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Canceling credit card?

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#1

Posted 02-19-2013, 06:35 AM

IvoryCadenza is offline

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Canceling credit card?

I have an AMEX credit card that I no longer want now that the benefits of the card have changed. This is my main credit card and the one I use the most by far and have owned much longer than my visa card (had this am express for 4 years, only had the visa for less than 1). What will the impact of canceling this card be on my credit score? Can I maintain the same credit number and history if I switch from one AMEX card to another?

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#2

Old

02-19-2013, 06:40 AM

boonkauc Level 86 Lurker Member sinceJul 2007 Posts129 Reputation 63 Followers 0 + Give Rep	If there's no annual fee, there's no reason to cancel it. Just throw it in a drawer and forget about it. Hit on your credit for cancelling totally depends on how many accounts you have, what your total credit line is, etc... More open credit will lower your utilization, which helps your score. You cannot keep the same credit card number by switching to a different card.
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#3

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02-19-2013, 06:48 AM

jonnyd13 is offline

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If there's no annual fee, there's no reason to cancel it. Just throw it in a drawer and forget about it.

Hit on your credit for cancelling totally depends on how many accounts you have, what your total credit line is, etc...

More open credit will lower your utilization, which helps your score.

You cannot keep the same credit card number by switching to a different card.

This is correct, but in many cases you can simply switch your card to a different type of Amex. Find one you like, call and ask them to switch. If you're not jumping from a blue to a platinum charge card, most likely they will send you out a new card in a few days with a new number, but it will still be associated with your 4 year old account and all the associated history.

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#4

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02-19-2013, 06:52 AM

kaiyang1 L2: Beginner Member sinceSep 2012 Posts43 Reputation 18 Followers 0 + Give Rep	Are there penalities from having too many credit cards? (ie your score?)
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#5

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02-19-2013, 06:55 AM

boonkauc Level 86 Lurker Member sinceJul 2007 Posts129 Reputation 63 Followers 0 + Give Rep	I've usually got about 5-6 cards open at once and churn through 1-2 per year based on rewards. Credit score hovers 790-810, I've never had an issue.
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#6

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02-19-2013, 07:59 AM

PiratePenguin

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Are there penalities from having too many credit cards? (ie your score?)

Not really, actually it helps because more available credit lowers your credit usage which helps your score. However, I have seen that a bank such a chase will only give you so much credit from them added up across your cards from them, but you can go to another bank and max them out ...and another etc.

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#7

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02-20-2013, 06:39 PM

redls1 L3: Novice Member sinceMay 2012 Posts234 Reputation 22 Followers 0 + Give Rep	Hmm I just cancelled one of my cards because they wanted to charge and annual fee. They would lower the interest rate but I never use it so why pay a fee. While I have had this card a long time will it hurt? I felt I had to much credit for my income.
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#8

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02-21-2013, 07:26 AM

nutz

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I was actually just going to post the same type of thread. Currently have a Cap One cc that has absolutely no benefit. No rewards, fairly high interest rate, and an annual fee of $60. This card is what got me back on my feet after a deep hole I dug myself into. Had it for years but its time to say goodbye.

Would I be better off going to Cap One and seeing what they have to offer or just cancel and go else where? Any help on this matter would be greatly appreciated.

A person hates you for 1 of 3 reasons. 1) They want to be you. 2) They hate themselves. 3) They see you as a threat.

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#9

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02-21-2013, 07:49 AM

IvoryCadenza is offline

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My card has a $95 fee but came with a airline ticket voucher which I always used so I was getting full benefits, but now the voucher is being discontinued. I'm just worried since I'm 25 and I only have a small credit history. Didn't start using cards until I was 21, 22 and this AMEX card is the one I've had the longest. Also have a Visa card but I charge less than $20/month on it and only had it for about 2 years.

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#10

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02-21-2013, 09:49 AM

bta15 is offline

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Quote from nutz

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I was actually just going to post the same type of thread. Currently have a Cap One cc that has absolutely no benefit. No rewards, fairly high interest rate, and an annual fee of $60. This card is what got me back on my feet after a deep hole I dug myself into. Had it for years but its time to say goodbye.

Would I be better off going to Cap One and seeing what they have to offer or just cancel and go else where? Any help on this matter would be greatly appreciated.

Quote from IvoryCadenza

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My card has a $95 fee but came with a airline ticket voucher which I always used so I was getting full benefits, but now the voucher is being discontinued. I'm just worried since I'm 25 and I only have a small credit history. Didn't start using cards until I was 21, 22 and this AMEX card is the one I've had the longest. Also have a Visa card but I charge less than $20/month on it and only had it for about 2 years.

Both of you should call the card issuer and see if they will waive the fee for a year or offer you a retention offer (like free miles/points/etc), if not see if they will downgrade you to a no fee version of the card, this should not have an affect on your score.

If they say no to both then cancel...

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#11

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02-21-2013, 11:54 AM

nutz L6: Expert Member sinceNov 2008 Posts1,334 Reputation 379 Followers 2 + Give Rep	^^^Next time im at my bank I will sit down and talk with them and ask that very question. Thanks, I will keep you all posted.
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#12

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02-25-2013, 07:53 AM

kaiyang1 L2: Beginner Member sinceSep 2012 Posts43 Reputation 18 Followers 0 + Give Rep	If you opened a CC (like chase sapphire) where first year fee is waived, but 2nd year charges a fee should you cancel your cc @ the 11 month to not accrue any of these fees for 2nd ytear?
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#13

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02-25-2013, 10:03 AM

WindySummer

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I still kick myself in the ass for cancelling a lifetime no-fee AT&T cc several years ago. I was taking advantage of the numerous 0% APR (1yr) balance transfer credit card offers available at that time. I thought I was pushing the envelope too much while building some rental property at virtually no interest.

I cancelled the AT&T cc, and realized shortly after I screwed up. I waited 2yrs or so to attempt to re-open the card & was denied. Credit score was around 800, or it is now. But I'm guessing they didn't like the free financing I was receiving.

It was my oldest credit card I had. Major F up.

__________________ - It dives and it jumps and it ripples like the deepest ocean.

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