topic Re: Question about closing oldest CC in Credit Cards

Question about closing oldest CC

Anonymous — Sat, 07 Jan 2017 06:01:52 GMT

Hi All, I have a Capital One CC that I opened in 2013 when I first started my credit journey. This card is my oldest open credit card but thanks to student loans I have plenty of older accounts. I have moved on to greener pastures with much higher limits (I've only received one CLI on this card from $300 to $550). It also has an annual fee so I'm thinking of closing instead of SD this card. So my question is since this is my oldest non-student loan account...should I be worried about closing it? I kind of want it gone and want to simplify to a few cards with good limits.

Re: Question about closing oldest CC

myjourney — Sat, 07 Jan 2017 06:04:30 GMT

No Ill affects from closing however if you wish to keep you maybe able to PC to no AF QS

Re: Question about closing oldest CC

Anonymous — Sat, 07 Jan 2017 06:07:41 GMT

@myjourney wrote:
No Ill affects from closing however if you wish to keep you maybe able to PC to no AF QS

Thanks for the response! I was just able to PC from Platinum to QS1(this was the only offer on the table) but they wouldn't get rid of the AF....BooHoo

Re: Question about closing oldest CC

grillandwinemaster — Sat, 07 Jan 2017 06:09:31 GMT

PooPoo81

I kind of want it gone and want to simplify to a few cards with good limits.

You answered your own question! If you want it gone, get rid of it. It will continue to age for ten more years. At which point, you will have other, older accounts.

Re: Question about closing oldest CC

myjourney — Sat, 07 Jan 2017 06:09:34 GMT

@Anonymous wrote:
@myjourney wrote:
No Ill affects from closing however if you wish to keep you maybe able to PC to no AF QS
Thanks for the response! I was just able to PC from Platinum to QS1(this was the only offer on the table) but they wouldn't get rid of the AF....BooHoo

Then IMHO close it

Not worth the AF

It will still report for up to 10 yrs as a good TL

Re: Question about closing oldest CC

Anonymous — Sat, 07 Jan 2017 06:14:02 GMT

@grillandwinemaster wrote:
PooPoo81
I kind of want it gone and want to simplify to a few cards with good limits.
You answered your own question! If you want it gone, get rid of it. It will continue to age for ten more years. At which point, you will have other, older accounts.

Yeah... I guess you're right! I just wanted to ask permission, LOL. I also wanted to make sure my FICO score would spontaneously combust from my actions, though I didnt think it would. Thanks!

Re: Question about closing oldest CC

Anonymous — Sat, 07 Jan 2017 06:15:04 GMT

@myjourney wrote:
@Anonymous wrote:
@myjourney wrote:
No Ill affects from closing however if you wish to keep you maybe able to PC to no AF QS
Thanks for the response! I was just able to PC from Platinum to QS1(this was the only offer on the table) but they wouldn't get rid of the AF....BooHoo
Then IMHO close it
Not worth the AF
It will still report for up to 10 yrs as a good TL

Thanks, gonna kick this sucker to the curb...

Re: Question about closing oldest CC

Anonymous — Sat, 07 Jan 2017 06:28:48 GMT

Some can popbinto the 800s fico with 2 year old age of accounts so it's not as important as people say… but… Im holding onto my 11yo barclaycard and 21yo jcpenny for now just the same

Re: Question about closing oldest CC

BronzeTrader — Sat, 07 Jan 2017 18:18:06 GMT

@Anonymous wrote:
Hi All, I have a Capital One CC that I opened in 2013 when I first started my credit journey. This card is my oldest open credit card but thanks to student loans I have plenty of older accounts. I have moved on to greener pastures with much higher limits (I've only received one CLI on this card from $300 to $550). It also has an annual fee so I'm thinking of closing instead of SD this card. So my question is since this is my oldest non-student loan account...should I be worried about closing it? I kind of want it gone and want to simplify to a few cards with good limits.

It will shorten your AAoA a little, but not much since it is only a 3-year old card.

I've closed a Discover opened back in late 1990s, about 18-year old. Sometime in our life, we need to move on....

Re: Question about closing oldest CC

My_Fako — Sat, 07 Jan 2017 18:21:34 GMT

I vote keep it open.

Close after it hits 5yrs.

Re: Question about closing oldest CC

BronzeTrader — Sat, 07 Jan 2017 18:25:24 GMT

Just realized that this is a AF CC with a tiny CL. Close it without any question. It is a bad situation to pay the AF without any gain at all.

Re: Question about closing oldest CC

rmduhon — Sun, 08 Jan 2017 03:41:06 GMT

Closing it won't affect your AAoA since it'll stay on your reports for about another 10 years. It may affect your UTI since you'll be losing the available credit