SHOULD I CLOSE OR NAW?????

[Anonymous]

Here's what's goin on, I opened my first credit card back in Sept or Oct of 2017 with OpenSky secured. Fast forward to now it's no longer relevant to my collection but I charge it every now and then just to keep it active. I've always heard never to close your oldest card because it has the most age. I've been happy to say the least with the submit button and I have quite a few accounts all in good standings btw so my average age on all bureaus are between 11 mths 15mths. If I close that account what can I expect to happen. Good or bad idea to get rid of it? Btw I'm gardening till next spring besides SP cli!!

[KLEXH25]

It’s ok to close it, as it will remain on your reports as your oldest account for the next 10 years. Once it falls off, your credit age will drop down to whichever is your next oldest card at that time. So if you do decide to close, make sure at least one of your current other cards remains open and in good standing.

[Anonymous]

Agreed. Your AoOA (one card) is at most a year more than AAoA (a pile of cards). By the time it falls off in 10 years, it’ll barely be a blip as long as you don’t go app-nuts.

[Anonymous]

Thanks guys I been wondering that for the last two months.....would me credit one card be the same way? I got it summer 18.

[Anonymous]

Yup. 19 accounts in the last year means they all share a very close age. That’s plenty to buffer one or two account closures.

[AverageJoesCredit]

NAW?????

a 2 year old card ia not worth saving if its a secured card or Credit One especially if you have moved on to better cards or Prime cards.

Get your Elsa on an 🎶 Let It Go, Let it Go....🎶👍

[Anonymous]

With that being said what wl happen to my AAOA once I delete it, will my score stay the same or drop? My nfcu and discover still hasn't reported

[Anonymous]

Calculate your average account age with and without the various cards that are changing status and post up. We can help you figure out if you might have a change.

[Anonymous]

I think people in general worry too much about the fabled tales they find online when researching credit.  

Here's the deal... if you're not using it then ditch it unless it provides a significant benefit.

Scores are only a snapshot in time and you have aquired plenty of cards and now it's time to widdle down the stack for Quality over Quantity.

Your scores change as often as something is newly reported...daily, weekly, etc.

CSP 17.8K  - potential for growth (whether SP CLI/HP CLI/New app and shuffle the CL's)
CHASE FU 7K  - potential for growth (whether SP CLI/HP CLI/New app and shuffle the CL's)
REGIONS PLATINUM 4K  - potential for growth
BBT CASH REWARDS 3.5K  - potential for growth
BBT TRAVEL 3.5K - potential for growth
ELAN FINANCIAL 2K - depends on the program you're in vs Elan (servicer)
CAP1 QS1 1.5K - could be bucketed and stuck or just a starter limit and will grow
DISCOVER IT 1K - has growth potential

NFCU CASH REWARDS 700 - easily grows to 25K 

This leaves you with some quality cards with significant CL's

40K+ w/ lenders that are solid, you have a 1 big spender card with CSP if something comes up that's a big ticket spend to keep your %'s lower than using another card, you have a rotator card (Disco) and potential if you wanted to shift CFU to CF for another rotator.

CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K not sure what this is
KAYS 1K
CREDIT ONE 500
OPENSKY 300

leave these as they helped you get what you have now.
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

[Anonymous]

It's funny you said that about the bottom 3 cards and the cap1. I was thinking to myself last night to get rid of them in the next week or so. Must mean I'm picking up omy credit IQ. But nonetheless appreciate the DP....I'll keep it updated through the process