Does a card I cancel still affect ave. age of accounts on reports?

[killnfool]

I want to cancel a Best Buy Rewards card before the insane annual is due, and probably get a Chase Amazon or freedom card to replace it. The BB card is my oldest card though so I'm worried about the average account age. I do have some student loan accounts that are almost paid off that are about 12 years old that help things. Obviously it will drop a little if I get a new card, but I'm hoping a canceled BB card will still help with age. That combined with a higher CL on a new chase card if I get one, I'm hoping the fico points might even out. Anybody know?

[GordonShumway]

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@killnfool wrote:

I want to cancel a Best Buy Rewards card before the insane annual is due, and probably get a Chase Amazon or freedom card to replace it. The BB card is my oldest card though so I'm worried about the average account age. I do have some student loan accounts that are almost paid off that are about 12 years old that help things. Obviously it will drop a little if I get a new card, but I'm hoping a canceled BB card will still help with age. That combined with a higher CL on a new chase card if I get one, I'm hoping the fico points might even out. Anybody know?

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If you close an account in good standing it will continue to report for about ten years. When it drops you'll get the hit of the AoAA.

[joestay]

So, if I pay off my loan, it'll stay on my report for 10 more years?  That's good to know.

[GordonShumway]

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@joestay wrote:

So, if I pay off my loan, it'll stay on my report for 10 more years?  That's good to know.

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My first CC was BoA secured and it was open for only 4 months before I moved to a "regular" CC with an ample CL. It was closed in 2003 and it's still there.

[killnfool]

I know that the TL stays on your report for 10 years, but are you sure that if it's not an active account, that it STILL counts towards your average age?

[Jazzzy]

Yes, it does count towards your average age.

I have a bunch of old mortgage accounts still showing from when I was in the real estate business. They give me a wonderful AAoA.

[lexus400]

I just cancelled a HSBC card last week in good standing for 2 years. Should I also cancel creditone which is in the same status. Tired of paying fees. Ready to get a real CC. Any advioce.