There IS Hope for 21 and Younger CC Applicants

[Involus]

I'm only 20 and have the following:

Chase Freedom 1k (Got at 19)

Amex Blue Cash Everyday 2k

Amex Green NPSL
Cap One 1k

Walmart 2.5k

Best Buy 2k

Not hard if you know what your doing.

[navigatethis12]

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@FabulousDtheBruin wrote:
The first year is waived.

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Oops. I agree with others then. I would leave it for a year and then close.Better to have one extra year of history than nothing.

[FloridaState12]

I had a lot of my cards at 19/20...it's not a competition. Just good to show folks that young people can be responsible.

[CreditChampion]

21.....Check the sig started building 2/2012

[FabulousDtheBruin]

What're the repercussions of closing a card aside from the increase in utilization rate? Does it also hurt your AAoA? Can someone explain the latter?

[FloridaState12]

Closed cards continue to report for like 10 years after closing... So it has little effect on AAoA. It may hurt your utilization if you're carrying any balances.

[FloridaState12]

Actually it may only be 7 years lol. I'm not sure, but I do know they continue to be on your report for years after closing.

[bs6054]

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@FloridaState12 wrote:
Actually it may only be 7 years lol. I'm not sure, but I do know they continue to be on your report for years after closing.

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Credit agencies "should" automatically remove closed cards from your file 10 years after the date of closure.    Doesn't always happen for whatever reason, so some people have reported cards still showing 12 years after closure.   (The "after closure" part is important, I have a card that I opened in 1989 that will drop off this year because I closed it in 2003, but currently is a 24 year old TL).

The other exception is that any lender can just purge a closed account from *their* records, and then the account is no longer reported. This can be just a few years after closure.

But in any case, there is no immediate impact to AAoA by closing a card, the bad thing that can happen is to utilization as you now have less available credit.

I believe in closing cards whenever you want, but some here argue somewhat convincingly that that MAY look bad when an underwriter is reviewing your file, and on the basis of "Don't do things that raise questions unnecessarily" keeping it for a year and canceling to avoid AF may be more prudent.

[grubs]

OP, you have a thin credit history! It's great to see you got approved for an Amex revolver, you think I would have success and get approved for a revolver my AAoA is 1yr. 4 months no baddies or missed payments. Ex close to 700.

Please reply! Thanks

[FabulousDtheBruin]

Hi there! How does your current credit file look? Please list all Accts. open.