topic Re: Closing credit cards that DON'T report their credit limits?!!! in Credit Cards

Closing credit cards that DON'T report their credit limits?!!!

Anonymous — Thu, 07 Jul 2011 20:57:35 GMT

I need some help in deciding if I should close the credit cards that do not report their limits on my credit reports?

The accounts are only a few years old on my reports which are being averaged into my average age of accounts.

It seems that all of the ones that don't report are department store cards.

It would be 4 cards which out of 12 cards, the average age totals (of these 4 credit cards) to be 2.75 years.

Will this hurt my credit scores?

Thanks for your help with this! Bele

Re: Closing credit cards that DON'T report their credit limits?!!!

CS800 — Thu, 07 Jul 2011 21:01:37 GMT

Your AAoA with the 12 cards =

AAoA without these 4 cards =

I suspect that a decrease in AAoA might impact your score negatively

Re: Closing credit cards that DON'T report their credit limits?!!!

DI — Thu, 07 Jul 2011 21:07:08 GMT

@CS800 wrote:
Your AAoA with the 12 cards =

AAoA without these 4 cards =

I suspect that a decrease in AAoA might impact your score negatively

It won't immediately. The accounts will still report for up to 10 or more years.

Re: Closing credit cards that DON'T report their credit limits?!!!

Anonymous — Thu, 07 Jul 2011 21:13:25 GMT

w/o the 4 accounts it works out to be 2.75 years so it would be a drop. BUT for how long?

Re: Closing credit cards that DON'T report their credit limits?!!!

Anonymous — Thu, 07 Jul 2011 21:19:12 GMT

You think it might not impact it too bad?

I am trying to get rid of credit I don't need and don't use and that doesn't report.

Re: Closing credit cards that DON'T report their credit limits?!!!

laz98 — Thu, 07 Jul 2011 22:49:27 GMT

what cards are you talking about? all of my store cards report their limits. are they just super high limits or something?

Re: Closing credit cards that DON'T report their credit limits?!!!

DI — Thu, 07 Jul 2011 22:52:44 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Re: Closing credit cards that DON'T report their credit limits?!!!

Anonymous — Thu, 07 Jul 2011 23:15:05 GMT

Macy's

Bloomingdales

Von Maur

JCP does report, but it is a credit card I have never used since I applied for it in 2 years.

Macy's and Bloomies do not have a pre-set limit and they base the purchase on what your DTI is that day.

Re: Closing credit cards that DON'T report their credit limits?!!!

Anonymous — Thu, 07 Jul 2011 23:41:26 GMT

Thanks DI. Much appreciated.

The cards I want to close, do not have balances.

I just will lose the A A of A, in time.

But hey in 10 years time I will have built up some time on my other credit cards.

Re: Closing credit cards that DON'T report their credit limits?!!!

DI — Thu, 07 Jul 2011 23:49:00 GMT

@Anonymous wrote:
Thanks DI. Much appreciated.

The cards I want to close, do not have balances.
I just will lose the A A of A, in time.

But hey in 10 years time I will have built up some time on my other credit cards.

Exactly! Enjoy calling them up to cancel those cards. I cannot wait to cancel my last card that's on my list. Soon as AMEX report my new account, I'm calling Target up. I may write instead to say what I really want to say in-depth.

Re: Closing credit cards that DON'T report their credit limits?!!!

Anonymous — Fri, 08 Jul 2011 00:10:34 GMT

I just cancelled 2 on my list.

Bloomies tried to get me to stay by offering 25.00 off my next 100. purchase. I said no thanks. I was "warned" that if in the future I wanted to re-open the account I would need to have my credit reports pulled again. I didn't need the account in the 1st place so shame on me. I would be a fool to want a Bloomingdales card again!

Von Maur was much easier.

I don't make much $$ for them, so when I mentioned I wanted to close the account it was no big deal done quick and painless.

NOw to see how it will all play out on my scores.

Re: Closing credit cards that DON'T report their credit limits?!!!

DI — Fri, 08 Jul 2011 00:17:10 GMT

@Anonymous wrote:
I just cancelled 2 on my list.
Bloomies tried to get me to stay by offering 25.00 off my next 100. purchase. I said no thanks. I was "warned" that if in the future I wanted to re-open the account I would need to have my credit reports pulled again. I didn't need the account in the 1st place so shame on me. I would be a fool to want a Bloomingdales card again!
Von Maur was much easier.
I don't make much $$ for them, so when I mentioned I wanted to close the account it was no big deal done quick and painless.
NOw to see how it will all play out on my scores.

It won't affect your scores at all if you have little to no balances reporting. If your utilization is under 9% you're ok.