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@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
@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?
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.
@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.
What Irish said