Approved for Gold and canceling Blue?

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OneWheelWonder
 
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Approved for Gold and canceling Blue?

Postby OneWheelWonder » Sun Oct 02, 2011 8:51 am

I can't seem to find an answer for my dilemma. The other week I applied for the amex gold card and was approved, I should be receiving the card this week. I currently have an amex blue card. Now I only want to have 1 American Express card. Will canceling the blue card and keeping the gold hurt my credit if technically I'm still with amex?


CC Deville
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Postby CC Deville » Sun Oct 02, 2011 1:15 pm

OneWheelWonder wrote:I can't seem to find an answer for my dilemma. The other week I applied for the amex gold card and was approved, I should be receiving the card this week. I currently have an amex blue card. Now I only want to have 1 American Express card. Will canceling the blue card and keeping the gold hurt my credit if technically I'm still with amex?


Amex Blue has a credit line that reports to the bureaus. So closing it could effect your debt-to-credit ratio if you do not have enough available credit on your other cards. Otherwise, closing the account should not have any negative effects on your FICO score.

4Runner
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Postby 4Runner » Sun Oct 02, 2011 6:52 pm

Answering your doubt, were you thinking to cancel the Blue card when you applied for the Gold? If so, then you have your answer.

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Pete838
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Postby Pete838 » Mon Oct 03, 2011 8:05 pm

Blue and Gold are two totally different products. If you need the option of carrying a balance from month to month then keep the Blue. Gold is due in full every month!
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
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zapper_89
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Postby zapper_89 » Wed Oct 05, 2011 3:04 am

Pete838 wrote:Blue and Gold are two totally different products. If you need the option of carrying a balance from month to month then keep the Blue. Gold is due in full every month!


Other than the fact that it is a bad idea to carry a balance, Blue is a terrible card to carry a balance on.



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