@bz386 wrote:
@mitchblue wrote:
I just put a monthy 40 dollar bill on my Green. Never have to worry about it. At one time I thought about closing it but it's backdated to 2000. Since no more backdating I can't get a new card to make up for it..even if it does stay on for awhile. Like the previous poster mentioned, I consider it gold. 75$ isn't so bad to have a longer AAOA.
If you think throwing away $75 is ok, sure go ahead. If you instead close the card, it will continue to report for another 10 years. In the mean time your other cards will age too, and once the Amex falls of the reports after 10 years, they will be old enough to make up for the loss of the backdated Amex. Remember, over the course of 10 years you will throw away $750 if you keep the Green card.
20 year old credit lines give you more FICO points than a 10 year credit line.
So if you stop a tradeline now and bank that it wil age 10 more years, it will never reach the 20 year old mark.
$750 is alot of money but if it can save me $30,000 of interest on my mortgage (higher FICO, lower APR), it's worth it in the long run. The APR savings due to a higher FICO across 10 years should be ample to cover the $750. I suppose some people would rather save the $75 though and that's cool too.
Some people even have 30-40 year old backdated AMEX, I'd kill for those.
