Tried to cancel my AmEx card today...

[mh47g]

The representative told me that their cancellation system is currently updating and to call back in a few hours.

Is this their way of saying "Think about it and call us back." ?

 

[Capt Caveman]

Call right back and find out.

 

[FoBoT]

do you pay an annual fee for it?

 

[mh47g]

Originally posted by: FoBoT
do you pay an annual fee for it?

It's an AmEx green card that I signed up for before realizing that there was an annual fee. Stupid mistake on my part, I know.

 

[tranceport]

Call back.

 

[Squisher]

When I tried to cancel my Discover Card I thought the woman CSR was going to offer to bear my children to keep me from canceling.

 

[mh47g]

Originally posted by: Squisher
When I tried to cancel my Discover Card I thought the woman CSR was going to offer to bear my children to keep me from canceling.

LOL ok I'll call back...

 

[Q]

I don't think you should call back.

 

[montypythizzle]

It could be, we have "updates" occasionally at my job... (aka b0rken)

 

[n7]

Hmm, i've had an AmEx for a while, but i don't believe i ever even used it.
With Mastercard giving me cash back, & Visa for occasional stuff & points, i know i'll never use it.

Is it better to cancel or just keep it, in terms of credit score?

 

[mh47g]

Originally posted by: Quintox
I don't think you should call back.

I wouldn't except I am concerned with being charged $100

note: the card hasn't even been activated yet, I literally just received it today.

 

[mcmilljb]

Just call again and try it. They do all kinds of tricks. If the second CSR says the same thing, ask to speak with a manager so they can give you a time to call back. Cancelling a card before being activated shouldn't count against you, because technically it was never opened. You will still have the request for credit on your report because they did pull your file for the card.

 

[summit]

if you don't activate it, they can't charge you fees. its the same as them spamming your mailbox w/ cards. don't activate, don't worry.

 

[mh47g]

Originally posted by: Summit
if you don't activate it, they can't charge you fees. its the same as them spamming your mailbox w/ cards. don't activate, don't worry.

Alright I'm on hold now lets see what happens..

 

[JoPh]

fight the power

 

[Q]

Originally posted by: mh47g

Originally posted by: Quintox
I don't think you should call back.

I wouldn't except I am concerned with being charged $100

note: the card hasn't even been activated yet, I literally just received it today.

I was only joking -- of course you should call back.

 

[Finalnight]

I never cancel cards unless they charge an annual fee or piss me off. You take a fico hit for a little while.

I have amex blue, no annual fee.

 

[mh47g]

Originally posted by: Finalnight
I never cancel cards unless they charge an annual fee or piss me off. You take a fico hit for a little while.

I have amex blue, no annual fee.

Everything was all taken care of the second time I called. Maybe they weren't trying to give me the run around after all Although I think it's kind of silly the way their cancellation works... You call the automated system, you tell it you want to cancel your card... It forwards you to a representative, and that representative asks why you want to cancel the card... and then forwards you to someone else... WTF?

 

[dds14u]

Originally posted by: n7
Hmm, i've had an AmEx for a while, but i don't believe i ever even used it.
With Mastercard giving me cash back, & Visa for occasional stuff & points, i know i'll never use it.

Is it better to cancel or just keep it, in terms of credit score?

Don't think it'll help your credit score if you don't use it.

 

[RKS]

I don't think cancelling an AMEX is like trying to get out of an AOL subscription. Maybe they wanted to know why you were cancelling so they could improve that part of their program.

I have had an AMEX for a while and their CS is far beyond most Visa/MC providers. Combined with free benefits such as the painless and free warranty extension; I always use the AMEX for computer/electronic purchases.

 

[her209]

Its been a few hours. Update?

 

[PurdueRy]

Originally posted by: her209
Its been a few hours. Update?

Everything was all taken care of the second time I called. Maybe they weren't trying to give me the run around after all Although I think it's kind of silly the way their cancellation works... You call the automated system, you tell it you want to cancel your card... It forwards you to a representative, and that representative asks why you want to cancel the card... and then forwards you to someone else... WTF?

 

[Pacfanweb]

Originally posted by: dds14u

Originally posted by: n7
Hmm, i've had an AmEx for a while, but i don't believe i ever even used it.
With Mastercard giving me cash back, & Visa for occasional stuff & points, i know i'll never use it.

Is it better to cancel or just keep it, in terms of credit score?

Don't think it'll help your credit score if you don't use it.

That's EXACTLY how it'll help....the more credit you have available but not used, the better.
So in an ideal situation, it'd be great to have several credit cards that you never use...if you have that sort of self-control (many don't), because having lots of available credit is good for your score.

 

[Finalnight]

Originally posted by: mh47g

Originally posted by: Finalnight
I never cancel cards unless they charge an annual fee or piss me off. You take a fico hit for a little while.

I have amex blue, no annual fee.

Everything was all taken care of the second time I called. Maybe they weren't trying to give me the run around after all Although I think it's kind of silly the way their cancellation works... You call the automated system, you tell it you want to cancel your card... It forwards you to a representative, and that representative asks why you want to cancel the card... and then forwards you to someone else... WTF?

Good to hear!

 

[marvdmartian]

Originally posted by: Pacfanweb

Originally posted by: dds14u

Originally posted by: n7
Hmm, i've had an AmEx for a while, but i don't believe i ever even used it.
With Mastercard giving me cash back, & Visa for occasional stuff & points, i know i'll never use it.

Is it better to cancel or just keep it, in terms of credit score?

Don't think it'll help your credit score if you don't use it.

That's EXACTLY how it'll help....the more credit you have available but not used, the better.
So in an ideal situation, it'd be great to have several credit cards that you never use...if you have that sort of self-control (many don't), because having lots of available credit is good for your score.

I've heard similar, but also heard that if you don't use it for a long enough period, it basically drops off your credit report. The source where I read it (think it was a CNN Money article) said to use it ever so often, to keep it active on your credit report. Say, for a gasoline purchase, or other relatively small purchase that can be paid off when the bill comes in.

However, in this case, cancelling out a $100/year card is not a bad idea, especially when there's no fee cards out there that will benefit the OP's credit report/FICO score just as well.