Closing a credit card account that is over 40 years old
Hi Terry,
I am questioning the wisdom of keeping my American Express green card account open at a cost of $150.00 a year. My main concern is what the impact will be on my excellent credit score if I close an account that I have had for 42 years. I have other active credit cards accounts that are paid in full each month.
Love listening to you on WGN radio!
Terry Says
I did that very same thing! It was my first card — and I was so proud to get it. But decided it really wasn’t worth the annual cost. It didn’t impact my score! Go ahead and close the account, and ask them to report to the bureaus that it was closed at the customer request.
Frankly, AMEX rarely reports to the bureaus, since technically it isn’t extending credit — The balance is supposed to be paid in full each month! Check your credit report and you may not even find it there!
