How will this impact my AAoA?

[EW800]

Hi All,  

I have one credit card that is beyond stupid for me to even keep open.  It is so ridiculous that I do not even list it below.  It is a Bank of America Visa card account that is about 25 years old.  It has a CL of $700 and a $35 AF!  I know that is crazy.  It was my first CC many years ago, so I have always left it open because of how much it has likely helped my AAoA.  The account is in perfect standing, never late however has never had an auto-CLI.  About six months ago I put in for a CLI, figuring that the CL would go WAY up, given the fact that I have other cards in the $7,000 to $22,000 range.  The CLI was declined, with the reason of having too much available credit or similar to that - and it cost me a HP.  

In my opinion, this has to be one of the dumbest accounts known to man.  I know I should close it, however I have been concerned what impact closing a 25 year CC would have on my AAoA.  Am I correct in assuming that closing the account would lower my AAoA, or are closed accounts factored in?  

Also, would I be correct that losing the one positive open TL would not be a big deal because I have a good 16 or more TL's that are positive (between open and closed)?  

Thanks!  

[gdale6]

Closing a card doesnt hit Fico AAoA immediately as it will remain on  file for up to 10 years post close. Fico uses both closed and  open in the calc of AAoA. I might try a PC before I outright closed a card thats that old.

[Anonymous]

Close that puppy immediately. If you have had it for 25 years, you have paid $875 in accumulative annual fees on a card with a $700 limit. That is absolutely insane. Close it, it will be there for 10 more years as a positive tradeline. You might be the most profitable client in ROI % in BofA history!

[elim]

I'll gladly take it for 2x the AF   :]

[EW800]

Thanks for the info and thoughts, everyone!

I can just hear even the BoA computers laughing at me! I obviously had my head in the sand as far as not realizing that closed accounts do not hurt AAoA. By the time it falls off in ten years, everything else should be very mature by then, so I assume I will be fine. I may try for a PC as gdale kindly suggested if they will do it without a HP, otherwise I think it is toast.

Thanks again!

[red259]

Is there any possibility of a PC to another BoA product that does not have an AF? If not, can you call in and get them to waive the AF given your years as a loyal customer? If you can't do either then I would definetely close it. Its a joke to keep paying the AF at this point and if they are not willing to give you  a CLI or waive the AF then they really do not respect your business at all. It will be on your record for another 10 years as others have mentioned, so closing it will not impact you for quite sometime and when it does drop off I don't think it will make much of a difference. 

[Kenny]

red259 hit it on the head.. there's no reason to pay an AF with BoA unless your credit is subpar. You can PC this now to anything. Keep that puppy open and when you can spare a HP turn it into 10k, 15k, whatever your heart desires.