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Should I close my cards?

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Rhaeny
Valued Contributor

Re: Should I close my cards?


@kd081708 wrote:

Wouldnt it hurt more if I closed them 1 or 2 years from versus now? I think im going to keep them open but Im just curious....


I would just keep them open if for both AAoA and utilization purposes.  You may not believe that it plays a role now, but 10 years from now when those accounts start falling off you might wish you hadn't closed them.

 

I say this because I fell into that fiasco just recently.  I had accounts that fell off and dropped my AAoA from 5.2 years to 2.9 years and that came with a huge drop in scores.  Had I just held on to those cards instead of following the idea that I didn't need them anymore, I wouldn't have this issue.  However that was long before I found this forum so I forgive myslef Smiley Very Happy.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 11 of 12
takeshi74
Senior Contributor

Re: Should I close my cards?

Don't overlook the Helpful Threads sticky.  This is linked in it:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

 

And also consider all the usual factors that go into scoring.

 


@kd081708 wrote:

Wouldnt it hurt more if I closed them 1 or 2 years from versus now? I think im going to keep them open but Im just curious....


Nope.  The stuff posted prior to your post that I quoted still applies and the date of closure doesn't really change anything.  You can try to consider where will be in 10 years after closure but that's probably a pointless endeavor.

Message 12 of 12
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