I have 2 AMEX credit cards - should I CXL one?

One has no limit and I use it all the time (AMEX ONE). The other one has $16,000 limit on it but I never ever use it (AMEX Golf). Should I CXL it? Will it effect my credit score? Current credit score is 781. I have one other VISA that I use only when AMEX is not accepted. I don't need that AMEX GOLF card but don't want to CXL it if it ruins my score. I've had it for over 6 years. Thanks...

Answers:
Cancelling a card you have had for years can adversely affect your credit score in a different way than you think. After cancelling it no longer appears under your available credit. You automatically lose 6 years of credit history after cancelling it. Also there is no harm in having extra cards you dont use if you a) properly store them & b) make sure they are securely hidden or c) (my favorite) destroy it completely. If it is destroyed NO ONE can use it and its still listed in your credit. As time passes it just shows you were able to maintain a "great" balance on that card and never defaulted a payment. Improves your history and all you did was have fun with some scissors and a trash can.

IMO - Keep the card and destroy it. Eventually theyll send you a new one to make your scissors' playmate. On a very different note, you should get a Mastercard so you have all 3 major credit companies under your belt for when you travel. Good luck and keep working that score up =)
Cancelling a credit card does not adversely affect you credit score. If you don't ever plan on using the card, I would suggest that you cancel it. By the way, congrats on your credit score. Not many peeps can keep a good score these days.
I agree with PP. DO NOT CANCEL THE CARD. It does wonders for utilization as well as the age of accounts. I would go a step further and use it every 4-6 months, even if it is just for gas or groceries. FICO does not count it into your score for age if you don't use it.

The answers post by the user, for information only, BAnswer.com does not guarantee the right.


More Related Questions and Answers...
  • Is there a 0% apr, 0% balance transfer fee credit card available now?
  • I am in debt, should I ignore those creditor and collection calls; file bankruptcy; or try to repay the debt?
  • For those of you who have or use Money Order more oftern..?
  • If a credit card company ask to for money before your account is attivated is it wise?
  • Do credit cards charge you for the annual fee if you don't use your credit card?
  • Want to buy a harley?
  • First credit card from bank or mail offer?
  • I only got slight improvement on my FICO Score after deleting 18 blemishes, how do I improve it more?
  • Limited credit history...?