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@Swapmeet wrote:At the end of the day, you have to do what is right for you Jenny. Just make sure that you think about the consequences ahead of time (ie the lower available credit, which changes your util.). I only have one store card myself, so take that fwiw.
Well I thought that this would be a great time to trim down since I have been wanting to do that for some time now. I have incoming credit that will appear in days that will totally negate the loss of a few cards with low limits anyway. Although, is that frowned upon when Chase/Barclays/Amex do their SPs on my CRs? Will the close me out because of the newly closed accounts??
Nope, not at all....but closing old accounts and opening new ones is going to affect your aaoa for certain.
Closing old accounts doesn't impact AAoA for about 10 years, although opening new ones does.
Re Utilization: as CLs on store cards are often low, and you can control utilization to some extent anyway (by paying before the statement cuts), if you feel you have too many open cards, closing them really is fine. There is a tiny advantage in the credit mix part of the FICO score to have both store and bank cards, but it is very small.
Edit: beaten by parakleet
Yes, I agree, of course. These fellas are right. It is the opening of new cards that actually lowers your aaoa.... I am sorry if I misled you. I just meant that the act that you were talking about doing (closing old accounts and opening new ones) would certainly affect the aaoa.
@Swapmeet wrote:Yes, I agree, of course. These fellas are right. It is the opening of new cards that actually lowers your aaoa.... I am sorry if I misled you. I just meant that the act that you were talking about doing (closing old accounts and opening new ones) would certainly affect the aaoa.
Not by much though because these cards were open late last year to this year.....very recent cards, not old at all. My oldest I am leaving open which is my CapOne and some others. The one's I want to close are fairly new according to the credit world. I will hold off on the store cards, but the Credit One card MUST DIE!!! $8.95 annual fee charged monthly that I have to remember about and then they keep sending me notification that I am missing out on the best $200 CLI of my life on this card......for a small fee of $19.95. WTH?! This card has remained open for one year too long! Off with its head!
Oh...lol. Yep, you are right about that. if they were all opened less than a year ago, it won't affect it much. And lol @ off with it's head! You tell em queen of hearts!
@Swapmeet wrote:@Oh...lol. Yep, you are right about that. if they were all opened less than a year ago, it won't affect it much. And lol @ off with it's head! You tell em queen of hearts!
One other question though....Can you tell me if accepting an upgrade will be seen as a new card or the same with a few modifications? (i.e. different acct # and limit)
it will report as a new acct. with the new CL they gave you.