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Closed credit card accounts are still figured into AAoA for 10 years
Oh. I didn't know that.
Whelp, then I guess I'll either have to hope it doesn't lower the age that much, or decide not to get another right now.
I'm not happy that Amx raised the annual fee for the Surpass, so I think I'm leaning towards the Chase, if I get one.
Thank you for the info.
Yes it's fine to cancel any of the cards you mentioned.
It doesn't affect your credit age, as long as the closed account continues to appear in your credit reports, which is usually many many years down the road, typically 10 years or even more.
@ANC96 welcome to the forums!
@ANC96 wrote:I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.
Unless you stay regularly at Hiltons, the Surpass doesn't provide much value for the AF. If you stay often enough to earn the $50 credit at least three quarters a year, then the card pays for itself, otherwise not.
It also seems to me that Amex is more likely to have more AF fee increases in the future based on their history.
@FlaDude wrote:
@ANC96 wrote:I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.Unless you stay regularly at Hiltons, the Surpass doesn't provide much value for the AF. If you stay often enough to earn the $50 credit at least three quarters a year, then the card pays for itself, otherwise not.
It also seems to me that Amex is more likely to have more AF fee increases in the future based on their history.
My ex had one and we had found we accumulated points rather quickly. Even if I'm not there for one of the quarters credits, you can buy a $50 HH gift card (and pay the $2 shipping). They never expire and don't have any inactivity fees, so I can use them at my next Hilton stay at any time. So honestly the AF is a non issue. It just kind of irks me that the Chase Saphire's fee is only $95 (as the Surpass used to be). Hopefully, since this increase is so current, it will be a while unitl the next one.
The only thing about the Chase is I'm not at all familar with their travel portal, and I've read that their portal is the best way to use their points. I do a combination of timeshare point trades and often extend time with other hotel/resort stays, and many times they are Hilton branded. That's why I am considering the Surpass.
I have found though, that I can beat HH hotel pricing booking through a "discount" portal, like Expedia or the like. So it was often I felt like our points weren't getting the dollar value it claimed.
Haha.. I keep going back and forth. I wouldn't think it would be such a hard decision to get another credit card, but when I see that I have 10 credit cards, it feels like a lot. It doesn't seem like I have that many. I only have 5k or so on them now and the remaining statement balance is always paid off before I accure any interest. I mainly use them for points/cash then pay the statement balance every month.
But still.. I have 10 cards and am wanting to add another. Is that alot?
@ANC96 wrote:
@FlaDude wrote:
@ANC96 wrote:I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.Unless you stay regularly at Hiltons, the Surpass doesn't provide much value for the AF. If you stay often enough to earn the $50 credit at least three quarters a year, then the card pays for itself, otherwise not.
It also seems to me that Amex is more likely to have more AF fee increases in the future based on their history.
Haha.. I keep going back and forth. I wouldn't think it would be such a hard decision to get another credit card, but when I see that I have 10 credit cards, it feels like a lot. It doesn't seem like I have that many. I only have 5k or so on them now and the remaining statement balance is always paid off before I accure any interest. I mainly use them for points/cash then pay the statement balance every month.
But still.. I have 10 cards and am wanting to add another. Is that alot?
It's more than the US average, but not a lot for these forums. Maybe average for around here? I have 14 personal and 4 biz cards, myself, atm.
The correct number of cards is the number you feel comfortable staying on top of.
Closing cards in good standing don't affect the average age of accounts right off because they continue to report for 10 years.
@IsambardPrince wrote:Closing cards in good standing don't affect the average age of accounts right off because they continue to report for 10 years.
I will probably be closing my VS and JCPenney card since I use neither. The limits are so low I'm sure it wouldn't effect my score in any other way.