02-19-2013 04:30 PM - edited 02-19-2013 04:32 PM
I know most people state to just leave low limit cards open to help with AAoA. 5 months ago I opened an acct with ONESTOPPLUS which is a woman's outlet for big plus sized women. I'm not a plus size woman, I'm just some dude. The limit was 250 dollars which is my lowest limit of a store card.
In addition to OneStopPlus with Comenity Bank I also have:
They all have lower type limits. My goal is to close a card down every few months until I only have one or two of these cards. They are great rebuilders and helped me get my foot in the door with other cards. I will forever be thankful to Comenity for giving me a chance when nobody else would. I'm thinking I'm going to keep Express and Victoria's Secret and buy something once a year to keep them open. I'm sure they will grow.
Next I'm going to close my OPENSKY credit card which is a $200 card with an annual fee and doesn't grow at all. It was a good rebuilder too but it's time to axe it.
02-19-2013 04:35 PM
02-19-2013 06:17 PM
You don't have to worry about your AAoA getting hit by closing credit cards ~ it includes both closed and open accounts.
The only time that closing a CC might hurt your FICO score is if your revolving utilization increases as a result of losing the credit limit ~ take a look at the link below:
02-19-2013 07:41 PM
I would close the card(s) with annual fees first. I would only keep the card that has annual fee if you think the benefit(s) of the card are worth it.
02-20-2013 08:42 AM
02-20-2013 10:14 AM
02-20-2013 10:41 AM
5 months ago I opened an acct with ONESTOPPLUS which is a woman's outlet for big plus sized women. I'm not a plus size woman, I'm just some dude.
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