Cancelling Cards and affecting AAoA?

Closingracer99 · ‎06-24-2014

I am Considering canceling my Amazon Store card of the Amazon Visa ( Probably store card). I don't care much for utilization purposes since I have plenty and without I probably wont even reach 10% unless an emergency pops up. My cards lengths go as this

Discover It card: 1 year

Amazon Store card: 10 months

Amex BCE: 7 months

Amazon Visa card: 4 months

Chase Freedom: New

Chase Sapphire: New

Amex Everyday card: New

Citi Thank you card: New

Citi Simplicity card: New

I know the Amazon store card is 10 months old which is my 2nd oldest and I know the new cards hurt my AAoA but if i cancel the store card wouldnt the best time be now ?

How much would it really hurt my AAoA?

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

PlasticOrPlastic · ‎06-24-2014

@Closingracer99 wrote:
I am Considering canceling my Amazon Store card of the Amazon Visa ( Probably store card). I don't care much for utilization purposes since I have plenty and without I probably wont even reach 10% unless an emergency pops up. My cards lengths go as this

Discover It card: 1 year
Amazon Store card: 10 months
Amex BCE: 7 months
Amazon Visa card: 4 months
Chase Freedom: New
Chase Sapphire: New
Amex Everyday card: New
Citi Thank you card: New
Citi Simplicity card: New

I know the Amazon store card is 10 months old which is my 2nd oldest and I know the new cards hurt my AAoA but if i cancel the store card wouldnt the best time be now ?

How much would it really hurt my AAoA?

It will still report as a positive trade line for 10 years after closing

Closingracer99 · ‎06-24-2014

@PlasticOrPlastic wrote:
@Closingracer99 wrote:
I am Considering canceling my Amazon Store card of the Amazon Visa ( Probably store card). I don't care much for utilization purposes since I have plenty and without I probably wont even reach 10% unless an emergency pops up. My cards lengths go as this

Discover It card: 1 year
Amazon Store card: 10 months
Amex BCE: 7 months
Amazon Visa card: 4 months
Chase Freedom: New
Chase Sapphire: New
Amex Everyday card: New
Citi Thank you card: New
Citi Simplicity card: New

I know the Amazon store card is 10 months old which is my 2nd oldest and I know the new cards hurt my AAoA but if i cancel the store card wouldnt the best time be now ?

How much would it really hurt my AAoA?
It will still report as a positive trade line for 10 years after closing

I know that but from what I read about AAoA and in general don't close your oldest CC's in general

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

PlasticOrPlastic · ‎06-24-2014

Its kind of subjective in my opinion. I closed my oldest card with Capital One and my AAoA wasnt affected, that will report positive for 10 years while my other cards grow in age. If you dont need or use the card I'd just close it down, or pay it off SD it and let them close it for non use.

Closingracer99 · ‎06-24-2014

@PlasticOrPlastic wrote:
Its kind of subjective in my opinion. I closed my oldest card with Capital One and my AAoA wasnt affected, that will report positive for 10 years while my other cards grow in age. If you dont need or use the card I'd just close it down, or pay it off SD it and let them close it for non use.

I don't ever use it and I only apped for it for utilization purposes mostly since at the time I only have a $750 limit on my Discover card and that was my only card. I knew i was about to make a $500 purchase and would of looked bad if that was my only card. I personally rather have it look like i asked for it to close it then them.

I am thinking of asking for a Discover CLI as a Hard pull and then Garden for a while... Should i wait to close it till i ask for the CLI?

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

takeshi74 · ‎06-24-2014

@Closingracer99 wrote:
I know the Amazon store card is 10 months old which is my 2nd oldest and I know the new cards hurt my AAoA but if i cancel the store card wouldnt the best time be now ?

Best time in terms of what?

@Closingracer99 wrote:
How much would it really hurt my AAoA?

To determine impact on AAoA you'd have to do the math based on your accounts 10 years down the road. Are the credit cards listed the only accounts that you have? We can't tell you what you might open between now and then so we can't tell you what your AAoA would be at that point in time. You could certainly just assume that you otherwise have the same accounts and that they are 10 years older.

@Closingracer99 wrote:
I know that but from what I read about AAoA and in general don't close your oldest CC's in general

That's an overgeneralization. Granted, the way averages work having older accounts helps. It's your call if keeping it open for the age trumps all other considerations. Again, you need to tell us what your criteria is for "best". If you have no use for it and your preference isn't to keep every possible account for AAoA purposes then it's probably worth closing. I don't keep accounts open just for AAoA. AAoA is only 15%:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

PlasticOrPlastic · ‎06-24-2014

@Closingracer99 wrote:
@PlasticOrPlastic wrote:
Its kind of subjective in my opinion. I closed my oldest card with Capital One and my AAoA wasnt affected, that will report positive for 10 years while my other cards grow in age. If you dont need or use the card I'd just close it down, or pay it off SD it and let them close it for non use.
I don't ever use it and I only apped for it for utilization purposes mostly since at the time I only have a $750 limit on my Discover card and that was my only card. I knew i was about to make a $500 purchase and would of looked bad if that was my only card. I personally rather have it look like i asked for it to close it then them.

I am thinking of asking for a Discover CLI as a Hard pull and then Garden for a while... Should i wait to close it till i ask for the CLI?

From what I understand it looks fine if a creditor closes a card thats in good standing but not being used. As far as Discover I dont think it will matter, especially if you are taking a HP. If you dont use the card, make sure its paid off, close it. Call Discover and request your CLI, shoot high when they ask what you want...thats my only regret with my CLI with them.

Closingracer99 · ‎06-24-2014

@takeshi74 wrote:
@Closingracer99 wrote:
I know the Amazon store card is 10 months old which is my 2nd oldest and I know the new cards hurt my AAoA but if i cancel the store card wouldnt the best time be now ?
Best time in terms of what?

@Closingracer99 wrote:
How much would it really hurt my AAoA?
To determine impact on AAoA you'd have to do the math based on your accounts 10 years down the road. We can't tell you what you might open between now and then so we can't tell you what your AAoA would be at that point in time. You could certainly just assume that you otherwise have the same accounts and that they are 10 years older

Best time to cancel it now vs holding it on and then deciding to cancel later

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

Closingracer99 · ‎06-24-2014

@PlasticOrPlastic wrote:
@Closingracer99 wrote:
@PlasticOrPlastic wrote:
Its kind of subjective in my opinion. I closed my oldest card with Capital One and my AAoA wasnt affected, that will report positive for 10 years while my other cards grow in age. If you dont need or use the card I'd just close it down, or pay it off SD it and let them close it for non use.
I don't ever use it and I only apped for it for utilization purposes mostly since at the time I only have a $750 limit on my Discover card and that was my only card. I knew i was about to make a $500 purchase and would of looked bad if that was my only card. I personally rather have it look like i asked for it to close it then them.

I am thinking of asking for a Discover CLI as a Hard pull and then Garden for a while... Should i wait to close it till i ask for the CLI?
From what I understand it looks fine if a creditor closes a card thats in good standing but not being used. As far as Discover I dont think it will matter, especially if you are taking a HP. If you dont use the card, make sure its paid off, close it. Call Discover and request your CLI, shoot high when they ask what you want...thats my only regret with my CLI with them.

Yea.. I took a HP around December for only $250 .... I got a Amex BCE with a $1k limit so I figured Match that card so I would have $2k available to me. I probably should of just asked for $2k lol

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

PlasticOrPlastic · ‎06-24-2014

@Closingracer99 wrote:
@PlasticOrPlastic wrote:
@Closingracer99 wrote:
@PlasticOrPlastic wrote:
Its kind of subjective in my opinion. I closed my oldest card with Capital One and my AAoA wasnt affected, that will report positive for 10 years while my other cards grow in age. If you dont need or use the card I'd just close it down, or pay it off SD it and let them close it for non use.
I don't ever use it and I only apped for it for utilization purposes mostly since at the time I only have a $750 limit on my Discover card and that was my only card. I knew i was about to make a $500 purchase and would of looked bad if that was my only card. I personally rather have it look like i asked for it to close it then them.

I am thinking of asking for a Discover CLI as a Hard pull and then Garden for a while... Should i wait to close it till i ask for the CLI?
From what I understand it looks fine if a creditor closes a card thats in good standing but not being used. As far as Discover I dont think it will matter, especially if you are taking a HP. If you dont use the card, make sure its paid off, close it. Call Discover and request your CLI, shoot high when they ask what you want...thats my only regret with my CLI with them.
Yea.. I took a HP around December for only $250 .... I got a Amex BCE with a $1k limit so I figured Match that card so I would have $2k available to me. I probably should of just asked for $2k lol

I started with $800 took a HP and went to $2000, took another one a couple weeks later and went to $3000...twice I was super happy but kicking myself for not asking for $5k and letting them say yes or no lol.