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!
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.
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.
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 1/1/23
