Update about my credit cards

[chalupaman]

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@Anonymous wrote:

Could someone explain more clear how closed accounts count in AAOA? When we open new accounts it affects our AAOA and it should have the same impact as open or closed right not considering utilization rate?

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They don't affect your AAoA until they fall off your report after about 10 years. 

The effect of new accounts on your AAoA depends on how thick or thin your file is from what I can understand.

[Anonymous]

Logged into my Barclay account to pay off my balance with them. When I called in to cancel my accounts the CSR only cancelled the new account and left the other one open. Gotta call them again.

[Anonymous]

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@chalupaman wrote:

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@Anonymous wrote:

Could someone explain more clear how closed accounts count in AAOA? When we open new accounts it affects our AAOA and it should have the same impact as open or closed right not considering utilization rate?

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They don't affect your AAoA until they fall off your report after about 10 years. 

The effect of new accounts on your AAoA depends on how thick or thin your file is from what I can understand.

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If I have two accounts opened same date 5 years ago. My AAOA is 2.5 years right? If I close one of them is my AAOA 2.5 years or get increased back to 5 years? I might be wrong.

[Anonymous]

Oh boy.

Well good luck...
Usually the accounts take a day or two to show closed.

[Anonymous]

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@Anonymous wrote:
Oh boy.

Well good luck...
Usually the accounts take a day or two to show closed.

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Both accounts were closed at the same time and its been few days. One of them is closed other one still has $10,000 available.

[Anonymous]

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@Anonymous wrote:

My little brother, who has credit score being close to being 800 has 4 cards and he's doing just fine, doesn't even ask for credit limit increase in any of his cards either, and he thinks I'm crazy for having more cards than he does and nags me to close some of my cards. 😒

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If I were you, I'd probably can or SD a few cards..

Quicksilver and venture one are made redundant by the arrival. you'd get more bang for your buck with EITHER CSP or Green card (Probably CSP). In all honesty,  you're probably losing more by keeping so many A cards open than you'll ever gain back with the benefits of optimizing to one or two AF cards.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

My little brother, who has credit score being close to being 800 has 4 cards and he's doing just fine, doesn't even ask for credit limit increase in any of his cards either, and he thinks I'm crazy for having more cards than he does and nags me to close some of my cards. 😒

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If I were you, I'd probably can or SD a few cards..

Quicksilver and venture one are made redundant by the arrival. you'd get more bang for your buck with EITHER CSP or Green card (Probably CSP). In all honesty,  you're probably losing more by keeping so many A cards open than you'll ever gain back with the benefits of optimizing to one or two AF cards.

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well... quicksilver and venture one are linked to my netflix and hulu subscription. CSP is my brother's card that I'm an AU. and Amex PRG (even though the card is green) is also a business card that I'm also an AU.

quicksilver is my first credit card ever that started as 200 credit limit visa platinum (i don't wanna close it for sentimental reason), and venture one is quicksilver one card I just opened last year and got pc'd to venture one, and now it's my highest credit limit card. Since both cards don't have annual fee, I'm keeping'em open.

only annual fee I'm paying is 95 for diners (also linked to wow eu subscription)... ahh... and also 89 for u.s airways card that i just got approved for.

[Anonymous]

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@kdm31091 wrote:
Sallie is nice but it can be overhyped too. Maxing out gas or grocery categories every month will get you $12.50. You are unlikely to max out the gas so really you're looking at 5 bucks or less in gas reward.

It's a great card and 5 percent is great but the caps make it not quite as valuable as some make it out to be. $12.50 max is not terribly exciting for me and the lack of redemption options is an issue for me. I'm not closing mine but I don't find it super useful.

I will say if you spend a lot on Amazon that part is great.

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KDM, if you don't mind me asking, what's your monthly burn on groceries? To earn 12.50 with your bce,  you'd need to spend over 400 dollars. let's assume, for the sake of argument, that you spend approximately $500 per month on groceries. Your Sallie Mae would earn you $12.50 a month, and your BCE would earn $7.50 per month. If all of your grocery spend went to BCE,  you earn $15.00 per month. Extrapolate this to a year, by combining cards, you'd earn about $60 more per year on groceries alone.

Still not terribly exciting? Consider that you still earn 1% on all grocery purchases above the 250 cap. Your final total after 500 dollars is still equal to the 15 dollars you would get from the bce card. Given a consistent $500 per month spend on groceries, the Sallie Mae will ALWAYS be at least an equal option (exactly 500 spent per month), but the Sallie Mae will generally yield you more than the BCE card. The exception being an erratic grocery budget that doesn't exceed Amex 6000 yearly cap.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

My little brother, who has credit score being close to being 800 has 4 cards and he's doing just fine, doesn't even ask for credit limit increase in any of his cards either, and he thinks I'm crazy for having more cards than he does and nags me to close some of my cards. 😒

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If I were you, I'd probably can or SD a few cards..

Quicksilver and venture one are made redundant by the arrival. you'd get more bang for your buck with EITHER CSP or Green card (Probably CSP). In all honesty,  you're probably losing more by keeping so many A cards open than you'll ever gain back with the benefits of optimizing to one or two AF cards.

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well... quicksilver and venture one are linked to my netflix and hulu subscription. CSP is my brother's card that I'm an AU. and Amex PRG (even though the card is green) is also a business card that I'm also an AU.

quicksilver is my first credit card ever that started as 200 credit limit visa platinum (i don't wanna close it for sentimental reason), and venture one is quicksilver one card I just opened last year and got pc'd to venture one, and now it's my highest credit limit card. Since both cards don't have annual fee, I'm keeping'em open.

only annual fee I'm paying is 95 for diners (also linked to wow eu subscription)... ahh... and also 89 for u.s airways card that i just got approved for.

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Just playing devil's advocate if you're an AU on all those A cards, you're golden. 

[Ghoshida]

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@Anonymous wrote:

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@chalupaman wrote:

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@Anonymous wrote:

Could someone explain more clear how closed accounts count in AAOA? When we open new accounts it affects our AAOA and it should have the same impact as open or closed right not considering utilization rate?

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They don't affect your AAoA until they fall off your report after about 10 years. 

The effect of new accounts on your AAoA depends on how thick or thin your file is from what I can understand.

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If I have two accounts opened same date 5 years ago. My AAOA is 2.5 years right? If I close one of them is my AAOA 2.5 years or get increased back to 5 years? I might be wrong.

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Card A: Opened 5 years ago (say Feb 2010)

Card B: Opened 5 years ago (same time).

Let's assume they are the only two cards you have.

Your CR shows those two cards. AAoA = (5 + 5)/2 = 5 years.

You decide to close Card B today. Hypothetically, let's say you're happy with Card A for the next decade.

Your CR shows both A and B from 2015 to 2025. So your AAoA in 2025 is (15 + 15)/2 = 15 years and in 2026 it is 16/1 = 16 years as only Card A shows.

OTOH if Card A was opened in Feb 2010 and Card B in Feb 2014, then your AAoA today is (5+1)/2 = 3 years. You close Card B now and in 2025, your AAoA = (15+11)/2 = 13 years; in 2026, it will be 16 years (same as the previous example).

There's no benefit in AAoA if you close one of these two cards. They'll still count in your AAoA because you've opened them already.