credit score

[SrulyS]

The card will be included in his AAOA until it falls off the report, no less then in 10 years.

But will it count as his oldest card for 10 years?

[mochjas]

My friend has an Amex Platinum card that is almost 40 years old. It is by far his oldest card (by as much as 35 years). Now he wants to close or downgrade it.

It seems age of oldest account counts even more than AAoA. Does AAoA still include closed cards? Does age of oldest account include closed accounts?

If he downgrades it to keep the history he would have to pay $95 a year for many years until he can close it (when his other accounts will all be much older), correct?


Is my assessment right? Anyone have any advice?

TIA

Wow what would make you want to close a card that you had for 40 years?

[SrulyS]

Wow what would make you want to close a card that you had for 40 years?

$550

[mochjas]

$550

he should be able to get retention worth more than the $100 increase plus the uber credits

[dealtastic]

My friend has an Amex Platinum card that is almost 40 years old. It is by far his oldest card (by as much as 35 years). Now he wants to close or downgrade it.

It seems age of oldest account counts even more than AAoA. Does AAoA still include closed cards? Does age of oldest account include closed accounts?

If he downgrades it to keep the history he would have to pay $95 a year for many years until he can close it (when his other accounts will all be much older), correct?


Is my assessment right? Anyone have any advice?

TIA

Downgrade to Amex Everyday that doesn't have a fee, keeps points and transfer ability.
Is he even planning on taking out a loan 10 years from now, at which point he is in his 70s?

[davidrotts63]

Downgrade to Amex Everyday that doesn't have a fee, keeps points and transfer ability.

If only that was possible

[JACKBLUE]

Downgrade to Amex Everyday that doesn't have a fee, keeps points and transfer ability.
Depending on his second oldest card, and overall credit card portfolio, closing the card without downgrading might not have a big impact 10 years from now.

platinum can’t be downgraded to every day card IINM

[dealtastic]

platinum can’t be downgraded to every day card IINM

Plat > Gold > Green > Everyday ?
Although they might require a 1 year wait between each step.

[davidrotts63]

Plat > Gold > Green > Everyday ?
Although they might require a 1 year wait between each step.

No. You can downgrade a charge card to a credit card

[JACKBLUE]

No. You can’t downgrade a charge card to a credit card

+1

[SrulyS]

Wow what would make you want to close a card that you had for 40 years?

He should have closed it 35 years ago.

he should be able to get retention worth more than the $100 increase plus the uber credits

I showed him how to use uber credits for uber eats about 8 months ago. He hasn't used it since. He won't max out the travel credit either and he never uses Amex offers therefore even spending $95 a year would be a waste.


New questions

This is his only Amex card. Can I cancel it the same day as applying for a new card (assuming it is approved immediately) and not lose my MR?
Can I use the travel credit and uber credit on the day it is cancelled and still receive the credit a few days later?

[Dovdovmoneytree]

Just pulled my wife's CR. She has a clean report but has one charge off from Verizon for $93! I believe it was when we moved and it was forgotten by the wayside. Any way to get this removed on my own? TY

[Mendelssohn]

I assume you mean credit reports (plural) from EX, EQ and TU. You want paper copies of your reports directly from the CRAs, not an electronic version from a third party.

[mord1]

whats the current thoughts on the best way to increase the mortgage FICO score, I have no missed payments or lates or anything, just this past month a closing statement of 14 k with a CL of 17k on 1 card (by mistake), everything else is low. amex is showing me 760, I would like to boost it up a little bit, just in case.  have a few cards close with $5 on them? anything else? TIA

[mochjas]

whats the current thoughts on the best way to increase the mortgage FICO score, I have no missed payments or lates or anything, just this past month a closing statement of 14 k with a CL of 17k on 1 card (by mistake), everything else is low. amex is showing me 760, I would like to boost it up a little bit, just in case.  have a few cards close with $5 on them? anything else? TIA

pay off the high balance, let the statement close and your score will increase.
Also a car lease or a loan will help you have different types of debt and improve your score

[mord1]

pay off the high balance, let the statement close and your score will increase.
Also a car lease or a loan will help you have different types of debt and improve your score

I just paid the balance, anyway to boost my score before that cards next statement close? I don't have any other loans

[mochjas]

I just paid the balance, anyway to boost my score before that cards next statement close? I don't have any other loans

Scores dont get boosted overnight. There are ways to take a small secured loan that will help but it will take some time for that to hit your report

[davidrotts63]

For the ultimate boost without new accounts (on a clean report ) is to have utilization at 0% with a $2-$3 balance on 1 card. Famously known as the "$2 trick".
Also try for CLI increases (especially for banks that don't pull) as often as they allow/you can get approved.

[mord1]

For the ultimate boost without new accounts (on a clean report ) is to have utilization at 0% with a $2-$3 balance on 1 card. Famously known as the "$2 trick".
Also try for CLI increases (especially for banks that don't pull) as often as they allow/you can get approved.

i have many cards  , so just 1 card with $2-$3 closing balance on it and all other personal cards close with $0 balance on it?

[davidrotts63]

i have many cards  , so just 1 card with $2-$3 closing balance on it and all other personal cards close with $0 balance on it?

Yup!