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Author Topic: How much is your oldest card worth?  (Read 2578 times)

Offline Shmelly

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How much is your oldest card worth?
« on: November 28, 2011, 08:37:27 PM »
My wife has a lame BoA card which she never uses. Other than store credit cards, its the only card she has. Is it worth keeping the card open and paying a $29 annual fee? IOW, what is the value of 1 year of credit history?

She has poor credit as it is, due to some mistakes from her youth (660 per CreditKarma). I wanted to do a 3BM for her and need to know how important this BoA card is. Thanks.
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Offline AsherO

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Re: How much is your oldest card worth?
« Reply #1 on: November 28, 2011, 08:55:36 PM »
Quote from: Shmelly on November 28, 2011, 08:37:27 PM
My wife has a lame BoA card which she never uses. Other than store credit cards, its the only card she has. Is it worth keeping the card open and paying a $29 annual fee? IOW, what is the value of 1 year of credit history?

She has poor credit as it is, due to some mistakes from her youth (660 per CreditKarma). I wanted to do a 3BM for her and need to know how important this BoA card is. Thanks.

Won't BOA switch it to a fee free card? Try one of the online simulators and see how closing that card affects her average age of accounts.
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Offline HelpMe

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Re: How much is your oldest card worth?
« Reply #2 on: November 29, 2011, 01:08:12 AM »
Quote from: AsherO on November 28, 2011, 08:55:36 PM
Try one of the online simulators and see how closing that card affects her average age of accounts.
FICO counts all cards (open or closed) for AAoA.
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Offline AsherO

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Re: How much is your oldest card worth?
« Reply #3 on: November 29, 2011, 01:12:26 AM »
Quote from: HelpMe on November 29, 2011, 01:08:12 AM
FICO counts all cards (open or closed) for AAoA.

That's what people have been saying here lately, but I think that's only upto 10 years, no?
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Offline HelpMe

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Re: How much is your oldest card worth?
« Reply #4 on: November 29, 2011, 01:20:24 AM »
Quote from: AsherO on November 29, 2011, 01:12:26 AM
That's what people have been saying here lately, but I think that's only upto 10 years, no?
The 10 year figure comes from when the closed card falls of your report. I have one that is still on my reports after 11 years. I have also had cards fall off before 10 years.
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Offline Chaikel

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Re: How much is your oldest card worth?
« Reply #5 on: November 29, 2011, 01:29:07 AM »
My oldest card was closed and fell off. Don't remember dates, but 10 years sounds about right
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Offline Am

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Re: How much is your oldest card worth?
« Reply #6 on: November 29, 2011, 01:56:51 AM »
Quote from: AsherO on November 28, 2011, 08:55:36 PM
Won't BOA switch it to a fee free card? Try one of the online simulators and see how closing that card affects her average age of accounts.
If it's switched to a fee free card wont it be considered a newer card?
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Offline AsherO

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Re: How much is your oldest card worth?
« Reply #7 on: November 29, 2011, 02:03:04 AM »
Quote from: Am on November 29, 2011, 01:56:51 AM
If it's switched to a fee free card wont it be considered a newer card?

Nope. Same account, different card.
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Offline AJK

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Re: How much is your oldest card worth?
« Reply #8 on: November 29, 2011, 02:04:14 AM »
Quote from: Am on November 29, 2011, 01:56:51 AM
If it's switched to a fee free card wont it be considered a newer card?

Shouldn't be. It'd be the same line of credit, just different actual card.
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Offline txtmax4

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Re: How much is your oldest card worth?
« Reply #9 on: April 20, 2012, 12:14:41 AM »
Quote from: AsherO on November 28, 2011, 08:55:36 PM
Won't BOA switch it to a fee free card? Try one of the online simulators and see how closing that card affects her average age of accounts.
For the record, I just "simulated" closing my oldest account with CreditKarma and only 3 points came off the score. Granted, its not FICO, but just sayin'.
It also might be 3 points in my case but more in someone else's..
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Offline meshugener

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Re: How much is your oldest card worth?
« Reply #10 on: April 20, 2012, 09:17:05 AM »
How old is that card, and how old is your second-to-the-oldest card?
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Offline txtmax4

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Re: How much is your oldest card worth?
« Reply #11 on: April 23, 2012, 03:25:52 AM »
Quote from: meshugener on April 20, 2012, 09:17:05 AM
How old is that card, and how old is your second-to-the-oldest card?
Both very old.
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