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Hope someone can help... I just got approved for the Amex Gold Rewards card online with no pre-set spending limit. After reading those no pre-set spending limit cards would actually hurt my credit score, in addition to all the bad things about Amex, I would like to cancel the card I just applied. My question is since I haven't received my credit card yet, would it harm my credit score if I close the card? I would also like to know if Amex has already reports my new card to my credit report yet?
Or should I keep the card?
Any advise would be appreciated! Thanks all for the help!
No need to cancel the card, it is a very good card. My Amex Gold Card is my oldest tradeline dating back to 1980 and I've used it all over the world to charge goods and services and to cash personal checks at AX Travel Service Offices. I don't use it as much as I used to because I have other cards and I don't travel as much internationally, but I keep it in my wallet. After you've gone through the effort to get it it doesn't make too much sense to me to cancel it now.
RE their customer service and current practices, there are two sides to every coin, I've had nothing but excellent experience service from AMEX over the years. Never had a serious problem with them and I've charged some mighty big one time purchases ($20,000 last December in St. Maarten) and other than having the merchant check my ID there was never any problem. Have never had any isues with them cutting CL's on my other two AMEX accounts, a $25k Starwoods and a $37.9k Platinum Optima. If you are a good credit risk and play it sane you'll have few problems. The horror stories you read here are only half the story, we aren't privy to everyones personal situations, so when someone says their lines were cut for no good reason we cannot verify that there were not other issues in their files.
Hi haulingthescoreup, thanks for your speedy reply and help in regards of my concern. One more question though, since EQ and Ex report Amex correctly, do I still need to work around with the limit by running up a high balance one month and paying it off ?
Thanks again haulingthescoreup ^^
velocity wrote:
Hi haulingthescoreup, thanks for your speedy reply and help in regards of my concern. One more question though, since EQ and Ex report Amex correctly, do I still need to work around with the limit by running up a high balance one month and paying it off ?
Thanks again haulingthescoreup ^^
there is no need to cancel the card. I have the same card. EX and EQ don't include it in the util. the only one that still does is TU98 which is the version offered on myfico. most lenders use TU04 model which does not include it in the util. if you worry about your utility just pay your balance 3 days before statment closing date.
@velocity wrote:Hope someone can help... I just got approved for the Amex Gold Rewards card online with no pre-set spending limit. After reading those no pre-set spending limit cards would actually hurt my credit score, in addition to all the bad things about Amex, I would like to cancel the card I just applied. My question is since I haven't received my credit card yet, would it harm my credit score if I close the card? I would also like to know if Amex has already reports my new card to my credit report yet?
Or should I keep the card?
Any advise would be appreciated! Thanks all for the help!
Message Edited by velocity on 06-13-2009 06:12 A