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re: Will canceling an Amex card hurt my credit?
Posted on 2/5/13 at 1:27 pm to TigerRob20
Posted on 2/5/13 at 1:27 pm to TigerRob20
quote:
What Bacon said, just call them up and tell them you don't want to pay the fee anymore and want to switch to a free card.
I tried that, they said that I needed to apply for the other card separately.
I have had a visa credit card for about 5 years now that would be a good measure of longivity vs. my gold card.
But after reading your answers (thank you for the help) I still don't have a good sense of how a standard credit line and a charge card with no limit are different in their effect on someones credit. Can anyone shed some light on this?
1
Posted on 2/5/13 at 1:36 pm to Swifty
Since it has no credit limit, I believe that it will not factor in to your credit utilization rate aspect of your score. Those are revolving credit amounts used in that calculation, and I don't think a card with no limit is considered a revolving line of credit. It will be used to calculate the amount of debt that you owe on all of your accounts though.
If you have had a Visa card for 5 years, closing this Amex shouldn't negatively impact your score. Because the other credit card has been open longer, you will still have that 5 years of longevitity on the report, so I would not worry about closing the account in order to avoid the annual fee.
If you have had a Visa card for 5 years, closing this Amex shouldn't negatively impact your score. Because the other credit card has been open longer, you will still have that 5 years of longevitity on the report, so I would not worry about closing the account in order to avoid the annual fee.
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