Canceled a AMEX card month after getting it

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gaming09
 
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Canceled a AMEX card month after getting it

Postby gaming09 » Tue Dec 09, 2014 1:07 pm

So,

I had made the decision the green amex card didn't meet my needs. I was looking for more of a revolving credit card, and it was to expensive with the yearly fee. I have a 700 credit score and my utilization of the amex wouldn't make it worth it in the long run for me, so I canceled it 30 days after opening the account. I am trying to find out what affect this will have on my credit score.

Thank you,


luvbullmarkets
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Postby luvbullmarkets » Tue Dec 09, 2014 1:53 pm

A real waste of a hard credit pull.
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gaming09
 
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Postby gaming09 » Tue Dec 09, 2014 2:49 pm

Yeah it happens but aside from that, what should I be expecting on my credit report? 1 hard pull in 3 years isn't going to kill me lol

popamode72
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Postby popamode72 » Tue Dec 09, 2014 4:20 pm

gaming09 wrote:So,

I had made the decision the green amex card didn't meet my needs. I was looking for more of a revolving credit card, and it was to expensive with the yearly fee. I have a 700 credit score and my utilization of the amex wouldn't make it worth it in the long run for me, so I canceled it 30 days after opening the account. I am trying to find out what affect this will have on my credit score.

Thank you,


I would have at least gave it a try for a few months to see if you like having it or not. Not even I closed mine that quickly.
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flan
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Postby flan » Tue Dec 09, 2014 8:41 pm

gaming09 wrote:So,

I had made the decision the green amex card didn't meet my needs. I was looking for more of a revolving credit card, and it was to expensive with the yearly fee. I have a 700 credit score and my utilization of the amex wouldn't make it worth it in the long run for me, so I canceled it 30 days after opening the account. I am trying to find out what affect this will have on my credit score.

Thank you,


That you, member? I knew you couldn't stay away!

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lobbythis
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Postby lobbythis » Tue Dec 09, 2014 9:07 pm

gaming09 wrote:Yeah it happens



Like...you forgot to read the website? Were you applying blindly?

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Dec 09, 2014 9:11 pm

You're right that the inquiry is pretty trivial, but your AAoA will suffer now and in the future. When one closed account has a history of only one month, it slows down the rate at which your AAoA will grow.

Say you have 3 other cards, and they have an average account age of about 1 year. Right now, your AAoA would be just over 9 months.

[(1yr+1yr+1yr+1month)/4]

A year from now, your AAoA won't be 1 year, 9 months. It will be just over 1 year, 6 months.

[(2yr+2yr+2yr+1month)/4]

In the same way, 2 years from now, your AAoA will be just over 2.25 years.

Eventually, the Amex Green will fall off and your AAoA will just consider the 3 open cards, giving it a boost.

I'm assuming that this is your first Amex, for you to be so unfamiliar with their cards.

One positive, though, is that you at least can establish backdating if you get other Amex cards in the future. That will give you a boost to your FICO.
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Terry
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Postby Terry » Tue Dec 09, 2014 11:34 pm

gaming09 wrote:So,

I had made the decision the green amex card didn't meet my needs. I was looking for more of a revolving credit card, and it was to expensive with the yearly fee. I have a 700 credit score and my utilization of the amex wouldn't make it worth it in the long run for me, so I canceled it 30 days after opening the account. I am trying to find out what affect this will have on my credit score.

Thank you,


The fee on the card is waved for the first year which could have been used to build a relationship with AMEX. Oh well, too late now.
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Postby takeshi » Wed Dec 10, 2014 8:43 am

gaming09 wrote:I am trying to find out what affect this will have on my credit score.

If it has been a month you should already see the impact or will see see it shortly. You've taken the hard pull and the hit to AAoA by opening it. Do better due diligence next time. The fact that it's a charge card and that it has an AF is clearly evident on the AmEx site. Ask if you need assistance.



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