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Should I finally cancel my AU AMEX?

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Established Contributor

Should I finally cancel my AU AMEX?

I had the card since 13' and its the oldest reporting card on my CR's.

I filed my BK in 15' and have since rebuilt my profile.

How will this hurt me or help me? I am an AU on my fathers AMEX GOLD account.

I don't use the card but on occasion so if it will hurt me I will just keep it though it drives me crazy that the CR's count the monthly reporting balance against my debt.

Not sure the best move...TIA.

Discharged BK7 - 7.16.15
Current Fico8 - (3.2.19) EX - 661/EQ - 669/TU - 668
Total CL - $227,400.
Message 1 of 5
4 REPLIES 4
Moderator Emeritus

Re: Should I finally cancel my AU AMEX?

Unless you're going through mortage underwriting in short order I would just keep it if it's a better positive tradeline than what you already have.

 

The balance on an Amex charge card is irrelevant for any FICO models after FICO 98, and the only one still in use of that era is EX FICO 2, which is part of the mortgage trifecta.

 

Would it strictly be a negative to lose it, probably not, but given it's not hurting you on most credit scores I certainly wouldn't give up a positive tradeline arbitrarily with something like a tax lien, judgement, or BK hanging out.




        
Message 2 of 5
Valued Member

Re: Should I finally cancel my AU AMEX?

As long as your dad pays his bill every month, I would keep it. My daughter is an AU on my Amex Gold act, and having it on her credit report gives her a much stronger credit score than if it wasnt on her report. When she and her husband applied for a mortgage her credit score was over 800, and the mortgage company said having the amex account history really helped!!
BAL/ CL CARD
0/NPSL AMEX GOLD (Dining and Groceries)
0/50k CHASE SAPPHIRE RESERVE (Dining, Travel, everything else)
0/47k CHASE SOUTHWEST
0/35k AMEX ASCEND HHONORS (hilton/gas)
0/15k US BANK Platinum (cellphone)
0/15k US Bank Cash+
0/25k Wells Fargo Personal Line
0/11k HOME DEPOT (home repairs/landscaping)
0% rate cards - just used for 0% rates/BT
0/ 36K CITI DIVIDENDS
23/27k DISCOVER MORE (aug 2019)
22/25k BARCLAYS (sept 2019)
20/25k BOFA SPIRIT (jan 2020)
65/310K (20% UTIL; 26 yrs oldest acct/11 yrs AAoA ) 790 Ex Credit Score
Message 3 of 5
Community Leader
Valued Contributor

Re: Should I finally cancel my AU AMEX?

Wow, apparently I’m swimming against the current here, but I say close it. I won’t keep cards that I don’t want or use. I say to worry less about a number (credit score) and more about your own personal and financial ease. 

Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
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Once you go Berner, you never go back.
Message 4 of 5
New Contributor

Re: Should I finally cancel my AU AMEX?

The feedback is always golden here for people who are in the same boat at this user. It will help individuals that google questions like this.

 

Anyway, I would look at the best option. Being an Auth. User is great for people who have no credit to be able to "Build credit". I have helped my significant other by allowing him to have these cards, and he got an auto loan recently

Message 5 of 5
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