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SHOULD I CLOSE OR NAW?????

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Frequent Contributor

SHOULD I CLOSE OR NAW?????

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!!
CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 1 of 22
21 REPLIES 21
Highlighted
Established Contributor

Re: SHOULD I CLOSE OR NAW?????

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.


February 2020:

Stats:
Message 2 of 22
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Community Leader
Senior Contributor

Re: SHOULD I CLOSE OR NAW?????

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.



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 3 of 22
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Frequent Contributor

Re: SHOULD I CLOSE OR NAW?????

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.
CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 4 of 22
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Community Leader
Senior Contributor

Re: SHOULD I CLOSE OR NAW?????

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.



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 5 of 22
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Community Leader
Mega Contributor

Re: SHOULD I CLOSE OR NAW?????

NAW?????Smiley Wink

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....🎶👍
Message 6 of 22
Highlighted
Frequent Contributor

Re: SHOULD I CLOSE OR NAW?????

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
CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 7 of 22
Highlighted
Community Leader
Senior Contributor

Re: SHOULD I CLOSE OR NAW?????

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.



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 8 of 22
Highlighted
Valued Contributor

Re: SHOULD I CLOSE OR NAW?????

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

500K+ TCL / 800+ FCOs
Message 9 of 22
Highlighted
Frequent Contributor

Re: SHOULD I CLOSE OR NAW?????

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
CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 10 of 22
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