topic Re: Closing accounts...Would AAoA increase? in General Credit Topics

Closing accounts...Would AAoA increase?

Anonymous — Sun, 29 Mar 2015 04:16:50 GMT

I've opened about 8 cards within the last 5 months, would my AAoA increase if I were to close some of these new CC? Would it impact my scores for closing the credit cards or increase my AAoA?

Thanks...

Re: Closing accounts...Would AAoA increase?

jamie123 — Sun, 29 Mar 2015 05:57:11 GMT

No, closing those new cards would not increase your FICO AAoA. The damage has already been done and I would suggest keeping them open for at least a year now, or really forever unless they have an AF. The points lost for the inquiries and the points that you will get nicked for having those new accounts won't be regained for about 1 year from your app time.

Now, CK might be different because they only consider open accounts when calculating AAoA but their scores areFAKO anyway.

Re: Closing accounts...Would AAoA increase?

Anonymous — Sun, 29 Mar 2015 06:07:45 GMT

@jamie123 thanks for your input. I have 2 BofA CC...Better Balance and Americard...both with 7.5k cl. I dont use the Better balance much, I was thinking of moving the limit to the Americard before closing. If its not going to help with the AAoA I'll keep them open. Thanks again.

Re: Closing accounts...Would AAoA increase?

MarineVietVet — Sun, 29 Mar 2015 20:19:21 GMT

@Anonymous wrote:
I've opened about 8 cards within the last 5 months, would my AAoA increase if I were to close some of these new CC? Would it impact my scores for closing the credit cards or increase my AAoA?

Thanks...

Hello and welcome.

Here is a thread discussing the pros and cons of Closing Credit Cards.

Re: Closing accounts...Would AAoA increase?

takeshi74 — Mon, 30 Mar 2015 12:41:12 GMT

@Anonymous wrote:
I've opened about 8 cards within the last 5 months, would my AAoA increase if I were to close some of these new CC? Would it impact my scores for closing the credit cards or increase my AAoA?

Definitely refer to the thread linked above. It is linked in the Helpful Threads sticky in the Credit Cards subforum. Closing can affect your scores but not due to AAoA (not immediately anyway). The time to worry about impact to AAoA is prior to applying for new accounts. At this point, the damage to AAoA is done.

Re: Closing accounts...Would AAoA increase?

Anonymous — Mon, 30 Mar 2015 20:11:11 GMT

Off subject; I wouldn't close your BoA BBR card as it's an easy $100 year in rewards for minimum usage! I'm trying to PC my 123 card to BBR and considering apping for the card.

Re: Closing accounts...Would AAoA increase?

Anonymous — Mon, 30 Mar 2015 20:34:33 GMT

@Anonymous wrote:
Off subject; I wouldn't close your BoA BBR card as it's an easy $100 year in rewards for minimum usage! I'm trying to PC my 123 card to BBR and considering apping for the card.

Markrexh thanks for providing me some feedback... I've decided to keep the card open. I been banking with BofA for 13yrs so hopefully i'll get an auto CLI in 6 months with some usage.