Too many changes in a week?

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4 posts
arl2bal
 
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Joined: Tue Jul 03, 2012 7:13 am
Location: Baltimore

Too many changes in a week?

Postby arl2bal » Tue Jul 03, 2012 7:19 am

Hello,

Here is my current credit card situation.

  1. I currently have Chase Freedom (since 2002 through various mergers), Amex blue (since 2002) and Amex Gold (since 2006).
  2. I barely use Amex Blue - Amex Gold is my primary and Chase Freedom is my backup.
  3. I know some folks on the forum disagree but I personally do not find too much value in Amex Gold - I don't travel much, if at all !!
  4. I was approved for a new Blue Cash Preferred last night and didn't "upgrade" my existing Amex Blue for the $150 bonus and also wanted to keep my Amex Blue intact - in case I want to go back to a free Amex card.
So here is the dilemma -

  1. I haven't been looking into my cards and rewards programs in a while and realized what I have been missing out! I want to apply for Fidelity 2% Amex (I know it is run by FIA). Then, 2% Amex will be my primary, BC Preferred will be for Groceries and Gas and Chase Freedom will be for places where Amex isn't accepted.
  2. Will it be too many hits into my credit history too soon since I only got my new BC Preferred last night?
  3. I want to close my Amex Gold - keep it for as long as they would let me keep it for free when I call them to cancel. Again, another inquiry into my credit history? Too many changes? So I was going to keep this card for another year and keep it in the closet. Especially BCP also provides me with extended warranty and purchase protection - for me there is no real reason to keep them both. I got over the "status symbol" - they gave the Amex Gold to me when I was 25 and back then, it was a big deal for me!
Thoughts? I have a pretty solid credit score..

Thanks for your comments.


MemberSince99
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Postby MemberSince99 » Tue Jul 03, 2012 4:42 pm

Closing a card (your Amex Gold) is not an inquiry. If it doesn't suit your needs, why continue to pay the annual fee? You seem to have a solid history, and I would not be concerned.

One inquiry which is what you have (unless there are others you didn't mention) is not going to bother ANYONE. Don't sweat it. Feel free to apply for the Fidelity card you want and close the Amex Gold since that is what suits you best and you want to do. I highly doubt it will hurt you in any way, at least I can't think of any way it would.

In short, don't worry at all based on what you've said, this is nothing. Follow what you want to do.

arl2bal
 
Posts: 2
Joined: Tue Jul 03, 2012 7:13 am
Location: Baltimore

Postby arl2bal » Sun Jul 08, 2012 10:52 pm

Thank you so much for the response. (Sorry for the delayed follow-up. Didnt get notified that someone responded - actually logged in to "bump-up" the thread :) ).

1. Didn't realize closing the card isn't an inquiry. I will probably just open the Fidelity 2% card first and cancel the Amex (yes, I do have a score very close to 800 - at least a year ago when I last checked). And no I do not have any other inquiries except the one from last week..

2. And this thought is nagging me - could I have downgraded my Amex Gold to Blue Cash Preferred without applying for a new card (this is just so I know - its not like I can go back and change anything :-) ). I could have not canceled anything if I went down that path but I didn't! I probably wouldn't be receiving the $150 opening bonus!

Thanks again.

MemberSince99
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Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Jul 09, 2012 6:39 am

Well, I'm not sure changing the Gold to BCP would be a "downgrade", but, it would be changing the card from a charge card to a revolver and Amex simply does not allow this period. You can product change, BUT, it has to be charge to charge or revolver to revolver, they will not product change between the two and I have never read of anyone convincing them to do it (though probably someone out there has).

So basically that's not an option. If you want the BCP you will just have to apply for it and be approved.
So don't beat yourself up over what you could have done, in this case you couldn't and you really are fine.



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