Should I cancel my Green Card?

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4 posts
chaiwala
 
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Joined: Wed Aug 08, 2012 2:22 pm
Location: new york/ny

Should I cancel my Green Card?

Postby chaiwala » Wed Aug 08, 2012 2:32 pm

Hey Guys,

I'm a junior in college and less than two month away from being 20. I have a visa forward from Citi, student platinum plus visa from BAC, store charge cards from Macys, Lord & Taylor, and Banna Republic, and a Green Card from Amex.

Earlier this week I just got approved for the Starwood Preferred card from Amex!

I'm not sure if I want the green card anymore or if I even have a use for it. I haven't paid the $95 for it yet since I've only had it for 10 months. I know canceling cards is bad for my credit score, but I think I might have too many cards and really dont want two cards with fees. I would cancel the Lord and Tayor card since I only used it once ever, but i dont see the harm since their is no fee.

Also, my credit is 735/830. Do you think it would be wise to just cancel the green card since i will be using the SPG for every purchase anyway?


m20e3087
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Postby m20e3087 » Thu Aug 09, 2012 12:42 pm

Did your SP backdate? If it did, than cancel it, however you might take a little hit on ur file.
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chaiwala
 
Posts: 2
Joined: Wed Aug 08, 2012 2:22 pm
Location: new york/ny

Postby chaiwala » Fri Aug 17, 2012 3:29 pm

m20e3087 wrote:Did your SP backdate? If it did, than cancel it, however you might take a little hit on ur file.


Just got it last night.....and they backdated it!

Any tips or tricks on how/when I should get my green card cancelled?

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djrez4
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Postby djrez4 » Fri Aug 17, 2012 4:40 pm

chaiwala wrote:Just got it last night.....and they backdated it!

Any tips or tricks on how/when I should get my green card cancelled?


No tips; no tricks. Just call Amex and tell them you want to cancel the card. I don't think you'll take a big hit. Your AAoA will remain pretty much the same and your utilization won't take a hit because the Green doesn't report a limit.
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