Close my NTB credit card?

Anonymous — Thu, 29 Jul 2010 05:35:02 GMT

Hi there,

Last year I desperately needed to get new tires quickly to get my car to pass inspection, so I financed them through an NTB-branded credit card. It had a small credit line and an offer of 0% if the balance was paid in 12 months. So, I just paid of the balance in month 11. Now, I'm trying to figure out if it 's really going to be worth me keeping this card open. It has good payment history, but I'm concerned that it is lowering my average age of accounts since it's so new. I have 4 other credit cards (only one has a balance still), so I realize that this could affect my utilization somewhat, but the credit line is so small compared to the other credit lines I have. I don't really think I'll have a need to use this card again either. The only thing that I could think is that it would reduce the number of total accounts I have open.

So, would it be worth it to close to increase the average length of my accounts or to keep an additional account open and just wait it out on the length of accounts issue?

Re: Close my NTB credit card?

MarineVietVet — Thu, 29 Jul 2010 11:19:32 GMT

@Anonymous wrote:
Hi there,
Last year I desperately needed to get new tires quickly to get my car to pass inspection, so I financed them through an NTB-branded credit card. It had a small credit line and an offer of 0% if the balance was paid in 12 months. So, I just paid of the balance in month 11. Now, I'm trying to figure out if it 's really going to be worth me keeping this card open. It has good payment history, but I'm concerned that it is lowering my average age of accounts since it's so new. I have 4 other credit cards (only one has a balance still), so I realize that this could affect my utilization somewhat, but the credit line is so small compared to the other credit lines I have. I don't really think I'll have a need to use this card again either. The only thing that I could think is that it would reduce the number of total accounts I have open.

So, would it be worth it to close to increase the average length of my accounts or to keep an additional account open and just wait it out on the length of accounts issue?

Welcome to the forums.

The small ding to your score from the new inquiry, new credit, and a possible lowering of your AAoA has already happened and closing the account won't raise the AAoA back up. Even if closed this account will remain on your reports for up to 10 years which is a good thing.

Unless it has an annual fee you just can't live with I would keep it open.

Just my 2 cents.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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Close my NTB credit card?

Re: Close my NTB credit card?