Credit Cards Center Credit cards from our partners
Reply
New Contributor
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
Posts: 8,851
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.
Regular Contributor
Posts: 432
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 

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
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
Posts: 1,030
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
Posts: 5,465
Registered: ‎06-05-2013
0

Re: AAoA Strategy?


saving_grace16 wrote:

Please let me know your thoughts! 


Get your AmEx MSD established.

New Contributor
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
Posts: 76
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
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.



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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.