How will closing "new" account will affect my FICO?

[jasonkm1]

Hello!  I have about 20 cards, and my average age is 4.5 to 6 years, depending on what service I'm checking. About a year and 3 months ago I got the Citi Premiere, mainly because they were offering 50,000 thank you bonus points. I already had the Prestige but still got this because I wanted the points. I was planning on cancelling before my year was up but forgot, and was wondering should I just cancel the Premier now since I don't really use it (Prestige has pretty much the same bonus spending categories) or until my second year is up? Basically just want to know if it would be better for my Average of Age Credit if I cancel now or at the end of my second year?  I know since i already paid the annual I should keep the card to make the most out of it but I really don't use it anymore and would just like to cancel to bring my total credit limit down -- It's currently twice my annual salary and don't want to get turn down for the CSP for having "too much" available credit. My scores are around the 815-825 range, and I don't plan on applying for a mortgage for at least a couple years.

[Anonymous]

Closing accounts does not adversely impact AAoA, as closed accounts still impact AAoA under FICO models for 10 more years.  If your desire is to close an account, go for it, as it will not adversely impact your FICO scores.

[jasonkm1]

Thanks for the info! will be canceling

[SouthJamaica]

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@Anonymous wrote:

Closing accounts does not adversely impact AAoA, as closed accounts still impact AAoA under FICO models for 10 more years.  If your desire is to close an account, go for it, as it will not adversely impact your FICO scores.

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Usually perhaps, but not always. 5 of my accounts, after being closed less than a year, stopped being reported on EQ.

[Anonymous]

Sure that's possible, but I think it's more of the exception than the rule.  I've had over a dozen closed accounts and never saw any of them vanish earlier than should have been expected.

[CreditInspired]

My CapI, which was closed by me in 2002 with a $0 balance, is still showing on all 3 CRAs.

OOPS - EDIT

I'm wrong. Was opened 2002 and closed in 2010. Sorry about that slip of the tongue. 😂

[Anonymous]

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@CreditInspired wrote:
My CapI, which was closed by me in 2002 with a $0 balance, is still showing on all 3 CRAs.

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When was the closed date and also the "last reported" date?  Perhaps they didn't really close it until significantly later, or the reported closed date is wrong?  I've had closed accounts continue to report monthly to the CRAs.  Not sure why.  I've always wondered if these accounts would continue to stick around past 10 years of them being closed.   

[rmduhon]

Hubby has an account that was open in 2000 and closed in 2004 still on 2 reports. Last reported in 2004