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Closed my PayPal SmartConnect and Kay Jewlers Credit Accounts with them. I have number used those cards at all. And PayPal has some issues on its website on viewing my account profile. Glad I closed them, because I will have an easier time in keeping track on my credit accounts.
Well, your AoAA will take a ding as well as your UTIL (if they were reporting limits). But in the long run I don't think it'll hurt too much.
@PetRaccoon wrote:Well, your AoAA will take a ding as well as your UTIL (if they were reporting limits). But in the long run I don't think it'll hurt too much.
Your AAoA is not affected when cards are closed, as long as the accounts report. (Typically 10 years after closing, although they can and do fall off sooner.)
AAoA (and oldest account) are factored on both open and closed accounts.
As long as an account is on your reports, whether open or closed, it is factored into your history.
Well, I only said that cause they don't grow anymore, which I guess, In my opinion is a ding.
The way I see it, the less hassle and confusion, the better!
@PetRaccoon wrote:Well, I only said that cause they don't grow anymore, which I guess, In my opinion is a ding.
Not trying to be argumentative , and I'm not sure if I'm understanding what you're saying, but the age of a closed account continues to increase every year, and therefore it helps your AAoA every year, until it eventually falls off your reports, at which point you might see a ding due to lowered AAoA. But in most cases, people have acquired new credit along the way, and there isn't a dramatic drop in AAoA, and therefore there isn't a dramatic drop in your FICO scores.
However, closed accounts can and do come off early, especially on Equifax if you pull your own reports frequently (= lotsa soft pulls). And even Experian, which usually holds on to things until the end of time, stopped reporting one of my old closed accounts when the single late on it hit seven years. It was supposed to keep reporting until 10 years after closing, and they even listed this on my reports when it said "this account should remain until blah-blah", but it went poof when the 30 hit seven years.
It is true that obviously, your CL on a closed account won't continue to grow (in fact, if the account has a $0 balance, the CL is also $), so if that's what you were saying when you wrote "cause they don't grow anymore," then I agree.
@sonson wrote:Closed my PayPal SmartConnect and Kay Jewlers Credit Accounts with them. I have number used those cards at all. And PayPal has some issues on its website on viewing my account profile. Glad I closed them, because I will have an easier time in keeping track on my credit accounts.
+1
IMO, this can be a very legitimate reason to close accounts, even those without fees.
Your life shouldn't revolve around keeping track of your various credit accounts and paying this here and that there. Your credit should be your servant, not the other way around.
If you've read fused's Closing Credit Cards, and you've taken a week or two to think about all the ramifications of closing an account --as it relates to your personal credit situation --and it still makes sense, then go for it!
@haulingthescoreup wrote:
@PetRaccoon wrote:Well, your AoAA will take a ding as well as your UTIL (if they were reporting limits). But in the long run I don't think it'll hurt too much.
Your AAoA is not affected when cards are closed, as long as the accounts report. (Typically 10 years after closing, although they can and do fall off sooner.)
AAoA (and oldest account) are factored on both open and closed accounts.
As long as an account is on your reports, whether open or closed, it is factored into your history.
Great now i can close my $500 cap one with the $60 af