Closing Cards

[NP27]

Hi.  Sorry I know somebody posted something like this, but I have a different question.  I know I have seen it before on here, but just wanted to make triple sure.  I want to close a few cards out, one of which has been open the longest out of all of them.  

If I close this card in particular, will it hurt my AAoA or any other negative consequences.  I am not worried about utilization because it has a small limit.

Thanks!

[Skye12329]

Personally i just suggest closing cards you no longer use/need. It will stay on your report for 10 years. 

[pizza1]

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@NP27 wrote:

Hi.  Sorry I know somebody posted something like this, but I have a different question.  I know I have seen it before on here, but just wanted to make triple sure.  I want to close a few cards out, one of which has been open the longest out of all of them.  

If I close this card in particular, will it hurt my AAoA or any other negative consequences.  I am not worried about utilization because it has a small limit.

Thanks!

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No, it wont have any negative impact unless its involves utilization.  The closed accts will remain postive on your reports for 10yrs, and closed accts do count in AAOA as well. 

[ddemari]

Why do you want to close that card out? Is it an annual fee? or you want to close it? If it wasnt an annual fee, you should keep it open. Closing it wont effect your AAOA now but I think having a card open and current for a long time looks better on review and what not. 

[NRB525]

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@NP27 wrote:

Hi.  Sorry I know somebody posted something like this, but I have a different question.  I know I have seen it before on here, but just wanted to make triple sure.  I want to close a few cards out, one of which has been open the longest out of all of them.  

If I close this card in particular, will it hurt my AAoA or any other negative consequences.  I am not worried about utilization because it has a small limit.

Thanks!

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Which card are you considering closing, and what month/year was it opened? Is there an Annual Fee?

When was the next card month/year opened and what is that card?

[takeshi74]

The Closing Credit Cards thread linked in the Helpful Threads sticky in the Credit Cards subforum covers this.

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@ddemari wrote:

Why do you want to close that card out? Is it an annual fee? or you want to close it? If it wasnt an annual fee, you should keep it open. Closing it wont effect your AAOA now but I think having a card open and current for a long time looks better on review and what not. 

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It's not simply a matter of AF or no AF. There are certainly other considerations. Some do keep all cards without an AF open but that isn't a one-size-fits-all approach. I do not keep cards that are of no use to me.  OP should decide based on the OP's criteria.

[Anonymous]

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@ddemari wrote:

Why do you want to close that card out? Is it an annual fee? or you want to close it? If it wasnt an annual fee, you should keep it open. Closing it wont effect your AAOA now but I think having a card open and current for a long time looks better on review and what not. 

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No reason anyone should keep a card open that they don't use.  Especially if it's a starter card (ala Credit One) or a store card with very little in the way of benefits.  My Walmart card is out the door once it's paid off.  

[ddemari]

Sure, go ahead and close it if it doesnt meet your needs anymore. I was referencing what most websites/ financial sites would recommend, not closing your oldest credit card for many reasons. But to each their own.

[ddemari]

If op wants a straight forward answer, no it wont hurt yout aaoa now and utilization is low, close away.

[Anonymous]

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@Anonymous wrote:

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@ddemari wrote:

Why do you want to close that card out? Is it an annual fee? or you want to close it? If it wasnt an annual fee, you should keep it open. Closing it wont effect your AAOA now but I think having a card open and current for a long time looks better on review and what not. 

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No reason anyone should keep a card open that they don't use.  Especially if it's a starter card (ala Credit One) or a store card with very little in the way of benefits.  My Walmart card is out the door once it's paid off.  

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Helps AAoA and to meet the 3-4 card minimum for maximum FICO scoring. There's really no benefit to closing a card unless it has a fee, other than speculation that if it's a low CL it may beget more low CLs.