Need advice on closing accounts

[manwoot]

It will say closed on your reports, but it will still provide a positive trade line for your AAOA for ten years or more.

[valdesr11]

Got it but can you explain a bit more of what you mean by positive trade line and what or who exactly is AAOA. Never heard of this. 

[manwoot]

Positive trade line meaning it will report as a positive status every month as if it were open. Obviously it will show closed in the notes.

AAOA is average age of accounts. It takes all the years of your credit accounts and divides them to give a average age. This is factored in to your FICO score.

[valdesr11]

Thanks, makes a lot more sense now. If you had to close one card betwee the Chase freedom and saphire (Not premium), which would you close? I'm having a hard time deciding. 

[Kenny]

I would keep the 94 open no matter what it is and product change it to the card of your choice. Keep whichever is longer, just because it's great to keep that long line open.

[valdesr11]

What's my 94 and what do you mean by product change it? 

[Repo-ed]

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@valdesr11 wrote:

What's my 94 and what do you mean by product change it? 

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The card/account you've had open since 1994 - don't close it.

Product change means moving that particular card possibly to another type of card from the same lender that might better fit your spending habits.