AAoA question

[Shock]

So I have a Southwest Visa I just opened..pretty much for the bonus. I'm not sure if I want to keep it long term. I have fairly new accounts and my AAoA is 1 year. Would it make it difference in my AAoA if I closed it at the 6 month mark or the one year mark, either now or down the line?

Also, suppose it was my only credit card on my report and I only had it for a month. Would my AAoA say 1 month or 1 year?

[lg8302ch]

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@Shock wrote:

So I have a Southwest Visa I just opened..pretty much for the bonus. I'm not sure if I want to keep it long term. I have fairly new accounts and my AAoA is 1 year. Would it make it difference in my AAoA if I closed it at the 6 month mark or the one year mark, either now or down the line?

Also, suppose it was my only credit card on my report and I only had it for a month. Would my AAoA say 1 month or 1 year?

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To my knowledge closing the card should not change anything for the AAoA as the card will remain on your report for approx 10 years. But my concern would be more how that looks on manual review....new account and closed already on a thin file? 

[takeshi74]

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@Shock wrote:

Would it make it difference in my AAoA if I closed it at the 6 month mark or the one year mark, either now or down the line?

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There's a sticky for that:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

[Shock]

So, to clarify, whether the account is open or closed, it will age the same way?

If I close my southwest tomorrow, 7 years from now the account will be seven years old?

[DaveSignal]

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@Shock wrote:

So, to clarify, whether the account is open or closed, it will age the same way?

If I close my southwest tomorrow, 7 years from now the account will be seven years old?

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As has been mentioned, FICO scores both open and closed accounts for AAoA.  All OC accounts age the same way.

[Shock]

Well there was the thing about the manual review. Does it look bad to close a card that soon? Or is there a general threshold (1 year perhaps) where it's acceptable to close a card?

[DaveSignal]

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@Shock wrote:

Well there was the thing about the manual review. Does it look bad to close a card that soon? Or is there a general threshold (1 year perhaps) where it's acceptable to close a card?

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I don't think it is a big deal.  If you do this multiple times repeatedly, lenders my distinguish you as a churner, and you may not get approved in the future with the same lender if they perceive you to be quickly closing cards after the signup bonuses.  But one time is not going to break any deals.

[Shock]

Thanks DaveSignal for the help. My ultimate goal would be CSP, later on down the line with a Chase United Explorer in between there