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New Contributor
saving_grace16
Posts: 57
Registered: ‎01-14-2009
0

AAoA Strategy?

So I've been doing a bit of organization of with my credit lately since my FICO scores are finally in a great place.  I started by doing SP CLIs this week, with success on 3 cards (also with PCs to better rewards for all of them)!  Anyway, I've also closed several retail cards that I no longer use.  However, I have two retail cards that are still open - these 2 cards are my 2nd and 3rd oldest cards.  My question is - how will this affect my AAoA?  Or does it not really matter?  I really would like to close them as I won't really ever use them again, especially since I can get better rewards using the other cards that I have rather than these retail cards.  

 

Please let me know your thoughts! 

Moderator
Kenny
Posts: 6,297
Registered: ‎01-15-2009
0

Re: AAoA Strategy?

They will still be on your credit report for 10 years, so it will just fall off 10 years from now but you'll probably still have accounts that are active from now, so it shouldn't hurt too much then.
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Contributor
twist7d7
Posts: 356
Registered: ‎02-27-2014
0

Re: AAoA Strategy?


saving_grace16 wrote:

So I've been doing a bit of organization of with my credit lately since my FICO scores are finally in a great place.  I started by doing SP CLIs this week, with success on 3 cards (also with PCs to better rewards for all of them)!  Anyway, I've also closed several retail cards that I no longer use.  However, I have two retail cards that are still open - these 2 cards are my 2nd and 3rd oldest cards.  My question is - how will this affect my AAoA?  Or does it not really matter?  I really would like to close them as I won't really ever use them again, especially since I can get better rewards using the other cards that I have rather than these retail cards.  

 

Please let me know your thoughts! 


I was trying to plan out a strategy for this too. since i am 21 i figured it would be best to get the accounts that i wnat for the rest of my lift setup now and my AAoA would be very long. But Im trying to ballance it with HPs 

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Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
0

Re: AAoA Strategy?

Closed accounts stay on your report for a period of years.

 

When they drop off, you will lose the accumulated account age, and the effect on AAoA will depend on how many accounts you have then.

 

Established Contributor
Crisis
Posts: 1,028
Registered: ‎02-14-2014
0

Re: AAoA Strategy?

Thanks for this question... I'm trying to get things along this line in order as well.

Valued Contributor
takeshi74
Posts: 3,189
Registered: ‎06-05-2013
0

Re: AAoA Strategy?


saving_grace16 wrote:

Please let me know your thoughts! 


Get your AmEx MSD established.

New Contributor
saving_grace16
Posts: 57
Registered: ‎01-14-2009
0

Re: AAoA Strategy?


takeshi74 wrote:

saving_grace16 wrote:

Please let me know your thoughts! 


Get your AmEx MSD established.


AmEx MSD?

New Contributor
VinnyofLegend
Posts: 74
Registered: ‎04-13-2013
0

Re: AAoA Strategy?

[ Edited ]

MSD = "Member Since" Date.

 

New Amex accounts are based on the year of your first Amex card Member Since Date. This helps AAoA if you favor Amex cards over others.

Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
0

Re: AAoA Strategy?

He is suggesting that you app for an amex to establish your Member Since Date--the year that all future Amex cards will be backdated to.



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