To Keep Amex Alone or..?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
17 posts
bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

To Keep Amex Alone or..?

Postby bmw1990Z » Fri Dec 21, 2012 3:52 pm

Hello all,
while not new to this forum I hadn't posted in awhile and thought I'd ask a question or two. As you can see from my signature, I've had credit cards since july of 2011. I do not use my citi forward for college students any more (other than perhaps putting a few charges/month less than $20). I love my amex card and use it for every purchase as 99% of the places I shop accept it.

The question I'm wondering, since I don't really need to have two credit cards right now as a college student, how bad is it going to hurt my credit (if at all) to cancel my forward card?

If I do cancel, would it be a dumb idea to try to increase my cl on my amex by say 1,000 or so? I doubt I would be denied for a cli as I spend around $500/month on my card and pay all transactions off the day they post. I have been offered multiple charge cards by them now as well.

Let me know!
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013


jriley
Platinum Member
Platinum Member
 
Posts: 66
Joined: Tue Oct 30, 2012 7:10 pm
Location: Atlanta, GA

Postby jriley » Fri Dec 21, 2012 4:09 pm

I would ask for the CLI now, and then cancel the Citi card.

You may take a hit on your credit in the short term, but as long as it says it was Paid as Agreed, you won't have a problem long term. What is your credit limit on your AmEx card now?
Looking to maximize credit, for myself and others.

Fidelity Investment Rewards
American Express Platinum for Morgan Stanley
Chase Sapphire Preferred

sticf
Centurion Member
Centurion Member
 
Posts: 132
Joined: Mon Jul 18, 2011 10:08 pm
Location: Houston

Postby sticf » Fri Dec 21, 2012 5:58 pm

I agree with asking for the CLI before doing anything else.

However, why close the Forward at all? Let it sit there and help build your average age of account, 20 years from now it will be a great help. As long as the annual cost is $0 leave it open. I might even ask for a CLI on both cards just to give myself lower overall credit usage.

bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Sat Dec 22, 2012 7:41 am

Would it be too generous to ask for a cli that will makeup for canceling my citi card (assuming I do cancel it)?
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

sticf
Centurion Member
Centurion Member
 
Posts: 132
Joined: Mon Jul 18, 2011 10:08 pm
Location: Houston

Postby sticf » Sat Dec 22, 2012 8:26 am

You can ask for any CLI that you think is appropriate. The worst they can do is say "No". I would say always ask for more than you really want. If they give it to you great, if not they could counter offer to the amount you wanted at the beginning.

But what ever happens I would likely not get rid of my oldest card (if it is costing me nothing). I would try to keep that account open forever. I have had a $500 card open for almost 20 years. The company does not seem to mind me keeping it open. It helps with the AAoA now when I am applying for cards that give great signup bonuses.

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Sat Dec 22, 2012 8:31 am

I agree with the above comments. Why not just put your Citi card in a drawer and leave it open? It'd help with credit utilization and report on time, if nothing else. Personally, I'd put the Citi card away and leave it open. You've had your Amex for 6 months, so go ahead and ask for the CLI you want. They may counter offer, so you may not get as big of an increase as you want, but you'll probably get one assuming you have been paying on time, etc.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Sun Dec 23, 2012 7:45 am

Robrus1 wrote:I agree with the above comments. Why not just put your Citi card in a drawer and leave it open? It'd help with credit utilization and report on time, if nothing else. Personally, I'd put the Citi card away and leave it open. You've had your Amex for 6 months, so go ahead and ask for the CLI you want. They may counter offer, so you may not get as big of an increase as you want, but you'll probably get one assuming you have been paying on time, etc.

thanks for all responses, and @ Robrus1 I always pay everything off the second it posts so I never have a balance due at the end of the month. I have decided to cancel my citi card and will be doing so on Monday. I know I could let it sit there but I really do not need to have two credit cards.
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Sun Dec 23, 2012 8:02 am

Let us know how the CLI works out if you go for it.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

TheLethargicAge
Centurion Member
Centurion Member
 
Posts: 322
Joined: Tue Oct 16, 2012 11:20 pm
Location: Miami, Cuba

Postby TheLethargicAge » Sun Dec 23, 2012 9:53 am

Cancelling the Citi card would be a bad idea. Not only is it your oldest card (20 years from now, having 2 20-year-old cards will have a big impact on your score), but sooner or later you'll find a place that doesn't take Amex (happens to me all the time).
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

SparkyinCA
Gold Member
Gold Member
 
Posts: 49
Joined: Sat Oct 27, 2012 1:17 pm
Location: Davis, California

Postby SparkyinCA » Sun Dec 23, 2012 1:22 pm

It's a mistake to cancel the Citi card. You're trying to be too logical by canceling a card just because you don't use it. The whole point of these boards is to educate each other on how credit works (it's not always logical).

Since you are just starting out with your credit, leave the card in a sock drawer. Use it once a year to keep it active for a coffee or something small to keep the average age of your accounts growing over time. You will be very glad you did this in the future. There are folks on here that wish they had a 20+ year old account on their credit reports and if they could go back in time to your age, would never cancel a card that has no AF!

Don't cancel it. It is a mistake you will regret and only someone who doesn't understand how credit building works would cancel it. You're off to a good start with the Citi and Amex cards. Don't blow it because you don't think it will matter in the future. It will, and you'll be glad you kept it. All of us except one say to keep it open. We're suggesting this to you for very good reasons..

Good luck to you, but please keep learning more. 6 months from now you will laugh you were even considering canceling the card (once you learn more how credit works)!



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests