When to close HSBC?

[gettingstarted]

Hello Board,

I recently got approved for USAA World Master Card $9k, Chase CLI, $5k, Chase Army MWR Card $3K, and Discover More $6k and one store card $3K. I have a $400.00 limit with HSBC but I have had them for about a year longer than my Chase Card so my question is when do I drop them since they are sub prime and charge an AF of $59 and it has a tiny limit but they were great as a rebuilder.

[snowangel]

It sounds like you dont  need it any longer.  Unless you don't mind paying the AF, close it.  I just closed mine last month right before the AF was coming due.  It was my oldest card @ 5 years and all of my other cards are less than a year old.

[gettingstarted]

OK cool thanks my only concern was the AAoA but the Chase card I've had for a year less time than the HSBC so hopefully it wont affect me that much

[Lel]

Even when closed the account will remain on your credit reports for up to 10 years, and will still be factored into your AAoA.  By the time it falls off, all your other cards would have aged sufficiently so the impact will be negligible.

[gettingstarted]

Thank you and I will keep that in mind. I believe I have a better grip on my credit now and as a result have gotten some nice prime cards so I think it is time to cut ties with HSBC especially before the CAP1 buyout is complete had a bad experience with them although not their fault.

[HoldingOntoHope]

There is no particular reason to cut them until just before the next annual fee is due. And even then you may have some success in calling in and requesting they waiver the fee or you will close the card. Just be prepared to follow through with that and don't accept some answer such as "You need to let the fee post and call us back."

Of course if you're just tired of them or don't want to keep track of when the fee is due, as others have suggested there is no negative impact fro letting them go now. And your other cards are close enough in age to them there will be no or negligible impact when they do drop. Congratulations on building a nice useful portfolio of trade lines.