When to close a credit card account?

[JoshSF]

EDIT: Just found this thread, answers my questions! http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Hi all... I only have two credit cards, and one is a shared account with my ex, who is the main account holder. I've remained on it in because I thought it was a major factor in my AAoA, but now that I have learned here that 1) accounts other than my credit cards also count and 2) it will continue to impact the AAoA even after closed until it falls of the CR... I am thinking it will be time to close it soon, close that tie to my ex, and help close that part of that chapter of my life. 

Wondering how you decide when to close an account? Are there other factors I should consider? 

[Anonymous]

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@JoshSF wrote:

Hi all... I only have two credit cards, and one is a shared account with my ex, who is the main account holder. I've remained on it in because I thought it was a major factor in my AAoA, but now that I have learned here that 1) accounts other than my credit cards also count and 2) it will continue to impact the AAoA even after closed until it falls of the CR... I am thinking it will be time to close it soon, close that tie to my ex, and help close that part of that chapter of my life. 

Wondering how you decide when to close an account? Are there other factors I should consider? 

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In regard to the card with your ex.  If they are the main account holder then you can not close out the card.  That's something that they can only do.  You can however remove yourself as an authorized user.  If you do that and it's reported that way on your credit reports, the account will be removed completely and not count towards your AAoA.  Nonetheless given that this is an ex, I would remove myself before too long to ensure that your reports aren't hurt by something that they do.

In general, if a card has no annual fee there really isn't normally any reason to close it.  Just sock drawer the card and use it for a small purchase every six months.  If it has an AF and you're not using it, then close it out.

[SouthJamaica]

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@JoshSF wrote:

Hi all... I only have two credit cards, and one is a shared account with my ex, who is the main account holder. I've remained on it in because I thought it was a major factor in my AAoA, but now that I have learned here that 1) accounts other than my credit cards also count and 2) it will continue to impact the AAoA even after closed until it falls of the CR... I am thinking it will be time to close it soon, close that tie to my ex, and help close that part of that chapter of my life. 

Wondering how you decide when to close an account? Are there other factors I should consider? 

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You should get off that account; I doubt you have the authority to close it, but you have the right to be removed as an authorized user.

[JoshSF]

My ex has been wanting to close it (no idea why other than perhaps to remove temptation—exactly why I want off) so that's what I'll encourage. 

[UpperNwGuy]

My view from personal experience:  when going through a breakup or a divorce, severing financial ties to the ex takes precedence over average age of accounts.

[JoshSF]

Well in this case we are amicable and have continued to be housemates for over a decade (San Francisco rent controlled apartment... can't tell you how many ex's living together I've met in this exact same situation.)