Close AMEX/Product Change/Leave Open?

[anelson524]

Hi Everyone, I have been getting more and more active with my credit as of lately since pending a mortgage within the next year or two. I currently have an AMEX Gold Card with the fee increasing to $160/year. I do not use this card at all, just a few purchases here and there for some activity to report but less than $500/yr. I've never been fond of paying the fee for a card I don't use and now with the increase I question it more. The issue is that it was my first credit card I had, I was an authorized user on my fathers account. While being an AU I eventually opened my own gold card account some time later. While the report reflected the account age of 1984 when I opened my account, it continues to do so after closing the AU card I had on my dads account. With this being my oldest account I really don't believe it to be a smart idea to close. The caveat is that although it shows the account age as beginning in 1984 I was not even born until a few years later due to the backdated reporting no longer available. I fear even with a product change it may or may not effect the reporting age of the account. I'm just looking for some general advice on what others believe the best scenario would be. Thanks!

[Anonymous]

just PC it to the everyday card. backdate will follow

[Closingracer99]

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@anelson524 wrote:
Hi Everyone, I have been getting more and more active with my credit as of lately since pending a mortgage within the next year or two. I currently have an AMEX Gold Card with the fee increasing to $160/year. I do not use this card at all, just a few purchases here and there for some activity to report but less than $500/yr. I've never been fond of paying the fee for a card I don't use and now with the increase I question it more. The issue is that it was my first credit card I had, I was an authorized user on my fathers account. While being an AU I eventually opened my own gold card account some time later. While the report reflected the account age of 1984 when I opened my account, it continues to do so after closing the AU card I had on my dads account. With this being my oldest account I really don't believe it to be a smart idea to close. The caveat is that although it shows the account age as beginning in 1984 I was not even born until a few years later due to the backdated reporting no longer available. I fear even with a product change it may or may not effect the reporting age of the account. I'm just looking for some general advice on what others believe the best scenario would be. Thanks!

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I would see if you can PC it. Remember it will still show for another 10 years on your reports and by then it should really matter.

[CreditCuriosity]

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@Anonymous wrote:
just PC it to the everyday card. backdate will follow

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Can't PC a charge card to a revolver.  OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?

[Anonymous]

oh no crap duh lol. forgot that was a revolver. ignore me lol

[Anonymous]

unfortunately there aren't any non AF charge cards from them. it's not worth $95 a year (green) for something you can't use. but then again even after ten years if it falls off due to you closing it your AAoA will suffer due to the fact that card is the oldest by about 20 years

[anelson524]

Just so hard to justify on this one, I literally never use the card not to mention I have a negative reward balance lol. My oldest account after this one is currently about 8 years old. So even if when the amex did drop off of my report my average account age would be 16-18yrs where as currently this one account at almost 33 years gives me a nice 33 year credit history. Although in 10 years it won't be as much as a factor for me if I keep up with everything I learn here and now. 

[L-TWT]

OP, try downgrading card to a "senior" green card which I believe is still offered at $50 AF with membership rewards or $25 AF w/o rewards! Give Amex a call, good luck and keep us posted!

[myjourney]

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@L-TWT wrote:
OP, try downgrading card to a "senior" green card which I believe is still offered at $50 AF with membership rewards or $25 AF w/o rewards! Give Amex a call, good luck and keep us posted!

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Sorry to say that loophole was closed by Amex awhile back ...sad 

[L-TWT]

😩
How un fortunate