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Amex and account closing worry

LisaBella2120
New Member

Amex and account closing worry

I finally got my credit scores high enough last December to get approved for an Amex card. I was approved for $5000 line. Fast forward to May and I was offered the Amex platinum card, which I took because I travel. I do have other credit cards, and installment loans from school, and I do have quite a number of credit inquiries on my Experian report, but not my other two credit reports. I checked my scores today, and my Experian dropped to 657, my Equifax is 694, and Transunion is 688. My question is when are you in danger of Amex potentially closing your account because they see you as a credit threat? I've never been late on a payment, and right now after paying my payment for this month I have a $250 balance on my Amex everyday card, and a zero balance on my platinum card. I do have other balances on other credit cards, but I haven't been late on a payment on those cards either. What red flags you with Amex? Should I be stressed out about it? I waited a long time to be able to get an Amex card, and I just don't want to lose it! Any input would be great!
Message 1 of 11
10 REPLIES 10
CAPTOOL
Senior Contributor

Re: Amex and account closing worry

Amex frequently issues charge cards to peeps with an EX score in the 657 range. The real question is how much did it drop, and why? If the drop was solely caused by new inquiries, how many new inquiries are we talking about?

Message 2 of 11
LisaBella2120
New Member

Re: Amex and account closing worry

It dropped 10 points, it was 667 a day ago. Since last December there are 10 on my EX report, and that is excessive, the last being in the last week.
Message 3 of 11
CAPTOOL
Senior Contributor

Re: Amex and account closing worry

I don't think you have anything to worry about.

Message 4 of 11
mitchblue
Valued Contributor

Re: Amex and account closing worry

10 points doesn't seem like much. Though if you have a lot of new inquires, Amex and all CCC might take notice..

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
Message 5 of 11
Berk
Established Contributor

Re: Amex and account closing worry

Your fine. Don't stress. Your scores will go back up in time. Relax and enjoy life.

Over $300,000 in credit across 12 cards.

FICO scores 800+ as of 06/15/2021
Message 6 of 11
takeshi74
Senior Contributor

Re: Amex and account closing worry


@LisaBella2120 wrote:
My question is when are you in danger of Amex potentially closing your account because they see you as a credit threat?

We don't know the specifics of that question for any creditor out there.  All we can say is the general statement that if you exceed a creditor's risk tolerance that they can take adverse action which isn't just closing an account but decreasing credit limit, balance chasing, etc.

 

Don't just fixate on score.  Focus on the data in your reports and be aware of the usual major red flags which are lates and other derogs, high revolving utilization, a lot of credit seeking activity (varies depending on the strength of credit profile). etc.

Message 7 of 11
AverageJoesCredit
Legendary Contributor

Re: Amex and account closing worry

Make your payments on time and enjoy your AmexSmiley Happy. Your score will eventually rise, great nihhtSmiley Happy
Message 8 of 11
Blackbeauty212
Frequent Contributor

Re: Amex and account closing worry

To add to what others are saying ... Don't worry about the Amex at this point, you're approved and in.... However I would Garden for while and let what you have grown. 

 

Continuing to app and open additional TLs will spook Amex eventually... Amex like to SP new accounts very often. 

Message 9 of 11
mountaindewvoltage
Valued Contributor

Re: Amex and account closing worry

If American Express closes your account simply because your score on one credit report dropped to 657 they are doing you a favor. 

 

You should look at it as, "Why would I want to do business with a lender who is so scared to lend?" 

 

If American Express is so worried about you defaulting on a card that costs $450 a year and requires the balance to be paid in full every month, then that's their problem, not yours. As soon as they kick you out and your scores go back up, you can go right over to Chase and apply for the Sapphire Reserve which has better benefits and wider acceptance, especially globally. I wouldn't stress over it. 

 

Smiley Happy

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