Advice on closing accounts please!

[takeshi74]

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@Charger_Fan19 wrote:

I know there are mixed feelings about closing accounts but I just assumed I would close the ones with annual fees as soon as they hit and leave the others open to help with utilization. The two that I'm considering closing are:

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Opinions really don't matter.  You have make your decision based on your needs/wants/preferences/priorities -- not those of others.  Everyone isn't in the same situation and everyone does not have the same preferences (common example is the "keep everything open is possible", "keep anything without an AF", "close what you don't need", etc mentalities) so of course people will come to different conclusions.  It's not really just about the accounts themselves.  You're an important factor in this decision.  We can certainly provide feedback if you want to clarify what you're specifically looking to accomplish as well as your priorities and preferenes in these matters.

Include the info in the Closing Credit Cards thread linked in the Helpful Threads sticky in your decision makiing process.

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@Charger_Fan19 wrote:

On the plus side it drops my overall utilization to about 19% because these cards are maxed. I can pay them off and close within the week if its recommended. 

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Individual revolving utilization matters as well.  Get the maxed cards down ASAP.  Then consider closing accounts.

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@Charger_Fan19 wrote:

I'm having issues because my AAoA is only about 3.7 years and I've heard its wrong to mess with that. 

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Covered above and in the Closing Credit Cards thread but closing accounts doesn't immediately impact AAoA.  However, opening a new account does.

[Charger_Fan19]

BOA refunded the annual fee so I left the card open. The Best Buy card said that they would reverse the fee once I closed the account but so far it hasn't posted. I called tonight and the agent confirmed that it was in process as of 8/23. She seemed shocked that it hadn't been submitted since I made the request on the 15th. The statement closes on 8/24 so I'm hoping it will happen before that cuts because I don't want a $59 balance on a closed account.