topic Re: Closing Merric Bank Card in Credit Cards

Closing Merric Bank Card

dabo1502 — Sat, 26 Jul 2014 23:41:08 GMT

All... I apologize in advance for the length of this questions but I have a decision to make regarding closing my Merrick Bank card. The M Card is currently the card that reflects the higher AAoA. I have recently been approved for the AMEX Everyday card and they back dated to 1999 (15 years). When it does post on CRs it would me the "older" card. I also have obtained the Discover (6 month's old) and the Chase Slate (3 months old) and I also have the Walmart Discover (about 3 yrs); Macy's (4yrs) along with Dell, Paypal (3 yrs). The M Card charges $3 month (AF). Would it be best I sock-drawer the M Card and simply pay the $3/mo. in order to maintain the $4800 CL on should it be closed due to it being a subprime card. You feedback is appreciated. Thanks!

Re: Closing Merric Bank Card

fused — Sun, 27 Jul 2014 00:29:10 GMT

Which month and year was your Merrick Bank Card opened?

What is your current AAoA on all accounts?

Re: Closing Merric Bank Card

dabo1502 — Sun, 27 Jul 2014 00:34:54 GMT

Thanks for your prompt response! The M Card was opened May, 2007. The AAoA is 5 years.

Re: Closing Merric Bank Card

fused — Sun, 27 Jul 2014 00:50:45 GMT

I vote to keep the Merrick Card open. An AF of $36 isn't all that much. Even if you decide to close it, it should continue to report for an additional 10 years. So any impact to your credit history calculations (length and AAoA) won't be noticeable for a long time, if at all.

Re: Closing Merric Bank Card

dabo1502 — Sun, 27 Jul 2014 00:52:55 GMT

Thanks for your feedback..."In Joy" your evening!

Re: Closing Merric Bank Card

pizzadude — Mon, 28 Jul 2014 03:22:36 GMT

You could also call them and request to waive the AF, since you've been a loyal card member for ~7 years.

However, even if you close it, as mentioned it won't do anything to your AAoA for a long time. As yes, once your AMEX hits it should boost your AAoA a bit since it is quite older than your other accounts.

Re: Closing Merric Bank Card

pizzadude — Mon, 28 Jul 2014 03:23:14 GMT

Also am moving to Credit Cards forum.

Re: Closing Merric Bank Card

dabo1502 — Mon, 28 Jul 2014 15:32:11 GMT

Thanks, all...."In Joy" your Day!

Re: Closing Merric Bank Card

SunriseEarth — Mon, 28 Jul 2014 20:13:18 GMT

I think that, if the $4800 CL is a big part of your UTIL strategy, then it might be worth it to keep paying the AF. However, if it wouldn't affect your UTIL too much, I'd consider closing. It's costing money and has no rewards and likely has an exorbidant APR. The account will stay on your CRs for ~10 years, so it won't immediately affect your AAoA if you close.