Author Topic: Should I close young card accounts?  (Read 1905 times)

Offline dpeikes

  • Dansdeals Silver Elite
  • **
  • Join Date: Mar 2009
  • Posts: 96
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Should I close young card accounts?
« on: April 17, 2014, 01:24:26 PM »
Should I close young card accounts?  I am trying to bring my credit age up.  My understanding is there are 2 pieces to this:
1. Your credit birthday which is what it is unless I were to get added to one of my parents accounts
2. The average age of your accounts which could in theory be raised by closing young accounts.  I realize this may impact my credit utilization score, but I have way more credit than I use so I am not to worried about that

Offline incendia

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2011
  • Posts: 1272
  • Total likes: 77
  • DansDeals.com Hat Tips 8
    • View Profile
Re: Should I close young card accounts?
« Reply #1 on: April 17, 2014, 01:35:25 PM »
Amex dates all your cards from the same time so in theory if you have an older amex you can get more amex cards and that should make your average age older

Offline Joe4007

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2013
  • Posts: 4077
  • Total likes: 154
  • DansDeals.com Hat Tips 11
    • View Profile
  • Location: NY
Re: Should I close young card accounts?
« Reply #2 on: April 17, 2014, 01:42:47 PM »
Should I close young card accounts?  I am trying to bring my credit age up.  My understanding is there are 2 pieces to this:
1. Your credit birthday which is what it is unless I were to get added to one of my parents accounts
2. The average age of your accounts which could in theory be raised by closing young accounts.  I realize this may impact my credit utilization score, but I have way more credit than I use so I am not to worried about that
1. AFAIK that won't help as AU's on AMEX CC's are no longer reported on your credit report as being opened on the original account opening date (if you have an older AMEX card of your own, you could raise your average by obtaining more AMEX cards) .
2. It takes 10 years for a closed account to fall off your credit report so this won't help either.
« Last Edit: April 17, 2014, 01:55:49 PM by Joe4007 »

Offline dpeikes

  • Dansdeals Silver Elite
  • **
  • Join Date: Mar 2009
  • Posts: 96
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Should I close young card accounts?
« Reply #3 on: April 17, 2014, 01:54:22 PM »
Thanks

Offline CountValentine

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2013
  • Posts: 15787
  • Total likes: 7316
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Should I close young card accounts?
« Reply #4 on: April 17, 2014, 03:42:29 PM »
2. It takes 10 years for a closed account to fall off your credit report so this won't help either.
You can dispute the account with the CRA's and have it removed.
Only on DDF does 24/6 mean 24/5/half/half

Offline Joe4007

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2013
  • Posts: 4077
  • Total likes: 154
  • DansDeals.com Hat Tips 11
    • View Profile
  • Location: NY
Re: Should I close young card accounts?
« Reply #5 on: April 17, 2014, 04:39:32 PM »
You can dispute the account with the CRA's and have it removed.
On what basis? Will they simply remove it without challenging the dispute?

Offline popcorn1508

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2012
  • Posts: 1601
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
  • Programs: national executive elite, hertz presidents circle
Re: Should I close young card accounts?
« Reply #6 on: April 17, 2014, 04:51:14 PM »
You can dispute the account with the CRA's and have it removed.
can you also dispute pulls if you get declined

Offline CountValentine

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2013
  • Posts: 15787
  • Total likes: 7316
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Should I close young card accounts?
« Reply #7 on: April 17, 2014, 05:11:36 PM »
Will they simply remove it without challenging the dispute?
Most of the time.
Only on DDF does 24/6 mean 24/5/half/half

Offline CountValentine

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2013
  • Posts: 15787
  • Total likes: 7316
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Should I close young card accounts?
« Reply #8 on: April 17, 2014, 05:12:06 PM »
can you also dispute pulls if you get declined
AFAIK it does not work any more.
Only on DDF does 24/6 mean 24/5/half/half