If Amex does not report limit, then not as good as one that reports limits. When you cancel a card the history still remains on your reports for 7 years. You loose the average age of accounts which is helping your score. Tough call. They cost you money.
Ask the banks if you cancel them if you can turn them back on in 3 months should you change your mind "with out" a new inquiry to reactivate. If so nothing to loose. Be careful, most banks will hit you with a new account inquiry when you reactivate.
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If you want to play it safe... .
Start planting new seed cards to replace them when you have 6 months to sit out the loss from inquiries. After 2 years safe to cancel with minimal point loss. You do not want to keep those cards long term.
HOWEVER!!
I might have a better idea. Maybe the banks can upgrade you to a nonsecured card with no fees and keep the age of accounts. I have had banks do that for me a few times. Different card numbers and still states the start date of the canceled card and carries over all the history under the new card as well. Same credit line so no new inquiry and no new credit. You see this quite often when a bank buys out another bank and changes the account numbers. All your history moves over to the new account number on your credit report. It's worth a try to ask.
Message Edited by ilovepizza on 05-18-2007 01:11 AM
