Closing Merric Bank Card

dabo1502 · ‎07-26-2014

All... I apologize in advance for the length of this questions but I have a decision to make regarding closing my Merrick Bank card. The M Card is currently the card that reflects the higher AAoA. I have recently been approved for the AMEX Everyday card and they back dated to 1999 (15 years). When it does post on CRs it would me the "older" card. I also have obtained the Discover (6 month's old) and the Chase Slate (3 months old) and I also have the Walmart Discover (about 3 yrs); Macy's (4yrs) along with Dell, Paypal (3 yrs). The M Card charges $3 month (AF). Would it be best I sock-drawer the M Card and simply pay the $3/mo. in order to maintain the $4800 CL on should it be closed due to it being a subprime card. You feedback is appreciated. Thanks!

EQ - 812 (CCT) 5/29/17 / EX- 819 (CCT) - 5/29/2017 / TU - 812 - 5/29(CCT) / Util - 2% / AA0A - 6 years, 8 months

Diners Club Prestige - $40K; Amex ED - $18K; Amex BCE - $5K; Chase CSP - $6K; Chase Freedom Unlimited- $8K; Chase IHG - $17K; Walmart MC - $7.6K; Discover - $12.9K; Merrick - $4850; Credit Care - $2.5K; Pay Pal - 5K; Macy's - $5.2K

fused · ‎07-26-2014

Which month and year was your Merrick Bank Card opened?

What is your current AAoA on all accounts?

dabo1502 · ‎07-26-2014

Thanks for your prompt response! The M Card was opened May, 2007. The AAoA is 5 years.

EQ - 812 (CCT) 5/29/17 / EX- 819 (CCT) - 5/29/2017 / TU - 812 - 5/29(CCT) / Util - 2% / AA0A - 6 years, 8 months

Diners Club Prestige - $40K; Amex ED - $18K; Amex BCE - $5K; Chase CSP - $6K; Chase Freedom Unlimited- $8K; Chase IHG - $17K; Walmart MC - $7.6K; Discover - $12.9K; Merrick - $4850; Credit Care - $2.5K; Pay Pal - 5K; Macy's - $5.2K

fused · ‎07-26-2014

I vote to keep the Merrick Card open. An AF of $36 isn't all that much. Even if you decide to close it, it should continue to report for an additional 10 years. So any impact to your credit history calculations (length and AAoA) won't be noticeable for a long time, if at all.

dabo1502 · ‎07-26-2014

Thanks for your feedback..."In Joy" your evening!

EQ - 812 (CCT) 5/29/17 / EX- 819 (CCT) - 5/29/2017 / TU - 812 - 5/29(CCT) / Util - 2% / AA0A - 6 years, 8 months

Diners Club Prestige - $40K; Amex ED - $18K; Amex BCE - $5K; Chase CSP - $6K; Chase Freedom Unlimited- $8K; Chase IHG - $17K; Walmart MC - $7.6K; Discover - $12.9K; Merrick - $4850; Credit Care - $2.5K; Pay Pal - 5K; Macy's - $5.2K

pizzadude · ‎07-27-2014

You could also call them and request to waive the AF, since you've been a loyal card member for ~7 years.

However, even if you close it, as mentioned it won't do anything to your AAoA for a long time. As yes, once your AMEX hits it should boost your AAoA a bit since it is quite older than your other accounts.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

pizzadude · ‎07-27-2014

Also am moving to Credit Cards forum.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

dabo1502 · ‎07-28-2014

Thanks, all...."In Joy" your Day!

EQ - 812 (CCT) 5/29/17 / EX- 819 (CCT) - 5/29/2017 / TU - 812 - 5/29(CCT) / Util - 2% / AA0A - 6 years, 8 months

Diners Club Prestige - $40K; Amex ED - $18K; Amex BCE - $5K; Chase CSP - $6K; Chase Freedom Unlimited- $8K; Chase IHG - $17K; Walmart MC - $7.6K; Discover - $12.9K; Merrick - $4850; Credit Care - $2.5K; Pay Pal - 5K; Macy's - $5.2K

SunriseEarth · ‎07-28-2014

I think that, if the $4800 CL is a big part of your UTIL strategy, then it might be worth it to keep paying the AF. However, if it wouldn't affect your UTIL too much, I'd consider closing. It's costing money and has no rewards and likely has an exorbidant APR. The account will stay on your CRs for ~10 years, so it won't immediately affect your AAoA if you close.