topic Re: Closing my secured card and AAoA - should I or shouldn't I close it? in Understanding FICO® Scoring

Closing my secured card and AAoA - should I or shouldn't I close it?

CreditSage — Sat, 10 Aug 2019 19:27:40 GMT

Hi everyone - I have a capital one platinum secured card which only has a $700 limit and has never been upgraded. I am thinking of closing it.

Here are my current accounts and AAoA. It looks to me like closing this card will actually improve my AAoA and since the limit is so low ($700) it shouldn't affect my credit limit/utilization that much. I really can't see anydownside to closing it but want to hear what you think.

AAoA BEFORE closing it = 3 years 7 months

AAoA AFTER closing it = 3 years 8 months

Credit availability will go from $24,300 to $23,600.

Account in question is bolded bellow.

Nov-11	93	Months
May-14	63	Months
Sep-15	47	Months
Jul-16	37	Months
Aug-16	36	Months
Feb-17	30	Months
Nov-17	21	Months
Apr-18	16	Months

Thanks in advance!

Re: Closing my secured card and AAoA - should I or shouldn't I close it?

BallBounces — Sat, 10 Aug 2019 20:06:41 GMT

Your Average Age of Accounts includes your closed accounts for as long as they remain reported and reportable prior to exclusion. For accounts in good standing, that is typically 10 years. Closing an account in good standing that you are the account owner for will NOT have a negative immediate effect on your Average Age of Accounts (nor your age of oldest account for that matter).

Re: Closing my secured card and AAoA - should I or shouldn't I close it?

CreditSage — Sat, 10 Aug 2019 21:48:05 GMT

Oh right, duh, thanks.