Will Cancelling this card destroy my credit ?

[Patient957]

---

@BarneyBlack wrote:

I am trying to avoid hard pulls untill after a few events i need to look good for. Otherwise i would get the Savor now.  But...

I just got the AMEX BCE last week since it did not do a hard pull. So I am using it for anything that I do not use my Chase Prime on.  I am hoping getting this new card helps more than it hurts in the near term since i had very little credit limit reported and only 2 cards, no loans etc.

---

In the near term, you will see a penalty of around 20 points  in Fico 8 for a new revolving account less than a year old.  By opening the BCE, you put yourself on a 'new revolver' scorecard.  You will get the points back when the BCE turns a year old.

[BarneyBlack]

---

@Patient957 wrote:

---

---

In the near term, you will see a penalty of around 20 points  in Fico 8 for a new revolving account less than a year old.  By opening the BCE, you put yourself on a 'new revolver' scorecard.  You will get the points back when the BCE turns a year old.

---

ouch, 20 points.  how many more points would it have been if i had to do a hard pull to get it ?

[BarneyBlack]

I just looked at my Experian Fico 8 at AMEX and it went up 47 points ?

I guess i cannot post a screeenshot here ?  here is link to picture https://prnt.sc/3hmNscaINupR

maybe it will come back down 20 points ?

[Patient957]

---

@BarneyBlack wrote:

I just looked at my Experian Fico 8 at AMEX and it went up 47 points ?

I guess i cannot post a screeenshot here ?  here is link to picture https://prnt.sc/3hmNscaINupR

maybe it will come back down 20 points ?

---

Your week old BCE will not have reported yet, so the drop from 833 to 785 and then bounce back to 832 has nothing to do with the BCE.  Something else is going on.  It's unclear what, based on what you've posted (to me at least, maybe someone else has an idea).

Yes, you should lose 15-25 points when the BCE reports.

Edit to add: If you have an Experian account, you can log in there and see what's going on.  If not, you should -- it's free.

[Patient957]

---

@BarneyBlack wrote:
ouch, 20 points.  how many more points would it have been if i had to do a hard pull to get it ?

---

Anywhere from zero to about 5 or so.

Edit to add:  Looks like the HP may have cost you 1 point (832 vs. 833).

[BarneyBlack]

That 833 I use to have was from 3 years ago before i paid off a mortgage and closed at most 4 cards.  I just never look at this stuff untill a few weeks ago and realized i was not at 833 and was at 785.  I just assumed the drop  was from the mortgage and closing of cards. It could have dropped 2 years ago or a month ago for all I know.

And I do not know how i could have a ding from any hard pull when all 3 of reporting agencies accounts are frozen and were frozen when I applied for the new AMEX.

edit ;  the experian account says that raising the limit on my Prime Visa was positive.  Before getting the new AMEX EBC the only card with a limit was my Prime and it was like 6.9k now it is 8.4k. i raised it a few weeks ago.  I charge maybe 2-5k every month on my Green card and pay it in full each month so my overall utilization is high maybe.  Hopefully my new card with another 10K limit will help that when it kicks in.

more edit:  Chase Credit Journey has my Experian Vantage3 score at 831  lol. 

[Patient957]

---

@BarneyBlack wrote:

That 833 I use to have was from 3 years ago before i paid off a mortgage and closed at most 4 cards.  I just never look at this stuff untill a few weeks ago and realized i was not at 833 and was at 785.  I just assumed the drop  was from the mortgage and closing of cards. It could have dropped 2 years ago or a month ago for all I know.

And I do not know how i could have a ding from any hard pull when all 3 of reporting agencies accounts are frozen and were frozen when I applied for the new AMEX.

edit ;  the experian account says that raising the limit on my Prime Visa was positive.  Before getting the new AMEX EBC the only card with a limit was my Prime and it was like 6.9k now it is 8.4k. i raised it a few weeks ago.  I charge maybe 2-5k every month on my Green card and pay it in full each month so my overall utilization is high maybe.  Hopefully my new card with another 10K limit will help that when it kicks in.

---

If I were you, I would want to know when my score dropped 48 points and why it just popped 47 points.  I would check in at Experian and see what's going on.

[BarneyBlack]

I would think it dropped 3 or so years ago when i paid off a mortgage and then  probably more so when i cancelelled a bunch of cards and redeced my credit limit to <7k while spending up to 5k a month and sometimes more. I bought a 12K mountian bike one month on it and bought probably 30K worth of firearms with it and  had some other big charges so my utiliztion was over 100% at times.

I had no idea about utilization and AMEX Green was ok'ing anything. I was even going to charge a new truck on it at one point for ~70K but did not.

[BarneyBlack]

---

@Patient957 wrote:

---

---

If I were you, I would want to know when my score dropped 48 points and why it just popped 47 points.  I would check in at Experian and see what's going on.

---

I cannot find anything on the site that shows history. or a timeline of when it happened.

I will call them tomorrow if that is a thing. They have a number and Sunday hours .

Thanks for the input/help @Patient957 

[Realist]

How's the annual fee?  I'd keep it personally.  At least until the profile ages some of the other accounts.  You still have those rolling ten years.