Question about possibly closing a card.

Anonymous · ‎03-17-2017

Whats up, Ladies and Gentelmen!

So, I was recently on a small... app spree, after finally getting out off some hard times ( yay!). I got approved for a chase, barclay, discover, and amex (all with some type of rewards incentive). MY only other card on my credit history is my 9 month old capital one secured card, obviously with no benefits; other than my 1.5 year old AU CC. I am wondering if i am better of closing it, since its secured, and getting my deposit back or just keep it. I know normally "it hurts your AAoA", but considering its under a year anyways and my average age is higher than that from the AU account, my student loans, and my auto loan, it wouldnt hurt but so much, right? If cap one was going to move it to unsecured i probably wouldnt care, but since they rarely do this, i figured it may be easier to just close it.

Anonymous · ‎03-17-2017

My suggestion is let the Cap1 unsecure and ask to PC to a Quicksilver. You may be able to do this once the other cards start reporting. Or you can call and mention you got unsecure cards that offer rewards recently and ask for the change now. Worst they can do is say no.

Anonymous · ‎03-17-2017

@Anonymous wrote:
Whats up, Ladies and Gentelmen!

So, I was recently on a small... app spree, after finally getting out off some hard times ( yay!). I got approved for a chase, barclay, discover, and amex (all with some type of rewards incentive). MY only other card on my credit history is my 9 month old capital one secured card, obviously with no benefits; other than my 1.5 year old AU CC. I am wondering if i am better of closing it, since its secured, and getting my deposit back or just keep it. I know normally "it hurts your AAoA", but considering its under a year anyways and my average age is higher than that from the AU account, my student loans, and my auto loan, it wouldnt hurt but so much, right? If cap one was going to move it to unsecured i probably wouldnt care, but since they rarely do this, i figured it may be easier to just close it.

Closing credit cards under FICO scoring models will not hurt your AAoA. When AAoA is figured, it counts all accounts, open AND closed on your credit reports for the last 10 years. Even if you closed that card down today, it would still be on your reports 10 years from now and factoring in a 10-11 year old account into your AAoA.

Anonymous · ‎03-17-2017

@Anonymous wrote:
My suggestion is let the Cap1 unsecure and ask to PC to a Quicksilver. You may be able to do this once the other cards start reporting. Or you can call and mention you got unsecure cards that offer rewards recently and ask for the change now. Worst they can do is say no.

thanks for the reply!

So if I PC the current secured card, it will basically combine the two cards, right? Would my new card then take over the history of the original one? I am not too familiar with this.

Anonymous · ‎03-17-2017

@Anonymous wrote:

@Anonymous wrote:
My suggestion is let the Cap1 unsecure and ask to PC to a Quicksilver. You may be able to do this once the other cards start reporting. Or you can call and mention you got unsecure cards that offer rewards recently and ask for the change now. Worst they can do is say no.
thanks for the reply!

So if I PC the current secured card, it will basically combine the two cards, right? Would my new card then take over the history of the original one? I am not too familiar with this.

With most banks, a product change literally just changes your current card/reward type into a new card/reward type. The original open date and payment history carries over.

Anonymous · ‎03-17-2017

With most banks, a product change literally just changes your current card/reward type into a new card/reward type. The original open date and payment history carries over.

Thanks for the reply! From what I understand, they will not combine a secured card with an unsecured.

so would my best course of action be wait to see if they will unsecure the card(my friends unsecured after ten months and I am currently at 9 months) and then combine or just go ahead and close the card since I wont be using it anymore and I could get the deposit back?