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Regular Contributor
jennylocha
Posts: 199
Registered: ‎11-24-2012
0

Re: Trying to close and Upgraded instead! WooW!


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??

Current Score: TU 671 / EQ 675 / EX 682
Goal Score: 700 Club Across the board!

Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
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Re: Trying to close and Upgraded instead! WooW!

Nope, not at all....but closing old accounts and opening new ones is going to affect your aaoa for certain.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Valued Contributor
parakleet
Posts: 1,145
Registered: ‎04-13-2013
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Re: Trying to close and Upgraded instead! WooW!

Closing CCs will not affect aaoa. Closed accounts typically stay on CRs for 10 years.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Super Contributor
longtimelurker
Posts: 8,206
Registered: ‎04-22-2013
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Re: Trying to close and Upgraded instead! WooW!

[ Edited ]

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

Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
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Re: Trying to close and Upgraded instead! WooW!

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. 



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Regular Contributor
jennylocha
Posts: 199
Registered: ‎11-24-2012
0

Re: Trying to close and Upgraded instead! WooW!


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!

Current Score: TU 671 / EQ 675 / EX 682
Goal Score: 700 Club Across the board!

Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
0

Re: Trying to close and Upgraded instead! WooW!

[ Edited ]

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!



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Regular Contributor
jennylocha
Posts: 199
Registered: ‎11-24-2012
0

Re: Trying to close and Upgraded instead! WooW!


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)

Current Score: TU 671 / EQ 675 / EX 682
Goal Score: 700 Club Across the board!

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,700
Registered: ‎10-02-2012
0

Re: Trying to close and Upgraded instead! WooW!

[ Edited ]

it will report as a new acct. with the new CL they gave you.

Moderator
09Lexie
Posts: 26,660
Registered: ‎09-13-2012
0

Re: Trying to close and Upgraded instead! WooW!

There's nothing wrong with trimming some dead weight. As others have stated closing TLs will not effect your AAOA now but will ding your util. If you don't carry balances then that won't be a problem.

Yes, an upgrade will be a new TL.

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