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Closing Cards

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Anonymous
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Re: Closing Cards


@Anonymous wrote:

@Anonymous wrote:

@ddemari wrote:

Why do you want to close that card out? Is it an annual fee? or you want to close it? If it wasnt an annual fee, you should keep it open. Closing it wont effect your AAOA now but I think having a card open and current for a long time looks better on review and what not. 


No reason anyone should keep a card open that they don't use.  Especially if it's a starter card (ala Credit One) or a store card with very little in the way of benefits.  My Walmart card is out the door once it's paid off.  


Helps AAoA and to meet the 3-4 card minimum for maximum FICO scoring. There's really no benefit to closing a card unless it has a fee, other than speculation that if it's a low CL it may beget more low CLs.


If it's a card you don't use, close it.  Fee or no fee.  The AAoA will stay with you for 10 years and it will show creditors that you aren't financially irresponsible by having 10 or more open accounts that you don't need. 

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