Question about closing American Express Gold Card

[Anonymous]

Hi everyone!

I'm thinking of closing my American Express Gold card since the annual fee is way too high and I use it only on groceries. So I don't get any good benefits from this card. Will closing this card hurt my credit history score badly or not?

Thank you. 

[mitchblue]

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@Anonymous wrote:

Hi everyone!

I'm thinking of closing my American Express Gold card since the annual fee is way too high and I use it only on groceries. So I don't get any good benefits from this card. Will closing this card hurt my credit history score badly or not?

Thank you. 

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Closed cards can stay on the CR up to 10 years.. So as far as AAoA, not right away. Since it's a charge card, it won't effect utilization. So you should be good but I don't know everything..

[NRB525]

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@Anonymous wrote:

Hi everyone!

I'm thinking of closing my American Express Gold card since the annual fee is way too high and I use it only on groceries. So I don't get any good benefits from this card. Will closing this card hurt my credit history score badly or not?

Thank you. 

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Welcome to the forums.

I presume you have other cards?

If you do not see any benefit from the annual fee, then you should close the card. The AF is the primary decision point here, not any FICO scoring issues. As noted a charge card is not a factor in your utilization so won't be an impact going forward.