Average Age of Accounts Questions

[Anonymous]

Hello friends,

I am considering closing a Merrick Bank Card with a $1,200 limit and a $6 monthly fee.  I opened this card in October of 2016.  

My AAoA is as follows

Tu:  6.2 years

Ex: 5.5 years

Eq: 5.7 years

The Merrick was a credit builder card at the time but I am getting annoyed paying $6 per month just to keep it open.  

I currently just got an AMEX with a 4k limit and if I closed this card I would still have around 19k in available credit with a less than 5% utlization. 

It doesn't appear closing this card would hurt me but I am interested in some thoughts..

Current Scores

Eq: 650 (from 634 on 10/1/17)

Tu: 680 (from 648 on 10/1/17)

Ex: 667 (from 636 on 10/1/17)

[Anonymous]

I’d close the card. Money is king over the few points you may lose in your situation ten years from now. I’d never pay a few once established unless it gets you a net benifit gain like some rewards cards do for travelers. As you get cards for your needs you will build up your revolvers naturally. 

[Anonymous]

It won't hurt you at all.  It ages as part of your AAoA for up to 10 years longer.

I have a free AAoA estimator/calculator spreadsheet I share with folks on the internet, PM me for the Google Sheets link to calculate your own future AAoA if you close one or all your accounts, app for new ones, etc.

[Anonymous]

Close it!  No need to pay $72/yr in AF for no good reason.  Closing it will not adversely impact your AAoA nor will it cause your scores to drop.

[Anonymous]

Thanks everyone. I will close the account.

[SouthJamaica]

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wrote:

Hello friends,

I am considering closing a Merrick Bank Card with a $1,200 limit and a $6 monthly fee.  I opened this card in October of 2016.  

My AAoA is as follows

Tu:  6.2 years

Ex: 5.5 years

Eq: 5.7 years

The Merrick was a credit builder card at the time but I am getting annoyed paying $6 per month just to keep it open.  

I currently just got an AMEX with a 4k limit and if I closed this card I would still have around 19k in available credit with a less than 5% utlization. 

It doesn't appear closing this card would hurt me but I am interested in some thoughts..

Current Scores

Eq: 650 (from 634 on 10/1/17)

Tu: 680 (from 648 on 10/1/17)

Ex: 667 (from 636 on 10/1/17)

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You should definitely close it.

[Hotcoals91]

Some people, including me, can sometimes get confused by credit karma and other sites not including closed accounts in aaoa calculations. A related question i have is since i opened my last two cards on august 28th and 29th, when will fico consider them to be 6 months old?

[Anonymous]

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wrote:
Some people, including me, can sometimes get confused by credit karma and other sites not including closed accounts in aaoa calculations. A related question i have is since i opened my last two cards on august 28th and 29th, when will fico consider them to be 6 months old?

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I would say they are 6 months old on February 1st.