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I started my credit rebuilding journey on 1/22/13 by opening the Barclay NFL card and Capital One Platinum with $500 and $300 limits respectively. The cards have only grown to $1000 each over the last 17 months. Fortunately, they have helped increase my score and allowed me to get seven other prime cards with CL between $5000 and $10000. Since I now have great rewards cards from Chase, Amex, Discover, Huntington, and Barclay with $67,000 of credit, I have no use for these starter cards with low limits. I am considering closing these cards but have read it benefits your FICO scores to keep accounts open for at least 24 months. Is this true and how much benefit does it give you?
Even if closed they figure into AAoA for ten years by the time they fall off the report it wont mean much in my opinion if you close them now.
The 24 month benefit to Fico is that at month 25 they are no longer considered new by Fico and you get the best possible score from them as an individual account with 24 months of history reporting.
@Built2last wrote:It sounds like I should just wait until January 2015 and then close them then.
It makes no difference. There is no harm.
I would continue to tend to the Cap1s in the way of SP CLIs and converting them to Quicksilvers (maybe one Visa and one MC?). Just a thought.
Just close the cards you no longer need, and keep all your other accounts in good standing.
Simple:
1. Pay your bills on time
2. Don't max out your cards
3. Don't go crazy and apply for to many new credit cards
Many people will comment about AAoA, Utilization, and stuff like that. The truth is nobody knows the magic of FICO scores. FICO scores are propriety. Everything you hear from everyone is anecdotal.