Approved for Preferred Rewards Gold Card. Should I cancel my AmEx Green?

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Dr.Mark
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Approved for Preferred Rewards Gold Card. Should I cancel my AmEx Green?

Postby Dr.Mark » Tue Mar 18, 2014 4:15 pm

Hi guys. It's my first post here. My name's Mark and I live in London, England.
Let's start from the beginning. I got my first credit card, a Capital One with 500£ CL about 3 years ago (I've never used it). December 2012 I got a basic Barclaycard with 1200£ CL which I still have with 850£ outstanding balance and now my CL has gone up to 3600£. Then in June 2013 I got the Amex Green but I was still unaware of my credit score (actually I was unaware of the whole credit score system). In December 2013 I checked my credit score on Experian and I found out that it was 669. Totally unhappy with it I decided to better it a bit. I brought it up to 709 in Feburary and as I write is 807. I'm quite happy with this score but I'd like to see it growing a little more. I just got approved for the Amex Preferred Rewards Gold Card and I was wondering whether it would be better for my credit score to let go some of the CC. I was thinking about cancelling the Capital One and the Amex Green. What do guys think? What should I do?
Thanks for your patience. Cheers.
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]
[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]
[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]
[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]
[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]

TCL - [color=red]41200£[/color]


linuxmachine
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Postby linuxmachine » Tue Mar 18, 2014 4:39 pm

You ever watch those muscle building shows where these guys have huge muscles on top of huge muscles? You're doing the same thing with your credit score. Max FICO score is 850. 800+ is a very small minority.

Only thing I could suggest is since you have the PRG, might as well drop the green and save on some fees

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Postby Dr.Mark » Tue Mar 18, 2014 6:11 pm

Thanks Linux. So, basically, if I got it right, what you are saying is that I should be happy with my score and anything else more than that would be a surplus...is that right?
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]

[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]

[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]

[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]

[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]



TCL - [color=red]41200£[/color]

MemberSince 79
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Postby MemberSince 79 » Tue Mar 18, 2014 8:40 pm

I don't about Cap One there, but here in the US they don't charge extra for overseas. Also worth it for places that don't take AmEx.
Gold American Express, since 1979,
back when it meant something.
And a few other cash back cards as well.

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Dr.Mark
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Postby Dr.Mark » Wed Mar 19, 2014 4:00 am

I'm not sure either as I've never even used the Cap One card. I'm not that interested actually. What I'm after, right now, are more prestigious credit cards. Believe it or not, they work like an ego boost. But I think you may actually believe it, this could probably be the right place. I was just wondering whether it would be better to keep all this cards in regard on my credit score or if it would be better for me to ditch them.
I was also wondering whether I can apply for a Chase Sapphire from here in the UK but I realise that this is not the right section of the forum.
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]

[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]

[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]

[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]

[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]



TCL - [color=red]41200£[/color]

thom02099
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Postby thom02099 » Wed Mar 19, 2014 10:53 am

Just as a point of interest, and since I don't know the situation in the UK, I'll address the score information based on what the situation is in the USA.

When one gets a score from Experian here in the States, it's more likely a Plus score rather than a FICO score. FICO scores are the important ones here, so our perspective is just a bit different. We look more to FICO scores and use Plus scores and more for educational purposes. This is not at all to say that your scores aren't valid. They certainly are, for your circumstances. Just that, for us in the USA, a 807 FICO score is excellent. I just hit 825 today on my Transunion report, so naturally I'm ecstatic! And your going from a 669 to an 807 in a relatively short period of time, is very commendable ! !
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

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Dr.Mark
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Postby Dr.Mark » Wed Mar 19, 2014 2:00 pm

Thanks for the answers guys.
I'm pretty sure there's no such thing as a FICO Score here in the UK. Everybody seems to be using Experian, or at least most of the lenders. I'm sure AMEX does use Experian for example.
My only doubt right now is whether I should ditch the Green AMEX or keep it. I really don't know what would do better to my score...
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]

[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]

[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]

[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]

[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]



TCL - [color=red]41200£[/color]

thom02099
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Postby thom02099 » Wed Mar 19, 2014 3:29 pm

Dr.Mark wrote:Thanks for the answers guys.
I'm pretty sure there's no such thing as a FICO Score here in the UK. Everybody seems to be using Experian, or at least most of the lenders. I'm sure AMEX does use Experian for example.
My only doubt right now is whether I should ditch the Green AMEX or keep it. I really don't know what would do better to my score...


In the USA, closing a card doesn't have an immediate adverse affect, especially a charge card, since there's no credit limit per se, and utility is not adversely compromised. The TL stays on the credit report for 10 years, even when closed. It would be interesting to know if the same holds true in the UK on whatever reports one is searching, if the closed TL stays on the report for a certain period of time.

EDIT: Personally, if it were me and there was nothing adverse from doing so, I'd close the Green. The AF for it probably can't be justified in light of having the PRG card.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

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Dr.Mark
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Postby Dr.Mark » Wed Mar 19, 2014 3:54 pm

thom02099 wrote:
EDIT: Personally, if it were me and there was nothing adverse from doing so, I'd close the Green. The AF for it probably can't be justified in light of having the PRG card.


Yeah, that's what I was thinking. I will probably end up closing the green as I wouldn't have much use of it anyway once I receive the PRG. Cheers buddy.
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]

[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]

[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]

[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]

[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]



TCL - [color=red]41200£[/color]

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Dr.Mark
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Postby Dr.Mark » Tue Apr 15, 2014 2:00 pm

I'm just bumping this thread again because I've actually canceled my AmEx Green. She's been a loyal companion.
And today I finally got the Lounge Club Card that comes with the PRG! :cool:
Image
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]

[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]

[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]

[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]

[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]



TCL - [color=red]41200£[/color]



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