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Posted in Credit Cards
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Question By
tolefairie

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2 People Helped
How do you cancel a credit card with 20+ years history without damaging your credit FICO score?
I'm tired of paying Amex each year for a credit card that is giving me no real benefit. All of my cards have a low interest rate so this card is the only one with a fee. It is my understanding that if you've had a credit card with a really good payment history for a long period of time it can impact you negatively.

Any way to cancel a card without having this happen?

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Transfer the AMEX card type

Helpful to 7 out of 7 people

There are AMEX accts without annual fees - tranfer yours to one of those options.

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Reply by
PrimeRisk

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Helpful to 3 out of 4 people

JAZZBME provides great advice.  Call AmEx customer service and tell them that you don't want a card with an annual fee and ask them the convert your current account to one of their other products like the Blue card.  My very first credit card was (and still is) a Citibank card that I got in college.  That card had a fee originally and I have had Citi convert the card to a number of different products over the last 25 years.  As far as my credit goes, it shows as a single account that has been open since 1989!

Reply by
Newtom

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Helpful to 3 out of 3 people

If that card is your oldest account then canceling it will lower your credit score -- but only a little, and only for a short time.

However, if you've been an excellent customer all these years, i'd suggest calling the issuer and asking them to waive it at least lower the annual fee. You might be surprised at their response. 

It's worth a call. Speak with the "Executive Complaints Department" and ask to talk to a manager when you call.

Best wishes!

Reply by
tolefairie

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Helpful to 2 out of 2 people

Thanks so much for the terrific reply!  I did call AMEX and I did select another card without an annual fee.  I didn't even realize there was one!  So I didn't have to cancel anything and kept my good standing in the credit world.  Really appreciate your reply as it helped immensely.

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Helpful to 2 out of 2 people

Unfortunately, cancelling a card you have had for 20 years will have a significant impact on your average age of open credit lines. How much so depends on your situation. Can you provide your current Avg Age of Open Credit Lines from CK?

Reply by
WDCBUFF1

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Helpful to 1 out of 3 people

BIG NO NO...CLOSE YOUR NEWEST

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Reply by
tufa4311

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Helpful to 4 out of 5 people

No necassarliy. Closing a credit line does NOT cause you to loose the history of that credit line nor does it remove itself from your Average Age of Accounts (AAoA). Closed accounts remain on your credit history for 7-10 years. In some scenarios creditors my only consider your open accounts, but when it comes to credit scores, including FICO, the age of the account that has been closed will still benefit your credit score until the closed account falls off after 7-10 years. Note: when it does actually falls off your credit record that is when you may see a hit on your credit score - but this will not happen until it falls off and that hit may be very small - it all depends on how old your other credit lines are.

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Helpful to 1 out of 2 people

just keep it open, you neber know when you will need it???? if youve had for 20 years you must have unlimited credit? im sure the annual fee cant be that much....it wont lower your score that much, I canaceld a credit one card with 15k and didnt even effect my score.

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