Advise for moms secured cards and her credit report.

[Anonymous]

Hey guys!

My mother has 2 secured cards with Cap 1 with a 0 balance. She has 24 total open accounts ( 2 auto loans, a mortgage, and like 21 cards reproting). Her chapter 7 has been off her reprort for quite some time now but she got the cap 1 secured cards 10 years ago and theyre her oldest cards. How badly would it effect her score if she were to close them since they wont unsecure them -- because we know how Cap 1 is with that. She wants to sell her current home and move in about 12 months. Is this just a situation where she needs to use those secured card deposits as an investment in her aveage age and bite the bullet, or because FICO still counts closed accounts into average age would it not negatively effect her too bad?

Thanks for your inputs!

[Anonymous]

Closed accounts will stay on a credit report for 10 years. It shouldn't affect her AAOA. Just utilization.

[joltdude]

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@Anonymous wrote:

Hey guys!

My mother has 2 secured cards with Cap 1 with a 0 balance. She has 24 total open accounts ( 2 auto loans, a mortgage, and like 21 cards reproting). Her chapter 7 has been off her reprort for quite some time now but she got the cap 1 secured cards 10 years ago and theyre her oldest cards. How badly would it effect her score if she were to close them since they wont unsecure them -- because we know how Cap 1 is with that. She wants to sell her current home and move in about 12 months. Is this just a situation where she needs to use those secured card deposits as an investment in her aveage age and bite the bullet, or because FICO still counts closed accounts into average age would it not negatively effect her too bad?

Thanks for your inputs!

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Just close em...

They will stay on her report for up to 10 years...

Also.. if your trying to buy a house. she shouldn't open any new cards..... But is it possible to get any SP CLIs on any of her current cards?

Even though shes selling her house, its very likely shell still need some sort of loan for the difference and until the previous house is sold....

Good luck

-J

[Anonymous]

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@joltdude wrote:

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@Anonymous wrote:

Hey guys!

My mother has 2 secured cards with Cap 1 with a 0 balance. She has 24 total open accounts ( 2 auto loans, a mortgage, and like 21 cards reproting). Her chapter 7 has been off her reprort for quite some time now but she got the cap 1 secured cards 10 years ago and theyre her oldest cards. How badly would it effect her score if she were to close them since they wont unsecure them -- because we know how Cap 1 is with that. She wants to sell her current home and move in about 12 months. Is this just a situation where she needs to use those secured card deposits as an investment in her aveage age and bite the bullet, or because FICO still counts closed accounts into average age would it not negatively effect her too bad?

Thanks for your inputs!

---

Just close em...

They will stay on her report for up to 10 years...

Also.. if your trying to buy a house. she shouldn't open any new cards..... But is it possible to get any SP CLIs on any of her current cards?

Even though shes selling her house, its very likely shell still need some sort of loan for the difference and until the previous house is sold....

Good luck

-J

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yeah I told her to check about a SP CLI and it shouldnt actually affect her utilzation... her current credit limit for her cards is aroun 23k and those cards are only 300 each. closing them wouldnt really change much of anything, right? thanks for the help.

[Anonymous]

Right, it won't change anything as far as AAoA until they fall off in 10 years. In 10 years, her other accounts will be old enough that those 2 dropping off won't matter. Close away!

[Anonymous]

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@Anonymous wrote:

Right, it won't change anything as far as AAoA until they fall off in 10 years. In 10 years, her other accounts will be old enough that those 2 dropping off won't matter. Close away!

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She called and I guess she didnt realize they graduated them years ago lol. But, still they only had a 300 limit, so I told her request an increase on both (since theyre soft pulls) and to just combine them. they only increased them to 450 each, so i told her just combine them.. I would rather have 1 $900 than 2 $450.

Edit: Just realized both have a $59 AF... I told her close both of those.. is there a way to move them to a new type of card without an HP or just have them remove the AF or no?

$450 limit with a $59 AF when she has cards with no fee and thousands as the limit. yeah.. no lol

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Right, it won't change anything as far as AAoA until they fall off in 10 years. In 10 years, her other accounts will be old enough that those 2 dropping off won't matter. Close away!

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She called and I guess she didnt realize they graduated them years ago lol. But, still they only had a 300 limit, so I told her request an increase on both (since theyre soft pulls) and to just combine them. they only increased them to 450 each, so i told her just combine them.. I would rather have 1 $900 than 2 $450.

Edit: Just realized both have a $59 AF... I told her close both of those.. is there a way to move them to a new type of card without an HP or just have them remove the AF or no?

$450 limit with a $59 AF when she has cards with no fee and thousands as the limit. yeah.. no lol

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She can ask. Sometimes they will waive an AF. Rarely they will PC to a no AF card. But the worst that can happen is they say no. You are right though... if they won't waive she has no need for a fee that high on a basic card.

I can't believe after 10 years they gave her $150. SMH

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Right, it won't change anything as far as AAoA until they fall off in 10 years. In 10 years, her other accounts will be old enough that those 2 dropping off won't matter. Close away!

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She called and I guess she didnt realize they graduated them years ago lol. But, still they only had a 300 limit, so I told her request an increase on both (since theyre soft pulls) and to just combine them. they only increased them to 450 each, so i told her just combine them.. I would rather have 1 $900 than 2 $450.

Edit: Just realized both have a $59 AF... I told her close both of those.. is there a way to move them to a new type of card without an HP or just have them remove the AF or no?

$450 limit with a $59 AF when she has cards with no fee and thousands as the limit. yeah.. no lol

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She can ask. Sometimes they will waive an AF. Rarely they will PC to a no AF card. But the worst that can happen is they say no. You are right though... if they won't waive she has no need for a fee that high on a basic card.

I can't believe after 10 years they gave her $150. SMH

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10 years, $590 worth of AF for EACH of her cards and a perfect pay history lol. I told her to call and cancel them both tomorrow morning if they wont combine and PC to something with rewards, a higher CL, and no AF. That is absolutely nuts.