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Advice on closing accounts

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stealthc63
New Contributor

Advice on closing accounts

Long story short I've accumulated a handful of cards throughly the years and my credit just recently skyrocketed so I got some solid cards with great limits. I'm seriously debating closing all of my accounts under 2k (I think there are 4) but they are all about 6+ years old. It's my understanding that if I close them they will continue to report for 10 years so my AAA shouldn't be effected right?

I'm not worried about my utl% since I just acquired 3 new accounts with 42k in limits. Please advice. I'd like to clean the sock drawer.
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Advice on closing accounts


@stealthc63 wrote:
Long story short I've accumulated a handful of cards throughly the years and my credit just recently skyrocketed so I got some solid cards with great limits. I'm seriously debating closing all of my accounts under 2k (I think there are 4) but they are all about 6+ years old. It's my understanding that if I close them they will continue to report for 10 years so my AAA shouldn't be effected right?

I'm not worried about my utl% since I just acquired 3 new accounts with 42k in limits. Please advice. I'd like to clean the sock drawer.

It will not affect your AAoA if you close the cards.  Here's a thread that explains closing cards:

 

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

Message 2 of 6
vanillabean
Valued Contributor

Re: Advice on closing accounts


@Anonymous wrote:

It will not affect your AAoA if you close the cards.

 

And beyond the ten years, when you're happy, who counts the years? Smiley Wink

 

Message 3 of 6
Anonymous
Not applicable

Re: Advice on closing accounts

If you aren't using a card then by all means, kill it!

 

Banks would cancel your account in a flash, so don't feel bad about it. As long as your util is ok, you won't see an impact.

Message 4 of 6
Closingracer99
Valued Contributor

Re: Advice on closing accounts


@Anonymous wrote:

If you aren't using a card then by all means, kill it!

 

Banks would cancel your account in a flash, so don't feel bad about it. As long as your util is ok, you won't see an impact.


In a flash? It's usually linger then that....18 months or higher I believe.


My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740
Message 5 of 6
Anonymous
Not applicable

Re: Advice on closing accounts

What Irish said

Message 6 of 6
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