Money card wrote:432521 my cousin inlaw use to work for American express she told me a couple of times it's best not to close out any credit cards
the premium green, gold , or the platinum the lending or revolvers like optima , Blue , any bank visa, Discover ect.
I certainly understand your point, however the Zync does report to the credit bureaus like equafax and the other 2 , since it reports
0 because with these cards are pay in full and people use the cards for different amounts over the course of the year, as you metioned
a revolver has a minimum payment plus a credit limit, but since the zync isn't a debit card it goes on there credit report
like the Green goes on my credit report, shouldn't somebody's score come down a little if they close a premium card like the Zync , green , gold ect?
It's not about WHETHER an account is reported to the CRAs, but rather WHAT is reported. It's true that the general recommendation is to not cancel a credit card. This is because of the negative effect it may have on the utilization component of your score. For example, if you have two credit cards, each with a $10,000 limit, and you allow a $5,000 balance to report on one of those cards, your overall utilization is 25%. If you cancel the unused card, your utilization jumps up to 50%, and your score takes a hit.
Charge cards (what you for whatever reason referred to as "premium" cards) are different. Because a charge card has no preset spending limit, it does not report a credit limit to the CRAs. Since a charge card does not report a credit limit, the utilization component of your score remains unaffected if you cancel the account.
In addition, there is no immediate negative effect on the average age of accounts component of your score because closed accounts will be on your credit reports for years after they were closed.