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Current Optics of Closing Account(s)

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Contributor

Current Optics of Closing Account(s)

Hi All,

 

I know that closing an aged account will hurt my utilization (no problem for me) and won't impact my AAoA for 10 years. But I'm curious about the optics of voluntarily closing an account beyond FICO score. I'm trying to lower my total available credit so that I can make room for a few more cards issued by lenders who are sensitive to my total available credit. I have 13 card accounts, average age is 9 years 1 month, median age is 11 years 5 months. The card I'm looking to close is not my oldest (16 years) , but it's a 12 year old Cap1 GM Flex Card that I'm not using and the limit of which is stuck at $6,207 (yes, that's right). I also recently closed my 10 year old synchrony card ($10k). These are the only two cards I plan to close for now.

 

My plan is to app two new cards in the coming weeks after the closures report. Should I be concerned about the optics of closing two cards given the current times we're in? 

 

Thanks!

6 REPLIES 6
Highlighted
Epic Contributor

Re: Current Optics of Closing Account(s)

I would not be concerned in the least about closing a couple older cards.

Closing a bunch of newer cards, well  .. you might look like a churner in a manual review. JMHO

popcorn eating emoticon.gif

Message 2 of 7
Highlighted
Super Contributor

Re: Current Optics of Closing Account(s)

No. Optics are fine.  

And you will be doing a public service to the OCD members so they won't have to hear about a card limit ending in a prime numeral. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 7
Highlighted
Super Contributor

Re: Current Optics of Closing Account(s)

The limit is not a prime number, so you could ask them to divide by 3 to give you a new limit of $2,069.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 4 of 7
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Community Leader
Senior Contributor

Re: Current Optics of Closing Account(s)

Not at all. I see absolutely no issue here, especially with your long credit history. 

 

Discover It: 19.7k
Amex ED: 18k
Citi DC: 7.7k
Best Buy Visa: 3k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 5 of 7
Highlighted
Established Contributor

Re: Current Optics of Closing Account(s)

Only issue I see is, when are they going to report closed if you're interested in applying within the next two weeks? Make sure the changes will reflect if the whole point is to have better approval odds.
as of 11/20/20
Current Cards:
Message 6 of 7
Highlighted
Super Contributor

Re: Current Optics of Closing Account(s)

I wouldn't worry about it. I do not think it will have any bearing on your approval odds at all.

Message 7 of 7
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