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Want to close a couple of cards

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Repo-ed
Senior Contributor

Want to close a couple of cards

have over 50k in CL with 1500 bal reporting.

 

I want to drop some of these cards, as I do not use them.  I'm concerened that simply SD will result in AA/CLD, and I'd just prefer to close them as-is.

 

I want to close my Barclay Visa ((2200 CL) I use the Barclay US Airways World MC a LOT)), as well as my Amex PRG opened 01/13 (NPSL), Amex Delta Gold 10k CL opened 10/12 (want to transfer 8k of CL to my Amex Costco TE which currently sits at 2k CL)

 

Question is: Should I wait until Jan'14 for maximum AAoA, or just close them now?

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 1 of 5
4 REPLIES 4
bichonmom
Senior Contributor

Re: Want to close a couple of cards

Closing accts doesn't affect your AAoA until they fall off your CR in approx 10 yrs. So, it shouldn't matter if you close them now or in January. The only diff would be that they might fall off a few months earlier or later 10 yrs from now. And the 10-years isn't exact. They could come off earlier, so even if you close them in Jan, that doesn't mean that they'll stay on your CR until Jan 2024. I'd just do what's most convenient for you. Smiley Happy

 

EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 2 of 5
youngandcreditwrthy
Senior Contributor

Re: Want to close a couple of cards

I'd keep the Amexes personally. Because if they do ever AA you, it's unlikely that they'd AA both accounts.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 3 of 5
emptypockets
Valued Contributor

Re: Want to close a couple of cards


@Repo-ed wrote:

I want to close my Barclay Visa ((2200 CL) I use the Barclay US Airways World MC a LOT)), as well as my Amex PRG opened 01/13 (NPSL), Amex Delta Gold 10k CL opened 10/12 (want to transfer 8k of CL to my Amex Costco TE which currently sits at 2k CL)

 

Question is: Should I wait until Jan'14 for maximum AAoA, or just close them now?


For your Barclay's, they should let you combine most of the limit from the Visa to the US Air account (they will tell you they can take all but $500 from the Visa and move it over, don't know why). I believe AMEX would let you move the whole CL over prior to closing the card (not sure why you would not want to move whole limit over). Even though you are closing cards, there is no sense in losing CL's if you don't have to.

 

I would close te PRG before the AF hits (so Jan 2014), and make sure you transfer/use any MR points you have before closing or you will lose them.

 

I don't think the exact time you close them matters, as an account reflects in AAoA for 10 years. It counts towards AAoA from the date it was opened, not  by how long it stays open so leaving it open a few more months won't make any difference. It may make a difference to differenct issuers, as opening and closing accounts quickly may give them the impression that you are "churning" cards for rewards, which some of them don't like.

 

Good luck with whatever you decise.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
Message 4 of 5
Repo-ed
Senior Contributor

Re: Want to close a couple of cards

Thanks for the input guys.

 

I plan to close the PRG, because I still have my ZYNC (NPSL) with hopes of a 100k MR Plat. offer after Jan 2014.

 

I want to close the Delta because I want to get the sign-up again when the 50k offer arrrives.

 

As for the Barclay, I'll call them up and see if they'll move over the CL to the MC.

 

Thanks again!

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 5 of 5
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