@Anonymous wrote:Status: EQ: 761 TU: 708 EX: 675. No baddies AAOA: 3.8 yrs Util. 3% Want to close all 3: MyMilestone, C1 Visa, C1 MC All have CL at or below 700. Thnxs in advance
Your scores are improved, although there is a big mismatch between EQ and EX. Something negative has dropped off or was never reported to EQ?
In general, closing an account will not impact your score in a noticeable way. I have closed 3 major card accounts just in the last 7 months, including an account that was open since 1998, with no distinct change in score. The total credit on those was $35k, each had a zero balance. I have many other accounts in my file, closed in the last 7 years, most of the older ones were closed with some sort of balance, two of the closed accounts I'm still making payments on.
In the case of these three cards, a store card and two Credit One cards, absolutely close them. You are at the point where you can transition from the predatory Credit One and ignore store cards because you have other, legitimate, widely accepted CC.
Good job!
@ChrisinKC wrote:It depends.
FICO uses the Average Age of Accounts within their scamming algorithim to calculate your score. If your AAOA improves after closing those accounts, then your score might go up or stay the same. If the accounts that you're wanting to close are your oldest accounts, then more than likely your AAOA will be lower after closing them and therefore reduce your score, which is what FICO and the banks want so they can charge you a higher APR for future loans.
Something else to think about is your utilization of your revolving accounts. If you close those revolving accounts, do you have other open revolving accounts and will your total utilization % increase? If your utilization % goes up, then your score goes down.
Something else to think about is the type of remaining accounts that are open. If you closed ALL of your revolving accounts, FICO may reduce your score because you don't have any revolving accounts open.
FICO sucks, and they really should have a simulator to tell you EXACTLY what would happen to your score by taking any action, but they don't want you to know because they want to continue making money from the banks who are making more money from you and others by charging them higher APR's for no good reason.
Good luck.
@Anonymous wrote:Status: EQ: 761 TU: 708 EX: 675. No baddies AAOA: 3.8 yrs Util. 3% Want to close all 3: MyMilestone, C1 Visa, C1 MC All have CL at or below 700. Thnxs in advance
This response is actually providing misleading and incorrect information. Cards remain on your file many years after closure, providing information about payment history. I don't think AAoA is impacted by closing an account, only open available credit amounts.
and this is getting into unreasonable levels of speculation that are irrational.
