Canceling Amex Gold After One Year - Will It Hurt My Credit Score?

General Discussion Forum
1

Hi everyone,

I recently got the Amex Gold card about 2 months ago, and I hate the new update. I really don’t want to be chasing pointless credits I was already spending money on anyway just to ‘make up’ for the crazy high new fee. I don’t think it’s going to be worth it for me when I go to renew next year.

I’m wondering though, is it okay to cancel my Amex Gold after only one year? The new card just isn’t going to be worth it for me anymore. Will my credit score take a big hit or will I get blacklisted if I cancel after just a year? Also, is there a specific strategy I should follow when canceling it? :blush:

2

Closing a credit card won’t immediately affect your length of credit history (worth 15% of your FICO Score) by lowering your average credit age. Even after you close a positive account, it may remain on your credit for up to 10 years. But after that, it could decrease your score.