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Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
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Will closing account hurt AU

I did a search and could not find anything on this, or I just couldn't pick it out among the hundred amex AU backdating results :smileytongue:

I have my wife as an AU on 3 of my accounts:
Zync - Oldest 2 years
PRG and BCE - Newest - not even reporting yet

I wanted to close my Zync before the AF hit, but then I thought and wondered if closing this card will hurt her score. I just got her a Wells Fargo card last month because she would not have qualified for anything else other than maybe capital one, and I did not want her stuck with cap 1. But, the Zync AU is her oldest account on her credit report. So, since it being her older account, would it hurt her scores or chances of approval for future cards? If it will, I would rather suck it up and pay the AF until she gets a couple more cards, but if it won't have any effect I want to close it.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Will closing account hurt AU

It should stay on her report for 10 years, in which case, it will not hurt her until then.

Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
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Re: Will closing account hurt AU

Thanks Wolf. I get that is for the AAoA. But, what about there being one less open account on her CR? I know some banks are "picky" if you have too few open accounts.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Will closing account hurt AU


jd5189 wrote:

Thanks Wolf. I get that is for the AAoA. But, what about there being one less open account on her CR? I know some banks are "picky" if you have too few open accounts.


I doubt there is much difference between 3 and 4 open accounts.  But maybe you should pay that AF for another year, to not worry about it (sounds like a bargain to me).  

 

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