cancel
Showing results for 
Search instead for 
Did you mean: 

Recent Lines of Opened Credit..Questions

Established Contributor

Re: Recent Lines of Opened Credit..Questions

If there are no monthly or annual fees just cut toss em in a drawer.  Accounts will age on their own and the companys will eventually close on you.

 

Leaving them open until the company closes them gives you a few more years on your AAoA.

(closing now gets you 10 years, company closing them in 2 years will get ya 10 years plus the 2 the account was still open)

 

No point to close them now, maybe youll want to use them next year Smiley Happy

 

*edit*

Finished reading the replys, looks like mine was already said. 

 

Sooooo, I agree with everyone who said the same as I did Smiley Tongue



FICO 664 as of 8-20-15
Message 11 of 14
New Member

Re: Recent Lines of Opened Credit..Questions

Thanks everyone for the nice comments and feedback so far. Again I am just trying to place myself in a good spot and help to continue to build my score and see things change in the long run for me. My main concern was that I dont want to have 10 lines of credit opened if it is going ot hurt me in the long run of things when considering other cards in the future. On  paper if it imakes more sense for me to close some of the newly opened accounts that I wont use then I want to do that if it helps me continue to rise in score over time. I have been with Lexington Law Firm since April 2014 and at that time  my score was in the mid 500 range and as of today I am just under per Fico 700. My goal is to get over that 700 range on all 3 bureaus. Overall I am just trying to make the best decisions. I do my research on these cards before I have applied and none of them have annual fees just high APR. I am also not to sound dumb have no idea what AAoA means. 

 

WIth all that being said can anyone else chime in on what would be the best step for me where I am standing today?

Message 12 of 14
Regular Contributor

Re: Recent Lines of Opened Credit..Questions

AAoA=average age of accounts. Yours should be pretty low due to opening all of your accounts. Nothing to be done but sit tight and let those age. Closing them won't make a difference to your score in the way of a gain. If you feel you'll never use those cards, I'd wait a year and close those accounts. I did that with one of my stupid apply on a whim cards. It does happen.
This link should lead you to a lot of info for your credit journey.
http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-Threads/m-p/415263#M138867
Beginning Scores 9/13: EX 651, TU 639 Short term goals: Scores in the mid 700s 1/15 TU08 701
CapOne Quicksilver $4000 | Sallie Mae World Mastercard $4400 | Barclaycard Rewards Mastercard $2500 | Amex Everyday $6000 | Discover It $2500 | Walmart Mastercard $6000 | BofA Cash Rewards $1200 | CareCredit $700 |
Gardening as of 1-14-15
Message 13 of 14
Highlighted
New Member

Re: Recent Lines of Opened Credit..Questions

Thank you for replying back with the information on everything. I am still undecided on what to do but I do appreciate the insight and hopefully this type of material will help me going forward.

Message 14 of 14