Closing Account - Fico

[takeshi74]

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@MaisCher wrote:

Looking at the spreadsheet I received from one of the amazing members here, my AAoA would go from 4.4yrs to 5.0yrs and both cards have a 0 balance right now. Do closed cards still count in your AAoA?

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There's a thread for that and it's linked in the Helpful Threads sticky in this subforum:

http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-Threads/td-p/415263

Closing will not increase your AAoA.  Time (or sufficient backdating) is the only way to increase AAoA.

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@MaisCher wrote:

Based on my profile below, what do you wish myfico folks think? Bad idea or good? 

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Profile isn't relevant really.  You need to decide if the cards are useful to you and determine whether to close them or not based on your own preferences, priorities, etc.  The only thought I can provide is be more careful with your apps in the future.

[MaisCher]

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@joltdude wrote:
Where did you find the spreadsheet?

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One of the members here mentioned having one in a thread and I PM'd her for a copy. Its great. If you PM me I can send you a link to the dropbox file. 

[MaisCher]

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@Anonymous wrote:

With that NFCU card, I would take a look at all the cards under $1k and see if you really use them. The CapOne cards might be worth keeping, in case you get a CLI, but I imaging tha tmost of the others are just taking up space and can be safely closed. 

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Yeah, since reading all the feedback here, I can probably close the majority of these. I used the store cards a lot in the past, but most have had a $0 balance for at least the last year. I Just assumed they would negatively effect my AAoA and if that isn't the case, most of these can go. 

[taxi818]

closing will not help. the damage is done to your AAoA. but its not that big of a deal. may as well leave em open. as jcrew will grow like crazy. to help util

[Anonymous]

try combining the balances on the capital one credit lines

[MaisCher]

Capital One doesn't combine cards. Tried that via EO about a month ago when I was working on a CLI. She said they understand its a service the customers wants but with so many different terms, rates, etc it's "difficult" but they're considering it.