Reply
New Member
harishv79
Posts: 3
Registered: ‎06-02-2011
0

Which ones to close??

[ Edited ]

Have too many accounts with high interest rates (coz i missed a payment 3 years ago on one of the accounts, which has since been closed). Now use barely 2 cards. Would like to close as many as I can and should based on expert recommendations... 

 

I had ~20K debt at the start of this year, but has paid off almost everything and now pay in full each month. as you can see, the old accounts which i rarely use have very high interest. 

 

Card

Date Opened

CL

APR/AF

 

Amex Costco

Mar-01

2000

15%/0

Use this for gas on Costco 3 times a month

Amex SPG

Sep-01

      500

 

(this account is closed, but still shows up as current)

Discover

Oct-01

5000

25%/0

Use it only when using shop discover for extra cashback

Amex Delta Options II

Nov-01

500

15%/$0

Not Used

Amex Delta Options

Dec-01

500

10%$/0

Not Used

Citi Thank you

Apr-02

9740

27%/$0

Not used

Chase United

Feb-03

4200

27%$/0

Not used

BoA Platinum

Oct-03

3000

26%$/0

Not used

Chase

Dec-03

2100

27%$/0

Not used

Citi Dividend

Mar-04

1800

27%/$0

Not used

Capital one

Jun-05

2000

17%/$0

Not used

Banana Republic

Aug-08

1700

15%/$0

Not Used

BoA Alaska Air Visa Sig

Mar-11

10000

13%/$75

Most used

Wells Fargo

May-11

7000

17%/$0

Use this for household bills

 

 

Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: Which ones to close??

Definately don't close your oldest accounts (they increase your AAoA). If you want to close some accounts, close the newer, high interest accounts (especially if any have AFs).

Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: Which ones to close??

And another thought, closing newer accounts doesn't increase your AAoA because they keep reporting...so there really is no benefit to your CR to close any accounts and the only monetary benefit is if you close accounts with AFs.

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Which ones to close??


scientifics wrote:

And another thought, closing newer accounts doesn't increase your AAoA because they keep reporting...so there really is no benefit to your CR to close any accounts and the only monetary benefit is if you close accounts with AFs.



Except once they age off; then if your older trade lines are still open you'll see a nice jump in your AAOA.

 

I agree, close any AF accounts unless they are your oldest, then think about whether you can generate enough rewards to offset the fee.  If oyu have newer lines that have no value to you, maybe close them...  That grid would be much more useful if you showed the annual fees too.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

New Member
harishv79
Posts: 3
Registered: ‎06-02-2011
0

Re: Which ones to close??

Thanks. Edited to add AFs.

 

I only pay for the Alaska Visa. But i do use the companion ticket i get each year and usually to fly to Hawaii (ticket is $400+, and companion ticket is $99 + taxes)


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}