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Question about AAoA (Closing oldest account which is a secured card)

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Forbin99
New Member

Question about AAoA (Closing oldest account which is a secured card)

hey gang. let me just preface by saying that this place is great. long time lurker and this forum has been an invaluable tool on my road to fiscal improvement. so thanks so much to everyone that has contributed over the years.

 

so anyways, long story short, i have vastly improved my credit situation over the past couple of years. i'm sitting on a DCU platinum right now with an 11.5% rate and a 5.2k limit right now after many years of instant denials due to my foolish youth and general misunderstanding of credit. so you can guess that i'm just thrilled.

 

my oldest card is my capital one secured opened in june of 2012. i would like to get rid of it as it carries an annual fee and also has $150 of my money tied up in limbo. not a ton of dough but i obviously don't need it anymore. my second oldest card is a creditone platinum which i am sure most of you know about. it has that ridiculous $75 AF that turns into a monthly fee after the first year. This was opened in September of this year. I know i shouldn't have taken it but after over a year of working on my credit with the cap1 and still getting denied everywhere, i was just frustrated and wanted any unsecured card. i definitely regret it now but that is besides the point.

 

moving onward i was able to acquire a buckle sotre card with the card trick and after that a few GE store cards and a GE paypal card, my first real card with a 2k limit! right after that DCU gave me an awesome refinance rate on my motorcycle and their platinum visa with an 18% rate and 1k limit. after having the DCU card for 1 month, i applied for a CLI online and got instant aprroved for a rate drop to 11.5% and an increase to 5.2k! WOW! i expected a denial after only 1 month i'm not even sure why i bothered trying but i sure am glad i did. I LOVE THIS BANK. so happy i moved over to them.

 

so to get right to the point, and my apologies for the wall of text, but based on my credit history here, my AAoA is really, really low, and closing out that cap1 secured and the awful creditone card should have very little impact on me and i should definitely do it, right?

 

thanks gang!

Message 1 of 4
3 REPLIES 3
09Lexie
Moderator Emerita

Re: Question about AAoA (Closing oldest account which is a secured card)

Closed TLs may stay on your report for 10 years- time will actually vary. It will not hurt you now but later on as the cc's start to fall off your AAOA will drop. It seems like you have added new TLs in the past year so I wouldn't worry about closing them.

Message 2 of 4
Forbin99
New Member

Re: Question about AAoA (Closing oldest account which is a secured card)

oh ok i was unaware of that. you learn something new every day here, i'm glad i posted the thread even though i already knew these cards should go anyways. thanks for the reply and also for helping to run such a great forum!

Message 3 of 4
09Lexie
Moderator Emerita

Re: Question about AAoA (Closing oldest account which is a secured card)

You are welcome. Remember, you are free to ask questions anytime.

By the way... This forum runs itself. Smiley Wink
Message 4 of 4
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