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What happens if I cancel Amex account?

stealth71
Valued Member

What happens if I cancel Amex account?

I applied for and received a Delta Amex Gold. After reading about all this financial review garbage, I just don't feel like this is a company I want to do business with. I don't even want to activate the card let alone use it. I already feel like they have a gun to my head. It's none of their d*** business and I'll refuse to send them IRS forms, bank account info, or payroll stubs. That's too much of a hassle for a measly credit card.
 
What are the ramifications if I just decide to cancel the account? What kind of a hit, if any, wlll my credit reports take? My plan is to drop these nutcases and get a Citi card or something else later, my credit score is good enough for almost any card. I just don't have time to deal with them, and I'd rather close the account myself rather than have them do it. Thoughts?
 
Thanks guys.
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2 REPLIES 2
ilovepizza
Senior Contributor

Re: What happens if I cancel Amex account?

Your probably ok with Amex as long as you don't ask for a credit line increase. However, you can choose not to activate the card and ask Amex to remove it form your credit reports. I have done that before with 2 credit cards. I needed to dispute the CC with the CRA saying the card was never active to have it removed. However you are stuck with the inquiry. I would keep the Amex card and not ask for a CLI. But as long as you are honest with income, Amex will be your friend.
If we never set higher goals we would never get as far.
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Message 2 of 3
stealth71
Valued Member

Re: What happens if I cancel Amex account?



But as long as you are honest with income, Amex will be your friend.

I dunno, that's not what others are saying. I personally don't look forward to the day when they decide to call my residence to inform me that my account has been suspended pending a financial review. Had I known about this policy, I never would have applied.
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