"It will stay on your report for ten years," but what then?

[mitchblue]

I close cards for one reason.. If I think my CL is too high across all cards, and I have an eye on a new card.. I might close one so my CL isn't even higher in case Chase, or Barclay etc decide to take a look and CD or close a card because they think I'm over entended.even if I PIF everything.. I don't need my CL any higher.. I might even be too high now..

[Anonymous]

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@mitchblue wrote:

I close cards for one reason.. If I think my CL is too high across all cards, and I have an eye on a new card.. I might close one so my CL isn't even higher in case Chase, or Barclay etc decide to take a look and CD or close a card because they think I'm over entended.even if I PIF everything.. I don't need my CL any higher.. I might even be too high now..

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dont get some of us paranoid that have a bunch of high CLs/total limits now! lol. I think its more so for that specfic issuer and how much they want to extend to you, which they can always relocate and move limits around for you to work things out. Instead of one issuer looking at your report and seeing how much other total limes you get from  others. Each lender has their own max exposure. 

[Revelate]

I would certainly encourage anyone to keep 1 or 2 anchor tradelines on their credit report: cards you intend to keep forever assuming the lender will let you.

I'm not so sure about my BOFA nee secured card, or my BCE (go go 1 year backdate back in the day haha) but I'm pretty certain I can keep my DCU secured card and those are my 3 oldest active tradelines.  I will try to keep my Zync too, that has a higher likihood of not going anywhere compared to either the BCE or BOFA card (small AF).

But the rest?  Meh.  I don't need the 29 tradelines I have on my report in various states and types for AAOA buffering, nowhere close to that count actually.  AAOA ain't a big deal and as TMWC correctly states, modern algorithms you only need 2 years AAOA to hit 800 anyway, and it looks like one can hit 740 easily enough mortgage wise, and that's with a recent 30D late too.

[wasCB14]

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@Viva-LV wrote:

I closed 5 cards in January, including a Cap One Plat that was 10 years old.  My AAOA took a dive, as did all three scores, each -25 to -30 points.  Scores are climbing back up, but it's something to consider when closing an account.  Lesson learned!

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But, because the accounts are still reporting, AAoA wouldn't explain the sudden drop. Did your utilization go up a lot?

Have any baddies? Lots of new accounts? Your before and after scores sound a bit low for 10 years of history that's still reporting.

[minski]

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@wasCB14 wrote:

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@Viva-LV wrote:

I closed 5 cards in January, including a Cap One Plat that was 10 years old.  My AAOA took a dive, as did all three scores, each -25 to -30 points.  Scores are climbing back up, but it's something to consider when closing an account.  Lesson learned!

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But, because the accounts are still reporting, AAoA wouldn't explain the sudden drop. Did your utilization go up a lot?

Have any baddies? Lots of new accounts? Your before and after scores sound a bit low for 10 years of history that's still reporting.

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FICO AAoA or Credit Karma AAoA?

[mitchblue]

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@Anonymous wrote:

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@mitchblue wrote:

I close cards for one reason.. If I think my CL is too high across all cards, and I have an eye on a new card.. I might close one so my CL isn't even higher in case Chase, or Barclay etc decide to take a look and CD or close a card because they think I'm over entended.even if I PIF everything.. I don't need my CL any higher.. I might even be too high now..

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dont get some of us paranoid that have a bunch of high CLs/total limits now! lol. I think its more so for that specfic issuer and how much they want to extend to you, which they can always relocate and move limits around for you to work things out. Instead of one issuer looking at your report and seeing how much other total limes you get from  others. Each lender has their own max exposure. 

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Sorry, Lol. I'm just a little cautious. My max per lender is pretty good. Thanks for the post..

[Anonymous]

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@Revelate wrote:

But the rest?  Meh.  I don't need the 29 tradelines I have on my report in various states and types for AAOA buffering, nowhere close to that count actually.  AAOA ain't a big deal and as TMWC correctly states, modern algorithms you only need 2 years AAOA to hit 800 anyway, and it looks like one can hit 740 easily enough mortgage wise, and that's with a recent 30D late too.

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I agree hitting 800 is not that hard.  DW has an average age of 1 year 10  months and current util of 11% and she staight 760's across all three. If I tried to optimaize her I could it bring to 800 now   Mine are lower to higher %  useage. By august 30 I believe with paydowns on  both of us will  be just at 800. 

[Anonymous]

Did 6.5 compared to 8.5 years really affect your credit score though? That's ultimately what really matters!

[wasCB14]

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@Anonymous wrote:
Did 6.5 compared to 8.5 years really affect your credit score though? That's ultimately what really matters!

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More to the point, does it affect appovals or terms? Is an 830 better than an 800 in any meaningful way if they result in the same interest rate on a mortgage?

And if a person has an 830 and needs an auto or personal loan, micromanaging saving/budgeting may be more fruitful than micromanaging credit.

[MrsCHX]

I think that the general understanding is that your OLDEST accounts closing will "hurt" you. Especially if you continue to open new accounts. If just 1 of those cards from 1983 would have remained open it would have helped, right??