topic Re: Oldest Credit Line Closed today! in Credit Cards

Oldest Credit Line Closed today!

Florida1990 — Thu, 30 Oct 2014 00:22:03 GMT

Hey Fico family today I called and requested capital one to close my secured credit card. They told me I would be getting a check in the mail for my deposit in about two weeks. I know this will hurt my utilization right and my AAOA?

Re: Oldest Credit Line Closed today!

baller4life — Thu, 30 Oct 2014 00:30:29 GMT

Only utilization. It will be a part of your AAoA for the next 10 yrs. Congrats on closing it!! Closed mines couple months ago!

Re: Oldest Credit Line Closed today!

chalupaman — Thu, 30 Oct 2014 00:38:01 GMT

@Florida1990 wrote:
Hey Fico family today I called and requested capital one to close my secured credit card. They told me I would be getting a check in the mail for my deposit in about two weeks. I know this will hurt my utilization right and my AAOA?

Nothing to worry about. You did a good thing there getting rid of a card you don't need anymore.

Re: Oldest Credit Line Closed today!

SunriseEarth — Thu, 30 Oct 2014 00:41:45 GMT

Congrats on moving beyond your secured card. You could always put your deposit toward any CC balances, if UTIL is a concern. And account will report for ~10 years, so AAoA won't be impacted until it falls off CRs.

Re: Oldest Credit Line Closed today!

MarineVietVet — Thu, 30 Oct 2014 01:20:53 GMT

@Florida1990 wrote:
Hey Fico family today I called and requested capital one to close my secured credit card. They told me I would be getting a check in the mail for my deposit in about two weeks. I know this will hurt my utilization right and my AAOA?

Maybe. It depends on if any remaining CC's currently have a balance. Closing the secured card removes it's CL from utilization calculations. That means if you have remaining balances your utilization will go up and that could hurt some depending on the amount of increase.

Your AAoA and credit history length however will not be affected at least immediately. Closed accounts generally report for about 10 years after closing.

Re: Oldest Credit Line Closed today!

Florida1990 — Thu, 30 Oct 2014 01:02:50 GMT

Great well I only have a two cards that have maybe 100-$300 dollar balance so I think i will be okay. Pretty excited about getting my deposit back.

Re: Oldest Credit Line Closed today!

Anonymous — Thu, 30 Oct 2014 01:27:55 GMT

Use your returned deposit to pay off your other cards and it will lower your utilization back down.