Should I keep my card?

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snowballing
 
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Should I keep my card?

Postby snowballing » Mon May 24, 2010 12:54 pm

My husband and I are in serious debt payoff mode and considering closing our Gold charge cards. I have been an AMEX member since 2004 and currently have a Gold card, Starwood card and Blue card. Ideally I would like to close one or two of these cards as I pay them off but I'm not sure how that would affect my score.

I've been disappointed with AMEX because they cut my credit limits and raised my APRs on both of my credit cards for no reason last year (I've never missed a payment or gone over my limit on any card I have). Also, my husband and I had our gold cards separately before we were married and now it's like we're paying 2 annual fees to keep them. We would like to close both of our charge accounts but they were also out first "credit card" so they are the ones we've had the longest.

Is there a general consensus on the affect of closing a charge card?


DoingHomework
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Postby DoingHomework » Tue May 25, 2010 1:56 pm

Closing your oldest card will reduce your credit history a small amount but not enough to keep you from closing. Search on CNN.com for a recent story about FICO scores that details how much things like that impact.

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alsteig
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Close Carefully

Postby alsteig » Tue May 25, 2010 3:48 pm

I would examine your upcoming credit needs. IE a home loan and or car loan.
The effects of closing your charge cards will cause a slight dip in credit but not paying these fees especially when trying to save money and get rid of old debt is a smart move. I would examine your other lines of credit and see if you still have open credit and that you wouldn't destroy your ratios,"Debt to Credit". SO...... No loans or credit needed in the next six months to a year go for it. Good Luck let us know how it goes.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Jun 03, 2010 8:11 pm

Are those 3 AmEx's your only credit cards?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
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ronnieloo
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Postby ronnieloo » Tue Jan 04, 2011 8:35 pm

i keep open all my credit cards no matter what when there is no fee for it.lock them up in a safe and forget about it but keep them open for credit reporting.



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