAQ, but it doesn't address these basic issues:

https://www.americanexpress.com/us/content/jetblue/faqs.html

Thank you!!

I posted this is a different forum earlier.

I'm new - I aplogize for the second post, but this section seems more appropriate.

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Tue, 16 Feb 2016 18:09:27 GMT

Damn, everyone is jumping ship on Amex. They are lucky as hell Uncle Warren owns 151,610,700 shares and is content on the long.

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Tue, 16 Feb 2016 18:25:39 GMT

The only way it would hurt your score is if it caused your utilization percentage to increase significantly. Otherwise, it will have no impact.

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Tue, 16 Feb 2016 18:36:27 GMT

Captool,

Thank you.

I don't mean to 'argue' your helpful point, but can you take a moment to explain why that is?

If length of credit history, length of account history, etc. and the opening and closing of account affects credit, why do you say in this particular instance it will not?

Is there something different about the card company closing it vs the consumer saying, "eh, i don't want this card anymore"?

I'm just trying to understand as much as possible.

Thank you for your response!

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Tue, 16 Feb 2016 19:08:24 GMT

The account continues in your file for up to 10 years after it's closed, so there is no impact on length of credit history.

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Tue, 16 Feb 2016 19:16:38 GMT

Interesting.

Thanks!

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

takeshi74 — Thu, 18 Feb 2016 13:15:53 GMT

@Anonymous wrote:
The only way it would hurt your score is if it caused your utilization percentage to increase significantly. Otherwise, it will have no impact.

+1 See also the Closing Credit Cards thread linked in the Helpful Threads sticky in the Credit Cards subforum. Don't overlook the other subfora and the sitckies.

@Anonymous wrote:

Is there something different about the card company closing it vs the consumer saying, "eh, i don't want this card anymore"?

Nope. The above would apply regardless of who closed the credit card account.

Re: JB Dropping Amex. Will This Adversely Affect Credit Score?

Anonymous — Thu, 18 Feb 2016 14:20:33 GMT

Thank you!