Update about my credit cards

[Anonymous]

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@kdm31091 wrote:
Generally getting toy limits means you need to garden. I'd be careful what I closed, and don't open anything new. Doesn't sound like you're planning on if anyway.

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I can understand Citi giving me a toy limit maybe because of my DC. BOA irritates me the most but I will keep my patiences with them for a little while.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@kdm31091 wrote:
So why are you wanting to close BOA and thank you? Although thank you is pretty pointless when you have a Double Cash.

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I hate the fact both of these cards have a toy limit. I can't even pay my full tuition fee on these. If BOA CLI my account after 6 months to minimum $5,000 I will keep it open. Citi won't let me transfer my limit to DC unless I go through EO which result HP.

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So why would you keep those two if they have lower limits and get rid of your 10k limits? seems like the larger limits would be the ones youd want to keep.

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Because I heard good things about BOA and Citi. That they will reduce your APR every 6 months and increase your limit if your loyal to them. I still waiting to experience that.

[Anonymous]

Do closed accounts reduce your AAOA? I am 99.9% sure the answer is yes but just want to make sure to make it 100%.

[14Fiesta]

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@Anonymous wrote:

Do closed accounts reduce your AAOA? I am 99.9% sure the answer is yes but just want to make sure to make it 100%.

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No. They reduce AAoOA, AKA Credit Karma's metric, but closed accounts still factor into age until they fall of the face of the Earth! Or just your reports, but the former sounds so much cooler. 

[Anonymous]

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@14Fiesta wrote:

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@Anonymous wrote:

Do closed accounts reduce your AAOA? I am 99.9% sure the answer is yes but just want to make sure to make it 100%.

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No. They reduce AAoOA, AKA Credit Karma's metric, but closed accounts still factor into age until they fall of the face of the Earth! Or just your reports, but the former sounds so much cooler. 

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Wait let me get this clear. Say if someone has 3 credit cards since last 3 years and closed 1 of them. Is the AAOA still 1 year or 1.5 year? 

[14Fiesta]

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@Anonymous wrote:

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@14Fiesta wrote:

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@Anonymous wrote:

Do closed accounts reduce your AAOA? I am 99.9% sure the answer is yes but just want to make sure to make it 100%.

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No. They reduce AAoOA, AKA Credit Karma's metric, but closed accounts still factor into age until they fall of the face of the Earth! Or just your reports, but the former sounds so much cooler. 

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Wait let me get this clear. Say if someone has 3 credit cards since last 3 years and closed 1 of them. Is the AAOA still 1 year or 1.5 year? 

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I'm to tired to do the math, but it should still be considered that your oldest Tradeline is 3 years, if that is your oldest. It will continue to age up until 13 years (3 years plus 10 closed) where it will fall off and you will lose 13 years of history. The thought is that in that time, you will also have 10 years gained on your open cards, so the impact of losing a 13 year old Tradeline is lessened.

[Imperfectfuture]

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@Anonymous wrote:

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@longtimelurker wrote:

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@Anonymous wrote:
Congrats. You made the right choice.

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Maybe, or since we are all addicts here our judgement might be clouded!

But anyway, OP, if  there is a next time when you decide to close most of your cards, if you do say, I recommend staying off the forum for a while!

Amazing as it seems, there are people in the actual world who have very few or even no credit cards, and they do fine.

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I can quit any time.

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I'm kinda committed for awhile.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@kdm31091 wrote:
So why are you wanting to close BOA and thank you? Although thank you is pretty pointless when you have a Double Cash.

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I hate the fact both of these cards have a toy limit. I can't even pay my full tuition fee on these. If BOA CLI my account after 6 months to minimum $5,000 I will keep it open. Citi won't let me transfer my limit to DC unless I go through EO which result HP.

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So why would you keep those two if they have lower limits and get rid of your 10k limits? seems like the larger limits would be the ones youd want to keep.

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Because I heard good things about BOA and Citi. That they will reduce your APR every 6 months and increase your limit if your loyal to them. I still waiting to experience that.

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So would have barclay's. Lol.

[kdm31091]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@kdm31091 wrote:
So why are you wanting to close BOA and thank you? Although thank you is pretty pointless when you have a Double Cash.

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I hate the fact both of these cards have a toy limit. I can't even pay my full tuition fee on these. If BOA CLI my account after 6 months to minimum $5,000 I will keep it open. Citi won't let me transfer my limit to DC unless I go through EO which result HP.

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So why would you keep those two if they have lower limits and get rid of your 10k limits? seems like the larger limits would be the ones youd want to keep.

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Because I heard good things about BOA and Citi. That they will reduce your APR every 6 months and increase your limit if your loyal to them. I still waiting to experience that.

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So would have barclay's. Lol.

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Yes but if the Sallie mae isn't useful to him it just isn't useful to him. The way he explained it, I kind of understand. That said, could try another Barclay's product someday.

[Anonymous]

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?