Keep or cut the old cards?

[TheBronxBomber]

So, my list of cards are:
Capital One Platinum - $4500 CL - established 2007 - 14.9% apr
Capital One Platinum - $1250 CL - established 2010 - 22.9% apr
Capital One Platinum - $750 CL - established 2010 - 22.9% apr
Macy's Store card - $1500 CL - established 2007

I was approved for an AMEX Green two weeks ago, backdated to 1991. I applied for a Citi Gold America Airlines card three weeks ago and I was approved today for a $10,500 CL. I was thinking of getting rid of two of my Captital One cards w/ 22.9% apr. Would it damage my AAOA or will the backdated AMEX balance it out? I find having the additional Capital One cards I opened last year unnecessary now that I have the Citi card.

[laz98]

personally, i would drop them.  you have much better & much older cards.

[LTomBerry]

I don't think your AAoA will take that much of a hit because you are closing your newer cards instead of older. The AA card wil lower your AAoA but the AmEx backdate should balance it out. You will however lower your available credit and therefore increase your utilization, but once again the AA card's generous limit balances that.

Here's where you make your decision. If you don't cancel them (and keep them open by using them once in a while) it could help your AAoA to a small degree but remember your AAoA is only a small part of your FICO score. If it's more trouble than it's worth keeping track of that many cards then close them.

Personally I would chuck em because I like to keep things simple. That's just me though you are free to do whatever you want.

[AndySoCal]

If the Amex was not showing on your CR it will help your AAOA if it is no change. Keep in mind FICO likes a long credit history. So  you want keep the accounts that been open the longest if possible. I do not see any real damage to your score clsoing the two you talking about.

[dp321]

it will actually increase your AAoA as long as you close the two newest CapOne cards, from roughly 2 years to roughly 3 years - this is taking into account the new Citi card. With the backdating AMEX, it will only go up, since it's older than all your cards. Together, closing two newest CapOne and adding the two new cards will bring you AAoA to ~4.5 years.

[Anonymous]

I could be wrong, but simply closing the cards wont affect your AAoA. Please correct me if I am wrong, but it would only have an affect on your AAoA when the CCs finally fall off of your credit report 10 years later...

[MagicShot]

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@Anonymous wrote:

I could be wrong, but simply closing the cards wont affect your AAoA. Please correct me if I am wrong, but it would only have an affect on your AAoA when the CCs finally fall off of your credit report 10 years later...

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You are correct, only affect on score will be possibly higher total utilization due to loss of CL. his AAoA will stay the same and AAoA play a big role in your FICO. much higher than INQ's. Trust me. I have 30 INQ's in one CR it was the drop in AAoA that killed my score. I dropped about 100 points mostly due to AAoA, only a fracion was becuase of INQs, my total AAoA droped almost 2 years off.

[KingAdrock]

What's the AF on these cards? If there isn't one, than you really have no reason to close them. Just toss them in the sockdrawer.

If they do have an AF, consider calling and asking them to waive the AF. Make sure the mention you're thinking about canceling. If they waive the fee, keep the card and call back next year. If not, kick them to the curb and don't look back.