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@shorrttyycm1 wrote:
It was so tramatic seeing my scores drop like that...after all my hard work...but yea the SM World mc is a sweet card!
Merrick has a super low limit with $59. AF. SO ready to close it but not at the expense of any more points.
Just curious, for those who experienced drops cause of new accounts. You say that after 3-6 months your scores came back...do you mean you got all of your points back at that time or you got almost all.
I don't think you lose points for closing accounts unless it screws up your utility. If it won't affect you and you know you will be kicking it to the curb, I say just do it now and get it over with. You have moved beyond subprime~ no crime in that.
I keep hearing about these app sprees. Can someone tell me the advantage of doing it this way? I held two cards from 1998 to about 2005. Got a card that year and added one in 2011, one in 2012, and then one this year. What is the advantage to applying for a bunch of cards all at the same time? I can't think of many cards I'd actually like to have at this point. Maybe something that walked me into the United lounges.
My Orchard bank has a small AF and a small credit limit, but it's never worried me. I guess you guys are saying that I could close it and it would still report for some years, but it seems odd to close my oldest card.
Thanks for any addtional info.
My scores dropped 64 points but I added 5 new accounts in 4 months and my AAoA dropped from 18yrs to 5yrs now..but the good news is that within 3 months I did get my scores back up. So Fico seems to like the higher CL more than the killing of AAoA in my case.. Good luck on your scores
@shorrttyycm1 wrote:
I think your right...no time like the present. Besides, cancelling my last subprime would be SO much fun ;-)
Absolutely! And as another poster pointed out, it won't affect your AAoA for 10 years, so as long as it won't mess up your util, closing it won't hurt you. Congrats on moving on to better things!