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Here's the deal:
If you close your oldest card it will still count on your credit report in your age for 10 years. Get rid of that card with the annual fee that gives you nothing!
Keep all the cards with $0 annual fees open as they help you in the long run and just dont' use them unless it's every so often and pay in full!
It really depends on the bank. Some like at least a year of good payment history. Some you can get away with 6 months (AMEX). Lenders are going to want to evaulate your spending patterns and see what type of balances you will carry. If I were in your shoes, I would wait a year and then CLI 1 or 2 to see what they come back at you with and whether SP or HP. Then you can make your decison on the other two from there.
@bmd0224 wrote:Here's the deal:
If you close your oldest card it will still count on your credit report in your age for 10 years.
I do not see any evidence that closed trade lines are reported for 10 years. Can you provide the source of this information?
@HiLine wrote:
@bmd0224 wrote:Here's the deal:
If you close your oldest card it will still count on your credit report in your age for 10 years.
I do not see any evidence that closed trade lines are reported for 10 years. Can you provide the source of this information?
There is a sticky thread at the top of the credit card topic on closing CC
@gstq34 wrote:
@HiLine wrote:
@bmd0224 wrote:Here's the deal:
If you close your oldest card it will still count on your credit report in your age for 10 years.
I do not see any evidence that closed trade lines are reported for 10 years. Can you provide the source of this information?
There is a sticky thread at the top of the credit card topic on closing CC
I am reading the sticky thread right now. It does say that closed accounts will be deleted after 10 years. Does this mean closed accounts will be reported for 10 years? Not sure where this information comes from. Hmmm...