So I had opened a Gold card account in 2009 (im 21 years old now). I ended up spending too much and ended up on the amex payment plan b/c i could not pay in full one month. They gave me a 12 month plan @ $90 /month then they said they would reinstate my card. I paid everything off in around maybe 8 months and now I called and they said I have to open a new account because they canceled my old one.

Im more worried about my credit score rather than opening a new account. A few months ago I checked my score and eventhough I was on the payment plan, amex did not report anything and all was good. Now that they canceled my account, what do you think it says on there? My score was 720 before.

Also, if I open a new account, will this again affect my credit score? Thanks.