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Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: Annual Fee with account balance.

[ Edited ]

Correct 3 rev so can I close the year old one and then just keep the 4 month old one, and the 14 year old jewlery acc?

 

I don't like the older MC because it has an anual fee, however they just waived that, I might add. Both are w/HSBC.

 

I paid my house off with them, so they were who I used when I returned to the US.

 

I really just want a lower rate card like Discover, but at this point they want to see more history out of me, and I don't blame them.

 

Thanks for the imput HAULING! Nice sig =]

Message Edited by -RED on 12-28-2009 05:27 AM
Message Edited by -RED on 12-28-2009 05:31 AM
-800 or Bust...!
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Annual Fee with account balance.

You really want to keep yourself at three or more open revolving TL's. If you are at three now and want to close one replace it before closing.
Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: Annual Fee with account balance.

I had better scores before the third went on my report, so go figure.
-800 or Bust...!
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Annual Fee with account balance.


-RED wrote:
I had better scores before the third went on my report, so go figure.

 

If you close the third card your scores won't get any better. You probably lowered your AAoA when you opened the third account and closing any account will not cause it to go back up.
Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: Annual Fee with account balance.

Well thanks for saving me on that one, I had closed it, but called them and told them I was just mad at them at the time, and want it to remain open. So that said. I want to replace them still, so if I get a another revolving at some point, it will be ok to close this account finally? One more thing, both of these are MC's do I need a Visa, or are they the same in the way they effect my credit?

 
 
creditwherecreditisdue wrote:

-RED wrote:
I had better scores before the third went on my report, so go figure.

 

If you close the third card your scores won't get any better. You probably lowered your AAoA when you opened the third account and closing any account will not cause it to go back up.
 
 

 

-800 or Bust...!
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Annual Fee with account balance.

You don't need to worry about MC vs. Visa except for the extraordinarily rare circumstance where one is accepted over the other. (Rare!)

 

Just remember all new TL's will lower your AAoA and if it lowers it by enough to move you down to a lower year (or more) that could effect your FICO scores.


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