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Closing account won't lower my score?

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Established Contributor

Closing account won't lower my score?

I want to close my oldest credit card account, which is a secured card. I now have numerous unsecured cards with limits thousands of dollars higher than the secured card and have no further use of the secured card. In addition, the creditor who issued the secured card has just approved me for an unsecured card 10X the limit of the secured card. I want to check my facts. Closing the secured card will not harm my FICO score because the account still gets counted in my average age of accounts?

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $6K l Aviator Red $3.5K | Best Buy $6K | Amazon $6K | Chase $5K | BBVA $6K | UFCU $10K | NFCU $15K
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Moderator Emeritus

Re: Closing account won't lower my score?


@soloman wrote:

I want to close my oldest credit card account, which is a secured card. I now have numerous unsecured cards with limits thousands of dollars higher than the secured card and have no further use of the secured card. In addition, the creditor who issued the secured card has just approved me for an unsecured card 10X the limit of the secured card. I want to check my facts. Closing the secured card will not harm my FICO score because the account still gets counted in my average age of accounts?


If it's irrelevant to the revolving utilization (aggregate, numbers of revolving trades with balances) then yeah no problem now, but it starts the 10 year clock for it's falling off which FWIW you should be fine at.  




        
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Established Contributor

Re: Closing account won't lower my score?

Ok thanks!! I thought so but wanted to be sure.

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $6K l Aviator Red $3.5K | Best Buy $6K | Amazon $6K | Chase $5K | BBVA $6K | UFCU $10K | NFCU $15K
Message 3 of 6
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Moderator Emeritus

Re: Closing account won't lower my score?


@soloman wrote:

I want to close my oldest credit card account, which is a secured card. I now have numerous unsecured cards with limits thousands of dollars higher than the secured card and have no further use of the secured card. In addition, the creditor who issued the secured card has just approved me for an unsecured card 10X the limit of the secured card. I want to check my facts. Closing the secured card will not harm my FICO score because the account still gets counted in my average age of accounts?


Sounds like you'll be fine but here are some details about Closing Credit Cards.

Message 4 of 6
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Established Contributor

Re: Closing account won't lower my score?

UPDATE: I did close the account and today received a myFICO alert. The creditor added comment stating "closed by consumer request". There was no change in score. This forum rocks!!

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $6K l Aviator Red $3.5K | Best Buy $6K | Amazon $6K | Chase $5K | BBVA $6K | UFCU $10K | NFCU $15K
Message 5 of 6
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Senior Contributor

Re: Closing account won't lower my score?


@soloman wrote:

UPDATE: I did close the account and today received a myFICO alert. The creditor added comment stating "closed by consumer request". There was no change in score. This forum rocks!!


I have three that have that notation. If gives me pleasure when I read it because they were crap cards and I'm glad they're gone.

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