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Hi, i have been rebuilding for a little less than two years...my fico went from 540 to about 635 today. i have accumulated a total of five credit cards for a grand total of 2850 cli...my utilization is only 3 per cent. my question is this. my oldest card is an applied bank secured card with only a 200 line. they currently are not converting any to unsecured. I could add deposit to it and grow it that way until i am able to acquire better cards...i was just approved for a barclay for 1300. my aaoa is just over four years..i have had a mortgage for 21 years...all other accounts are less than one year which brings it down...my applied card is acutally five years old...i cant decide if i should keep it for the aging and pay the 50 af or cancel it and lose the aging and the af...it renews friday... any advice?
If you close it, it will still factor into AAoA calculations until it drops off your report some years from now.
If it's not contributing much to overall limits, then I think I'd close it.
thanks! i am going to close it!