Hi All: I recently got my Amex Platinum Statement charging me for the $395 annual fee. I really don't avail myself of the Card's benefits and am considering closing this account but ... it is my oldest tradeline (over 10 years old) and my only other tradelines (3 mastercards) are all under 2 years old. Does anyone have any idea how this would affect my FICO score (last time I checked I had 780 on Experian and Equifax, 835 on TU). I'm looking into buying a house within the next year and don't want to lower my score too much. Thanks.
I know nothing about this company, but will they allow you to convert that card to another without the huge yearly cost? If so, they may let you keep the original opening date so that it would not affect your score. Just a thought. I have never dealt with them, but someone here may have the answer.
With scores like those (780+), you could take a little bit of a hit and still have super credit. Also, if you call AMEX and tell them they should waive that fee in order to keep you as a customer, they might drop it or reduce it. Good luck!
