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AAoA Strategy?

New Contributor

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! 

8 REPLIES
Moderator

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.
Regular Contributor

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 

AMEX PRG (NPSL) Lowes (10k) CSP (7.2k) AMEX BCE (6k) Cap1 QS (3.5k) Citi DC (2.6K) BofA (2.5K)M&T Bank visa (2k) Discover iT (1800) Slate (1k)
Age: 22 Scores ~710 across the board
Future Cards Sallie Mae, US Bank Cash+, Freedom
Goal increase CLs by 20k in 2015
Valued Contributor

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

Re: AAoA Strategy?

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

In the garden until debt is paid off and scores are up!
Senior Contributor

Re: AAoA Strategy?


saving_grace16 wrote:

Please let me know your thoughts! 


Get your AmEx MSD established.

New Contributor

Re: AAoA Strategy?


takeshi74 wrote:

saving_grace16 wrote:

Please let me know your thoughts! 


Get your AmEx MSD established.


AmEx MSD?

Contributor

Re: AAoA Strategy?

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.

Highlighted
Valued Contributor

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.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie