Cosing crappy cards like a fiend!! Advice on AA0A needed.

[Anonymous]

Ok folks so last week closed two First Premier cards each with 700 CL's

Combined CapOne Platinum 3500 CL & Venture One 3000 CL to Venture now at 18500 CL.

Have 2 Credit One cards 1000 CL and 650 CL. The 1000 CL is my oldest open card at 3 years.

Should I close these 2 as well? How will it effect my AAoA?

Thanks!

[Discover2016]

Since you have nice cards now with healthy limits, I would close the credit ones, they won't affect your aaoa for 10 years.

[Anonymous]

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@Anonymous wrote:

Ok folks so last week closed two First Premier cards each with 700 CL's

Combined CapOne Platinum 3500 CL & Venture One 3000 CL to Venture now at 18500 CL.

Have 2 Credit One cards 1000 CL and 650 CL. The 1000 CL is my oldest open card at 3 years.

Should I close these 2 as well? How will it effect my AAoA?

Thanks!

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Closing creit cards does not immediately affect your AAoA.  They will stay on your reports for 10 years and continue to age.

[Anonymous]

you can't close them soon enough. they have served their purpose and will report nicely for a while

[Anonymous]

Well both Credit One cards are now closed!!!!!!

[Anonymous]

Congrats. Feels good to get rid of those sub Prime cards.

Nothing bothers me more than the misconception on these forums that closed cards don't age. So many people think that.

I doubt you will see any hit unless your Utilization is a factor. (I highly doubt it tho with your CapOne limit unless you are highly utilized)

[SouthJamaica]

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@Anonymous wrote:

Ok folks so last week closed two First Premier cards each with 700 CL's

Combined CapOne Platinum 3500 CL & Venture One 3000 CL to Venture now at 18500 CL.

Have 2 Credit One cards 1000 CL and 650 CL. The 1000 CL is my oldest open card at 3 years.

Should I close these 2 as well? How will it effect my AAoA?

Thanks!

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If you have no other cards, other than the Venture, I'd hold on to them until you can replace them with something better.

If you have other cards, then dump them.

It might have a small effect on your utilization to close them, but it won't affect your average age of accounts for a long time, probably in the neighborhood of 10 years, by which time it won't matter.

[Anonymous]

I think a lot of the confusion comes from Vantage Score 3.0 FAKO scores, and it's probably a subtlety that we should be a little more careful about communicating to newer members. Vantage Score 3.0 does use average age of OPEN account, and as such will be affected by closing older cards. FICO scores, which we as more experience members know are what actually matter, look at the age of all accounts (open or closed). 

Long and short of it: you will likely see your CreditKarma or CreditSesame scores drop, but that is because they use a different, and ultimately irrelevant, credit scoring model. Your true FICO AAOA will not be affected for 10 years, by which time you will likely have enough other credit history that the loss of those accounts will not cause a major decrease in score. 

[Anonymous]

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@Anonymous wrote:

Well both Credit One cards are now closed!!!!!!

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Did the same thing myself ... it feels so good

[Gidgetmom]

You are inspiring me to do the same!!  I combined my QS1 into my QS yesterday...but haven't closed my Credit One, yet.  Wanted to wait close it when I had another tradeline to replace it.

Congratulations on the closures!