topic Re: AAoA Question... in Credit Cards

AAoA Question...

Gibran — Thu, 15 Aug 2013 01:34:20 GMT

I've had my Cap One card since 2009, in Oct it will actually be the 4 year mark, I recently went on a spree and opened 4 new accounts last week, I really want to close my Cap One account because it still has the same $500 cl, along with that a $39 AF, they're denied me 2 attempts at a CLI, even after speaking with someone at the exec office, how will my AAoA be affected by closing it since it is one my oldest accounts here's a breakdown of when all my accounts were opened

CapOne Mastercard Oct-09

Kay Oct-09

American Express Delta Platinum Mar-10

Best Buy Rewards Zone Mastercard Apr-10

CFE Visa Apr-10

American Express Zync Jun-10

American Express Platinum Aug-10

Travelocity Amex Dec-10

CapOne No Hassle Mastercard Oct-11

Chase Marriott Rewards Visa Aug-13

Citi Hilton Hhonors Reserve Visa Aug-13

Discover IT Aug-13

BankAmericard Travel Rewards Visa Aug-13

Will I take a big hit by closing my Cap One account?

Re: AAoA Question...

FinStar — Thu, 15 Aug 2013 01:38:16 GMT

@Gibran wrote:
I've had my Cap One card since 2009, in Oct it will actually be the 4 year mark, I recently went on a spree and opened 4 new accounts last week, I really want to close my Cap One account because it still has the same $500 cl, along with that a $39 AF, they're denied me 2 attempts at a CLI, even after speaking with someone at the exec office, how will my AAoA be affected by closing it since it is one my oldest accounts here's a breakdown of when all my accounts were opened

CapOne Mastercard Oct-09
Kay Oct-09
American Express Delta Platinum Mar-10
Best Buy Rewards Zone Mastercard Apr-10
CFE Visa Apr-10
American Express Zync Jun-10
American Express Platinum Aug-10
Travelocity Amex Dec-10
CapOne No Hassle Mastercard Oct-11
Chase Marriott Rewards Visa Aug-13
Citi Hilton Hhonors Reserve Visa Aug-13
Discover IT Aug-13
BankAmericard Travel Rewards Visa Aug-13

Will I take a big hit by closing my Cap One account?

IMO - no major AAoA hit. More like a pebble being tossed onto a battleship. The loss of the $500 CL would not impact your overall utilization. If you decide to close it, and as long as it's in good standing, the account should stay on your CR's for up to 10 years (or longer).

Re: AAoA Question...

Anonymous — Thu, 15 Aug 2013 01:36:34 GMT

Closed accounts are still counted in your AAOA as long as they remain on your CR's. closed accounts may stay up to 10 yrs on your CR's

Re: AAoA Question...

FinStar — Thu, 15 Aug 2013 01:40:24 GMT

Of course, the real AAoA hit that will take its toll would be from the recent opening of those new CCs.

Re: AAoA Question...

myjourney — Thu, 15 Aug 2013 01:45:54 GMT

Closing cards does not affect AAoA until the account falls off of CR..Likely 10 years

The only thing it effects immediately is UTL

The opening of the new accounts will effect AAoA immediately as well

Re: AAoA Question...

mikey78 — Thu, 15 Aug 2013 01:49:30 GMT

I opened 3 new cards and BOOM im down to 4.6 years
i was over 5 can't wait till my 3 closed cards drops off the CR

Re: AAoA Question...

knoregs — Thu, 15 Aug 2013 01:53:29 GMT

AAoA before four new tradelines this month ==== 37 months or 3 years, 1 month

AAoA after four new tradelines this month ===== 26 months or 2 years, 2 months

~kn

Re: AAoA Question...

Gibran — Thu, 15 Aug 2013 02:03:13 GMT

Losing a full year of age defnitely isn't good

Re: AAoA Question...

Anonymous — Thu, 15 Aug 2013 02:22:45 GMT

That's what Amex is for..fixing those little AAOA issues.

Re: AAoA Question...

Gibran — Thu, 15 Aug 2013 02:34:59 GMT

Thought about it and I think I'm gonna go ahead axe Cap One, take the immediate hit, but I'll let my new cards age and I don't plan on opening any new accounts for a while. I don't want to pay not one more cent of an AF to them.

Re: AAoA Question...

myjourney — Thu, 15 Aug 2013 02:36:05 GMT

Just my 2 cents but ask for fee to be waived 1st

Re: AAoA Question...

knoregs — Thu, 15 Aug 2013 02:38:13 GMT

@Gibran wrote:
Thought about it and I think I'm gonna go ahead axe Cap One, take the immediate hit, but I'll let my new cards age and I don't plan on opening any new accounts for a while. I don't want to pay not one more cent of an AF to them.

There won't be a hit for closing the CAP1... at least no for 10 years, give/take.

~kn

Re: AAoA Question...

Anonymous — Thu, 15 Aug 2013 02:44:32 GMT

^^^exactly

Re: AAoA Question...

Anonymous — Thu, 15 Aug 2013 02:44:48 GMT

^^^exactly

Re: AAoA Question...

djc1puno — Thu, 15 Aug 2013 05:25:30 GMT

@myjourney wrote:
Just my 2 cents but ask for fee to be waived 1st

+1...give it another try to see if you can get the AF waived...then SD it or you can just close it altogether like you're planning

Re: AAoA Question...

Gibran — Thu, 15 Aug 2013 10:22:54 GMT

I'm going to call them today and see if I can ge the AF waived. If so, then they'll get a reprieve for at least another year....LOL

Re: AAoA Question...

takeshi74 — Thu, 15 Aug 2013 13:51:04 GMT

@knoregs wrote:
There won't be a hit for closing the CAP1... at least no for 10 years, give/take.

^ This. The immediate hit is to utlization but there probably won't be much of a hit if the CL is $500. OP can calculate the effect on utilization.