Re: How many cards should I close at once?

Rkalynsmith · ‎03-24-2015

My aaoa is about to go wayyyyy down because I just got like 5 cards in one day. I need to close 3 store cards and 1 credit card. How many should I close at once?

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jamesdwi · ‎03-24-2015

@Rkalynsmith wrote:
My aaoa is about to go wayyyyy down because I just got like 5 cards in one day. I need to close 3 store cards and 1 credit card. How many should I close at once?

why do you need to close any cards? Closing cards will not affect your AAoA for around 10 years. AAoA is computed on all cards, open and closed. Open cards will help towards your overall UTL. In general if the card has no AF, leave it open, put it in your sock drawer, or put a small charge on it every 6 months to keep it open if you like. Open unused cards are generally seen as a good thing by most lenders. Having more cards helps your AAoA long term. See the thread on closing credit cards.

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Rkalynsmith · ‎03-24-2015

Because one is credit one and the other is a secured cap 1 card. I want my $400 deposit back lol.

Starting Score: 565
Current Score: 721
Goal Score: 800

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joltdude · ‎03-24-2015

Close em both!... Not even worth it.. as soon as your new cards post.... youll be fine...

Card has an AF... (CreditOne)... CLOSE IT

Card has no grace period before interest accrues... CLOSE IT

Card is tying up a security deposit and doesn't graduate... CLOSE IT

Youve replaced them already.. so don't sweat it.. BURN AND SHRED those cards... (Be careful closing CreditOne..sometimes it doesnt close easily)

AAoA will not be affected by the closures .. Util will but it will be minor.. will be offset by the limits on the new cards

The cards you opened affected AAoA.. the closures wont affect it for roughly 10 years..

Edit: There are times when you will want to.. SD (el Sock Drawer) vs closing the card.. These are not those times. Assuming card has no AF. and a good limit.,but not a good deal for the perks.. consider SD and use it a few times a year and pay it off..

These are not those kinda cards.. They fufilled their purpose.. they must go..