Does closing an Amex Platinum card hurt your credit?

Open card accounts can help your credit score in two different ways: credit utilization and length of credit history. Closing a credit card account can negatively affect both of those components of your credit score.

What happens if I cancel my Amex Platinum card?

The only short-term downside of cancelling your American Express Platinum charge card is that you are required to empty out your Membership Rewards points account. Because Amex points can be transferred to many different airline and hotel partners, they are more valuable than airline or hotel points.

Does Amex Platinum show up on credit report?

Yes, the American Express Platinum card reports to the credit bureaus every month, within days after the cardholder's billing period closes. American Express reports the card's credit limit, account balance, and payment history to all three of the major credit bureaus: Experian, TransUnion, and Equifax.

Is it a good idea to cancel a American Express card?

I highly suggest that you avoid canceling your American Express cards before you have been hit with the annual fee. For example, some people like to cancel American Express cards right after they receive a welcome bonus. Doing this could really hurt your relationship with American Express.

Is it worse to cancel a credit card or not use it?

Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

CREDIT CARDS 101: Does closing a credit card hurt your credit score?

How many points will my credit score drop if I close a credit card?

The numbers look similar when closing a card. Increase your balance and your score drops an average of 12 points, but lower your balance and your score jumps an average of 10 points. Two-thirds of people who open a credit card increase their overall balance within a month of getting that card.

Is it better to close a credit card or leave it open with a zero balance?

If you've been working to pay off your credit card and finally have a $0 balance, you may wonder if it's a good time to close the account. Generally, it's best to keep your credit card account open—even when your account balance is $0.

Does Cancelling Amex affect credit score?

The answer is yes, cancelling an unused credit card is likely to affect your credit score, however, it will depend on a number of factors as to whether your credit score will be impacted positively or negatively.

How do I get my Amex Platinum fee waived?

Here's how to get the American Express Platinum card annual fee waived: Call the retention line: You can ask Amex to waive the annual fee by calling (800) 452-3945.

What can I downgrade my Amex Platinum to?

You can downgrade from the American Express Platinum card to either the American Express® Gold Card or the American Express® Green Card. After the downgrade is approved, your existing American Express Platinum card will temporarily have all the features and benefits of the card you downgraded to.

Is Amex Platinum high end?

Visit americanexpress.com to learn more. The Platinum Card® from American Express is a high-end card that is packed with benefits and a hefty welcome offer.

Is Amex Platinum really metal?

The Platinum Card^® from American Express is made from a combination of materials that includes stainless steel metal and has a heavier weight than the American Express^® Gold Card, according to a company spokesperson.

What FICO score is needed for Amex Platinum?

The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better.

When to close Amex Platinum?

And while Amex doesn't officially require you to hold a card for a certain period before downgrading it, you should likely wait at least one full year before canceling or downgrading the Platinum.

Can you cancel Amex Platinum after annual fee?

American Express will refund the annual fee on a card if you cancel it within 30 days of the closing date of the billing statement on which the fee appears. Beyond that period, a refund is not possible.

How do I cancel my Amex Platinum card without losing points?

Bottom line

To preserve your points you can: Open another Amex Membership Rewards points earning card with no annual fee before you cancel. Downgrade to an Amex Membership Rewards points card with a lower or no annual fee. Transfer your Amex Membership Rewards points to an airline or hotel partner before you cancel.

Is Amex Platinum difficult to get?

Credit Score Needed for American Express Platinum

The credit score needed for the American Express Platinum is generally above 700. According to Credit Karma, the average score is 715. Although, several applicants with credit scores in the 600s have also been approved, even as low as 643.

Can you get Amex platinum with no income?

But an income is a must in order to get this card. And you need to demonstrate the ability to pay the card's $695 annual fee and the entire balance in full, when applicable. Having said that, it is also worth noting that you need at least good credit for approval.

How do you get 150k offer on Amex Platinum?

What is the downside of Cancelling a credit card?

Closing your credit card accounts may negatively affect both your credit score and your credit history.

Is 3 credit cards too many?

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

Do Amex cards improve credit score?

American Express can help your credit score if you are the primary accountholder or an authorized user aged 18 or older on an American Express credit card or charge card account. For an Amex card to be good for your credit score, the account must be kept in good standing with on-time monthly bill payments.

Does cancelling credit cards hurt your credit score?

The average age of your accounts will decrease

The longer you've had credit, the better it is for your credit score. Your score is based on the average age of all your accounts, so closing the one that's been open the longest could lower your score the most. Closing a new account will have less of an impact.

Does canceling a credit card with no balance hurt credit?

Your credit utilization ratio goes up

By closing a credit card account with zero balance, you're removing all of that card's available balance from the ratio, in turn, increasing your utilization percentage. The higher your balance-to-limit ratio, the more it can hurt your credit.

Does it hurt your credit to close a credit card with a balance?

Closing a credit card can affect your credit score and closing an account does not repair any damage the account has done to your credit. Late payments will still appear on your report for about seven years. Accounts in good standing will disappear after about 10 years.