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AAoA - How much should I care?

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lolabelle
Regular Contributor

AAoA - How much should I care?

I have a few accounts where I would like to consolidate the credit lines:  Two BofA credit cards that I'd like to merge into one and two AMEX cards where I would like to do the same.  (So, I would transfer most of the available credit line from one to the other and close the first with the small residual credit line.)  

 

My credit history is almost 18 years, and my average age of accounts according to Equifax is almost 8 years.  I haven't opened any new lines of credit in almost 2 years (car lease) and don't foresee doing so.  

 

The bottom line is that I'm just finding I have more credit cards than I want to keep up with and am figuring that the hassle of remembering to charge on them every once in a while mentally offsets any benefit I might be getting from keeping them open.  I know I would lose a bit of age by closing these two accounts but am wondering - does it really matter all that much?

 

Probably overthinking this, but would be interested to see if there's anything else I should be considering, anyway.  Smiley Tongue


Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


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Message 1 of 4
3 REPLIES 3
Kenny
Moderator Emeritus

Re: AAoA - How much should I care?

You won't lose it. It stays on your report for around 10 years afterwards. Smiley Wink
Message 2 of 4
lolabelle
Regular Contributor

Re: AAoA - How much should I care?


@KennyS2006 wrote:
You won't lose it. It stays on your report for around 10 years afterwards. Smiley Wink

See - these are the things I always forget about!  Smiley LOL  So, as long as I don't go on a a new account opening spree, I should be okay, right?


Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


Take the FICO Fitness Challenge






Message 3 of 4
Kenny
Moderator Emeritus

Re: AAoA - How much should I care?


@lolabelle wrote:

@KennyS2006 wrote:
You won't lose it. It stays on your report for around 10 years afterwards. Smiley Wink

See - these are the things I always forget about!  Smiley LOL  So, as long as I don't go on a a new account opening spree, I should be okay, right?


Exactly. Smiley Happy You'll be totally fine either way though I'm sure with 8 years as your average. Smiley Happy

Message 4 of 4
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