01-09-2013 06:34 PM
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
Best Buy 2k
Not hard if you know what your doing.
Starting: 563 | Current: 748 (TU 8/15) | Goal: 800 | Garden since: 08/10/2015
01-09-2013 06:38 PM
The first year is waived.
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.
01-09-2013 06:42 PM - edited 01-09-2013 06:42 PM
21.....Check the sig started building 2/2012
01-09-2013 06:53 PM
01-09-2013 07:06 PM
01-09-2013 07:31 PM
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.
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.
01-09-2013 10:18 PM
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
01-09-2013 10:29 PM
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