How much of a hit to drop a card?

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chas0039
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How much of a hit to drop a card?

Postby chas0039 » Sun Dec 29, 2013 10:31 am

Hi, I just added a new Amex card so I no longer need the ZYNC. How much damage will I cause when I drop it?

Thanks


ksy
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Postby ksy » Mon Dec 30, 2013 9:01 pm

Why would you want to cancel it how long have you been a card member.

MemberSince99
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Postby MemberSince99 » Mon Dec 30, 2013 9:23 pm

How could we possibly know that?


Google "Credit simulator" or something like that and find an online simulator and give it your numbers and see what it says. Even that is just a WAG. How can people who know nothing about you other than you have an Amex Zync and another Amex you just got, have any clue what that would do?

thom02099
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Postby thom02099 » Mon Dec 30, 2013 10:40 pm

chas0039 wrote:Hi, I just added a new Amex card so I no longer need the ZYNC. How much damage will I cause when I drop it?

Thanks


While the Zync has been somewhat emasculated as cards go, there's been persistent rumours that it could be re-introduced with more and better features and benefits. For $25 AF, it's a steal. Why not just hold on to it?
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

PhoenixDown
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Postby PhoenixDown » Mon Dec 30, 2013 11:26 pm

With the exception of changing your overall utilization, I don't think closing an account has that much impact.

Here's why I think that:

TU FICO = 816
EQ FICO = 811
EX FICO = 755
** all from MyFICO within a 2 week period.


General profile
- 12% utilization
- Oldest account (closed) 17 years
- Ave age of Accounts 8 Years

Total Open Accounts = 3
Oldest Open Account = 31 months (with a $600 CL LOL)
Ave Age of Open Accounts = 1.7 years.

MemberSince99
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Postby MemberSince99 » Mon Dec 30, 2013 11:29 pm

thom02099 wrote:While the Zync has been somewhat emasculated as cards go, there's been persistent rumours that it could be re-introduced with more and better features and benefits. For $25 AF, it's a steal. Why not just hold on to it?



Or PC to a more suitable card.

takeshi
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Postby takeshi » Tue Dec 31, 2013 8:28 am

It's impossible for us to tell you how much your score will change. We don't know exactly how the different models calculate their scores. What we do know is that closed accounts in good standing continue to report for 10 years so AAoA isn't impacted by closure. As stated above, the greatest impact is from increased utilization due to losing the associated credit limit. However, a charge card shouldn't drastically affect utilization IIRC.

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nismoZtuner
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Postby nismoZtuner » Tue Dec 31, 2013 12:56 pm

chas0039 wrote:Hi, I just added a new Amex card so I no longer need the ZYNC. How much damage will I cause when I drop it?

Thanks


cmon dont close that card, ive always wanted to have that card and some people want to get rid of it -_- whyyyyyy.....

its the unicorn of the amex family! keep it!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

chas0039
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Postby chas0039 » Tue Dec 31, 2013 1:51 pm

Sorry I wasn't more clear. I certainly don't expect that you provide me with specific numbers; I was hoping to find out what kind of impact it would have. As I never had any outstanding balance on any of my cards, and I am already at the max credit limit with most of them, I won't worry as the utilization isn't an issue.

As to the questions, I can't recall when I first got the ZYNC as they backdate membership but it was the first year they had them.

And I would love to keep it. It was the first new AMEX card I got since I dropped my Gold back in the 70s. But $25 is $25 and I would never use it with the new card and so many other ways to get better cash back.

Thanks for the input, that was exactly what I was looking for.

Kripler68
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Postby Kripler68 » Tue Dec 31, 2013 9:12 pm

Probably not a good idea to drop it,Let it linger unused if you have to.
Why lose the age of the card?



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