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Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
0

Closing a CC Account

I have just closed my Applied Bank cc. Phew. I was a nervous as a cat in a room full of rocking chairs, but I did it. As you can tell, I've never closed a cc acct. before.

I've been thinking about it for several months. It was by far the most costly cc that I have. Annual fees, monthly fees, 29.99% interest rate. The only way I could have received a cli was to pay $100 for a $350 limit increase. Couldn't justify that.

In a way I'm glad to rid myself of it. On the other hand I feel remorse. It was my oldest cc in my cr history. So I know I'll take a hit as the average age of my remaining cc's drop. How much of a hit is anyone's guess. Wish I knew.

On an upnote, I closed it with $0 balance. It will report on Nov.23. It'll be interesting to see what the scores do.

I hope I did the right thing. Ugghhh. This is awful. :smileyhappy: Onward and upward
"Never ever, ever be late. Never" (FUTR)
Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Closing a CC Account

As long as your util% does not go up you're fine. Just remember closed accounts in good standing with $0 balances are treated the same as open accounts with regard to credit history length and
average-age of accounts. For more info read the link in my sig.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
0

Re: Closing a CC Account

I did fused. I must have read it 4 times since I started thinking about deciding.

It was the deciding factor which helped me to decide about thinking to decide about closing the account.

But I'm going to read it again for good measures.

Thank you. :smileyhappy:
"Never ever, ever be late. Never" (FUTR)
Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Closing a CC Account

I don't agree with the majority when it comes to closing CCs. There are more reasons to close cards than it's costing you money. Folks who have too many cards and have a lot of trouble managing them is another reason. I will say if had the same card you closed, I would have done the same...that's highway robbery!
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Closing a CC Account



fused wrote:
I don't agree with the majority when it comes to closing CCs. There are more reasons to close cards than it's costing you money. Folks who have too many cards and have a lot of trouble managing them is another reason. I will say if had the same card you closed, I would have done the same...that's highway robbery!



I agree. No problem closing accounts at all.
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Closing a CC Account

Sylvia, by the time that turkey falls off in ten years, it probably won't even make a ripple in your average credit length, because you have enough new accounts to absorb it. Good job --like ragcajun says, kick that one to the curb! :smileyvery-happy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
0

Re: Closing a CC Account

Thanks for the encouraging words you all. :smileyhappy:
"Never ever, ever be late. Never" (FUTR)

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