Darn it...

[shorrttyycm1]

Okay, so maybe I'm not a good gardener ;-( Just got approved for Barclays sallie mae rewards card. GREAT rewards program but baby limit of $2500. :-( Hopefully that will grow. Few questions:

1. I want to now close either Orchard (520.) or Merrick (300.) These are both my oldest cards. How My aaoa is 2.5 yrs. How much will this hurt...adding a new account and closing one of my oldest, only one.

2. Will the above actions cause any reactions from my best lender, nfcu?

3. Closing merrick or orchard would leave me with only 2 tradelines over 2 yo. Would that be a prob in a mortgage app in a couple months?

Thanks in advance...any and all advice appreciated !

[sarkell]

Orchard have you contacted eo they may match highest cl if you have good history mine did cost a hard pull. I'm waiting until transition is complete so I can add rewards or something. Or waiveor refund annual fees.

[bs6054]

Closing cards doesn't have an immediate impact on average age of accounts.  They continue to report for up to 10 years.  However, when closed the credit line is no longer available, so if you have balances on other cards, utilization will increase.

Obviously opening the new account does decrease your average age of accounts, and the inquiry will hit your score, but on the positive side, it increases your overall limits helping utilization.

Too late now but it's a good rule not to apply for new things within 6 months of applying for a mortgage.   Just be prepared to explain to an underwriter why you got this card.  ("I am drowning in debt and need to get any extra credit I can" would not be a good answer, but "It offers very attractive awards for my needs" might be.)

While I am usually very pro closing cards, in this case I would hold off, the fewer changes to your file before the mortgage app (if it really is two months or so) the better.

[shorrttyycm1]

Thnx for the reply. I had contacted the orchard eo but was told that they are not increasing my "type" of card or my card is not eligible for an increase because pf the program my card is under? And Merrick. well they do not accept customer requests. At least orchard is 200. more than merrick but merrick gives free fico. So idk which one should be chopped and how much its gnna hurt my score.

[shorrttyycm1]

@Bs6054,
Thnx for advice. Srry, to clarify, mortgage app prob not for 4-6 mnths or so. Currently i have 34,000 across 4 cards with zero balances across the board so my utilization really wouldn't be an issue. I really just wanted to replace an old card with annual fee low cl and no rewards with one that has no annual fee and rewards. It also is a plus that i could redeem my 5% as credits on student loan account. Didn't even REALLY need the card at all...so kicking myself right now!

[youngandcreditwrthy]

What were your stats? This card has been on my radar for a few weeks!!

Fico? Aaoa? Util? Income?

[sarkell]

You need to contact c1 eo they will reach out to orchard in my case look for c1 eo on this forum.

[shorrttyycm1]

Its a great card rewards wise. My stats are:
Fico: TU 684 EQ 677 Exp (fako) 688
AaoA: 2.5 yrs
Util: 0
Income: $54k

I hope this is helpful...good luck!

[shorrttyycm1]

@Sarkell,

I did contact the co eo and they forwarded the request for me. Very nice guy called me shortly after but said because my card is in the program (didn't ask) that they will not increase. He did refund my annual fee one-time only. That's $59.

[youngandcreditwrthy]

Awesome!! Thanks for the info! Bahhh I have the itch!!!!! :-0