topic Re: AAoA question in Credit Cards

AAoA question

tryingagain62 — Sun, 29 Sep 2013 19:26:11 GMT

I'm relatively new to this forum (I love it and have learned a bunch so far). I've acquired some new cards recently and I'm thinking of closing a couple of rebuilder/starter cards. First up is an Applied secured card that has a $0 balance, it is also my oldest card. I know that it will stay on my CR for 10 years, but will it affect my AAoA if I close it?

Re: AAoA question

Anonymous — Sun, 29 Sep 2013 19:43:50 GMT

I also have a lot of closed accounts on my CR. My AAoA of 12 years is with me having 0 open revolving at the time.

But it should drop next month since I opened 4 new accounts.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Closing-Aged-Accounts-Yes-It-Is-Ok/m-p/15526

[Edit: I'm not confused anymore]

Re: AAoA question

SuperKirby — Sun, 29 Sep 2013 19:35:38 GMT

@tryingagain62 wrote:
I'm relatively new to this forum (I love it and have learned a bunch so far). I've acquired some new cards recently and I'm thinking of closing a couple of rebuilder/starter cards. First up is an Applied secured card that has a $0 balance, it is also my oldest card. I know that it will stay on my CR for 10 years, but will it affect my AAoA if I close it?

Does your secured card have an annual fee?

Re: AAoA question

tryingagain62 — Sun, 29 Sep 2013 19:46:35 GMT

Yes, it has a $39 AF and the CL is $250. I know this card will not increase a lot and I already have cards with much higher limits that will keep growing.

Re: AAoA question

SuperKirby — Sun, 29 Sep 2013 19:56:47 GMT

@tryingagain62 wrote:
Yes, it has a $39 AF and the CL is $250. I know this card will not increase a lot and I already have cards with much higher limits that will keep growing.

If you have other unsecured cards with higher CL, then just cancel the secured card. The $39 AF is not worth it long term. You already got your foot in the door with unsecured cards.

Re: AAoA question

Anonymous — Sun, 29 Sep 2013 22:34:21 GMT

@tryingagain62 wrote:
I'm relatively new to this forum (I love it and have learned a bunch so far). I've acquired some new cards recently and I'm thinking of closing a couple of rebuilder/starter cards. First up is an Applied secured card that has a $0 balance, it is also my oldest card. I know that it will stay on my CR for 10 years, but will it affect my AAoA if I close it?

Closing it will not affect AAoA as long as it stays on your CR. There is a possibility that if you apply for any new credit they may frown on the the open accounts being too new. Does your other rebuilder have an AF as well?