How soon can I close new accounts (comenity)

[Anonymous]

Long story short I have been rebuilding my credit for almost a year now and I have gone from a 490 range to 640 Equifax 631 TU and 670 Experian. I went on an app spree a few months back because everyone kept saying I did not have a good mix of credit so I went after cards that would approve me in hopes of raising my score to later get approved for other types of credit. While it didnt terribly hurt my score (lowered credit age) it has done nothing to help. How soon can I close some of the comenity accounts ( i have 4 in total). They were all opened since August 2016 and I really just want them closed. How long am I stuck with them?

[creditguy]

You can close them anytime you like, however closing them won't undo the AAoA damage, so why not just SD them for a while and let them age, you took the hit for them, might as well hold them for a while. But if you want them closed then do so, they will continue to report for up to ten years on your CR's.

[Anonymous]

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@Anonymous wrote:

Long story short I have been rebuilding my credit for almost a year now and I have gone from a 490 range to 640 Equifax 631 TU and 670 Experian. I went on an app spree a few months back because everyone kept saying I did not have a good mix of credit so I went after cards that would approve me in hopes of raising my score to later get approved for other types of credit. While it didnt terribly hurt my score (lowered credit age) it has done nothing to help. How soon can I close some of the comenity accounts ( i have 4 in total). They were all opened since August 2016 and I really just want them closed. How long am I stuck with them?

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You can close them at any time.  Not much will change as they will continue to report on your credit reports for 10 years.  They possibly could affect your overall utilization if they contributed to your oerall limits adn you're carrying a balance on other cards.  Overall though closing the cards wont change a thing.

[Anonymous]

Thanks. The AAoA damage is what I was trying to undo.  I have already SD with $0 balance on them. Sounded like a good idea at the time since I didnt get inquires when I got them.  Well I guess it's lessoned learned. Thanks again.

[elim]

Green marks on reports never hurt. I try to keep mine open for 2 years while growing the limits. The limit when you close the card will most likely be on your reports for 10 years... may as well be as big as possible.

SD them, using occasionally. If they become to much of a bother, closing them should not do any harm.

[Anonymous]

Thank you. How often do the consider occassionally. At least 3 of the cards I can use and pay fairly because I frequent or live near the stores. The other is Wayfair and I would rather not use it (unless I truly need to make a large purchase) is every 6 months too far about?

[rmduhon]

Hubby opened an Express a year ago and has used it once (in January or February) and it's still open and getting CLI's

[Anonymous]

Keep in mind if its 0 they don't report. you will have a lot of holes. Mine report because I bought furniture deferred financing. If you're not going to buy something every month or it is an account like Wayfair or Overstock I would just close it down

[Anonymous]

Thanks. I did not know that and yes it is wayfair so it may be best to close that one.

[Anonymous]

No I goofed when I typed that Overstock and Wayfair offer deferred financing whereas Express buckle jcrew stuff like that do not. I would hold on to Wayfair even if you aren't using it for the time being