Advice for the Significant Other

[Anonymous]

First off, I want to say thanks to everyone who participates on this website. I've learned so much and continue to gain a wealth of knowledge because of the insight people have on here. Not only has my repair journey become more educated and enjoyable but I've also been able to help others and steer them on the correct path. So thanks again myFico members! 

In part to the fun I've been having with rewards, my girlfriend has decided to jump on the wagon. She's a cash back fan like myself and has accrued a solid line-up w/ Chase Freedom, Cap1 Quicksilver, Discover it and Cap1 Venture-one. Our question is should she cancel her Keybank and Victoria secret credit cards since she no longer touches them. Her AAoA is 2-3 years (can't remember exactly) and her oldest account is the Keybank card at 4 years and xx months. Her rewards cards are all about 2-5 months old. One part of me figures she'll be fine to close them as they'll continue to report up to the 10th year which by then her current cards will have a healthy 6 year age but I also know most people recommend sock drawering the oldest card. Thanks in advance for your help!

[jsucool76]

My advice is always to keep them if there is no annual fee. Unless her total available credit is significantly over her annual income, they shouldn't hinder her ability to get new cards or CLIs.

[Anonymous]

Do what you're comfortable with. Some people don't want to worry about the cards and cancel, myself, I prefer to just let them run their course naturally

[jbsea]

I agree, if there is no AF then no reason to close and if you really dont use it, they will close it at some point.  A natural death

[Anonymous]

Thanks for the feedback guys. I will let her know

[Chris679]

FYI, in ten years her new accounts will be 10 years old.

[Anonymous]

No disrespect Chris but I mentioned nothing about "in 10 years". I stated that since a closed account will report up to the 10th year, being her card in question is 4 years old already, that would make her newer current cards 6 years old. Thanks for the FYI though

[Ghoshida]

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@Anonymous wrote:
No disrespect Chris but I mentioned nothing about "in 10 years". I stated that since a closed account will report up to the 10th year, being her card in question is 4 years old already, that would make her newer current cards 6 years old. Thanks for the FYI though

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I think you misunderstood Chris' point.

A closed account in good standing is supposed to report for 10 years "after" the date of closure. It does not matter if they are already 4 years because right now, they're open. 

However, please note that if you use tools like CreditKarma, they'll not show your closed accounts in their reports; but all the regular credit bureaus like TU, EX, and EQ, will keep showing the account for 10 years.

But as others said, it's upto you to do as you please with the card. For some, it's one less hassle (e.g. tracking for unauthorized charges, fraud etc) on a card that you don't use. For others, it provides a good utilization padding at no annual fee. Weigh both sides and decide. 

[Chris679]

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@Ghoshida wrote:

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@Anonymous wrote:
No disrespect Chris but I mentioned nothing about "in 10 years". I stated that since a closed account will report up to the 10th year, being her card in question is 4 years old already, that would make her newer current cards 6 years old. Thanks for the FYI though

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I think you misunderstood Chris' point.

A closed account in good standing is supposed to report for 10 years "after" the date of closure. It does not matter if they are already 4 years because right now, they're open. 

However, please note that if you use tools like CreditKarma, they'll not show your closed accounts in their reports; but all the regular credit bureaus like TU, EX, and EQ, will keep showing the account for 10 years.

But as others said, it's upto you to do as you please with the card. For some, it's one less hassle (e.g. tracking for unauthorized charges, fraud etc) on a card that you don't use. For others, it provides a good utilization padding at no annual fee. Weigh both sides and decide. 

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word

[driftless]

I think that closing sub-prime, store, and, other cards is part of the rebuilding process. It feels good when you do it.