Cancelling oldest Amex and Amex backdating of accounts...

Discussion in 'General Discussion | Credit Cards' started by gconnery, Jun 18, 2013.  |  Print Topic

  1. gconnery

    gconnery Silver Member

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    Okay, so I've got an Amex card that I've had since 1999 in one form or another. It was probably a Green, then a Gold and at the moment its a Platinum. But since I've got my $400 in credits out of it, I'm either going to downgrade it back to Green before the membership fee hits in a month or so, or I'm going to cancel the card outright.

    Now, as I understand it, keeping some of your oldest cards open helps your credit score. So I've been keeping this Amex and an old Citi AA World M/C I've had for a while.

    But as I understand it now, Amex back-dates all your Amex cards (maybe only your personal ones?) to the date of your earliest card with them. Not the month, but the year. So for example my Amex SPG Personal Card shows a member since of '99.

    So I'm wondering if there's really any particular point in keeping this Amex open? I've got three other Amex cards at the moment--an MB Plat, a Gold Business Rewards, and an SPG. Seems like closing any of these is basically the same deal...

  2. edekba

    edekba Gold Member

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    check your CRA file for the actual date it was reported opened.

    Closing the card will theoretically shorten your credit age (4 cards since 99 vs 3 cards since 99 + other cards / # of cards)
    Not to mention reduced Credit Line.
  3. rockyrock

    rockyrock Silver Member

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    Yeah, this one is important for your AAOA. Closing an account you have open since 1999 would really hurt your score for a while. The date stamped on the card only indicates when you fist became a member. Green is the lowest you can go with this type of card. I hate to advocate spending $95 a year on a card you don't plan to use but if your credit health is important that is what you shall have to do.

    I have kept a POS Crap One card open year after year solely because it is my oldest card, also opened in 1999. I pay $29 a year just to have the history. I will keep it open until my AAOA reaches >8 years without it. Right now I am just under 5 so I have a ways to go.

    Check your credit report and see when each of your Amex accounts was opened. COnsider closing the MB Plat and then PC your 1999 Plat to a MB Plat. Seems like a lot of work but it should preserve your history a little better.

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