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Established Contributor
Andy77
Posts: 588
Registered: ‎10-02-2007
0

Ok To Close Oldest Account In This Case...

 

 

So I am want to close all my sub prime cards...First Premier and Cap one.  

 

My oldest card was first premier....openend 3/2009

 

My second oldest card is Citibank opened 9/2009

 

If I close the first premier, since its oldest, will my score take a dive?

 

I just really want to get rid of them once and for all

 

 

Thanks for the opinion

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Senior Contributor
myjourney
Posts: 25,541
Registered: ‎02-07-2013
0

Re: Ok To Close Oldest Account In This Case...


Andy77 wrote:

 

 

So I am want to close all my sub prime cards...First Premier and Cap one.  

 

My oldest card was first premier....openend 3/2009

 

My second oldest card is Citibank opened 9/2009

 

If I close the first premier, since its oldest, will my score take a dive?

 

I just really want to get rid of them once and for all

 

 

Thanks for the opinion


It will not hurt your scores just UTL unless you close with a balance which i'm sure you know not to do that.

Will report as a positive TL for 10 yrs 

"Intelligence plus character--that is the goal of true education"
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Last 5 apps 6/6/13
Super Contributor
longtimelurker
Posts: 6,049
Registered: ‎04-22-2013
0

Re: Ok To Close Oldest Account In This Case...

One of the most commonly asked questions recently!

 

Closing an account has no impact on the Average Age of the Accounts factor, for about 10 years, as closed accounts are counted for that long.  An issue can occur with utilization, if you have outstanding balances and closing that account reduces your total CL significantly, then your score will go down.  But if you have utiliation under control, not an issue!

 

And those cards have AFs, so worth getting rid of anyway, regardless of score.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Established Contributor
Andy77
Posts: 588
Registered: ‎10-02-2007
0

Re: Ok To Close Oldest Account In This Case...

 

 

Thank you for advice...no I was going to pay everything off to zero then close the first premier cards once and for all

Valued Contributor
SunriseEarth
Posts: 3,366
Registered: ‎08-12-2013
0

Re: Ok To Close Oldest Account In This Case...


Andy77 wrote:

 

 

So I am want to close all my sub prime cards...First Premier and Cap one.  

 

My oldest card was first premier....openend 3/2009

 

My second oldest card is Citibank opened 9/2009

 

If I close the first premier, since its oldest, will my score take a dive?

 

I just really want to get rid of them once and for all

 

 

Thanks for the opinion


I say get rid of them.  FP served its purpose to help you rebuild, and the only effect would be UTIL.

I'm currently paying off my Credit One so I can close that thing.  It has my current highest limit ($950), so I might see a temporary dive in UTIL.  However getting rid of the AF and horrible interest structure would be worth it (and if I can keep the other UTIL managed well, might not even affect things too much)

 


Start: 619 (Wally, 9/2013) | Current: 668 (Wally, 8/5/14), 703 (EQ myFICO 8/13/14)
Care Credit $10200 | AMEX BCE $4500 | AMEX Costco TE $3500 | Macy's Special Events $2900 | CU Visa $2500 | JCP $1900 | Sony Card $1500 | Walmart Store $1400 | Macy's Revolving $1200 | Merrick $1200 | Amazon Store $1200 | Target $1000 | Cap 1 QS1 $1000 | VS $550 | Gold Violin $550 ~~Gardening Since 8/19/14

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