topic Re: Should I close my Alliant SSL? in General Credit Topics

Should I close my Alliant SSL?

tussking — Tue, 23 Oct 2018 18:49:12 GMT

I now have an Acura lease and 175k in CL's.

I had opened the SSL back on 7-16 and at this point, I am not sure why it's even needed.

Closing it to me is just one less account to think about...If I PIF won't it continue to report for 10 years.

What are the advantages of keeping it open vs not?

Thanks in advance to all of the amazing contributors on this forum.

Re: Should I close my Alliant SSL?

Anonymous — Tue, 23 Oct 2018 20:19:04 GMT

Sure, feel free to close it if you like.

Here are two reasons to keep it open, neither of which are earth shakingly huge advantages:

* Assuming your lease is 36-month and the SSL is 60-month, having the SSL open till month 60 would likely cause you to reach the maximum scoring value of the lease a month earlier.

* If you keep it open, the SSL will contribute to your AAoA as a 13-15 year old account in the two years before it falls off. Otherwise it will be contributing as a 10-12 year old account. You'll also have one more extra old account to absorb impact from new accounts.

But if neither advantage seems important, then sure close it.

Re: Should I close my Alliant SSL?

SouthJamaica — Tue, 23 Oct 2018 20:57:59 GMT

@tussking wrote:
I now have an Acura lease and 180k in CL's.

I had opened the SSL back on 7-16 and at this point, I am not sure why it's even needed.

Closing it to me is just one less account to think about...If I PIF won't it continue to report for 10 years.

What are the advantages of keeping it open vs not?

Thanks in advance to all of the amazing contributors on this forum.

If you pay off the Acura lease, and have no other installment loans, you would be better off having the mostly paid down Alliant SSL in terms of your FICO scores.

Re: Should I close my Alliant SSL?

tussking — Wed, 24 Oct 2018 01:35:26 GMT

Thanks my friend...Yes the SSL is good til June 2021 while the lease is good til May 2021. ?

Does it matter that is show secured loan $500?

So leave it open?

Re: Should I close my Alliant SSL?

Gmood1 — Wed, 24 Oct 2018 03:38:04 GMT

No it doesn't matter at all, that it shows $500 secured.
Unless you just can't sleep at night because it's active, leave it open.
I still have mine open, even with an active mortgage and auto loan reporting.
Never in my 46 years have I received so many preapproved offers for unsecured loan!
Most without anything, but my signature to accept those loans. Most are from $25k to $35k.
And not all from the same lender.
American Express, Marcus Goldman Sachs, Penfed, BBVA Compass, SDFCU and Bestegg send offers regularly.

Obviously, the $500 SSL isn't holding me back.

Re: Should I close my Alliant SSL?

tussking — Wed, 24 Oct 2018 03:49:55 GMT

Thanks for the info...I'll leave it alone. I don't think I will get any pre-approval loan offers as I have all 3 CR's frozen.

Re: Should I close my Alliant SSL?

Poppa — Wed, 24 Oct 2018 17:22:39 GMT

I decided to close mine. I will update any notable score changes. I have a mortgage.

Re: Should I close my Alliant SSL?

Poppa — Sat, 03 Nov 2018 17:47:03 GMT

With mortgage I closed Alliant SSL and so far EX and TU dropped 1 point. In 5 days my CCT updates and I will report EQ score.

Re: Should I close my Alliant SSL?

Poppa — Sun, 04 Nov 2018 23:11:17 GMT

TU Vantage score jumped 20 points if anyone cares about that

Re: Should I close my Alliant SSL?

Poppa — Tue, 13 Nov 2018 14:04:14 GMT

Equifax didn't change.