Hey Sebby, thanks for brainstorming the details, I really appreciate your efforts!

A bunch of help, answered a lot of questions along with the most important ones! Thanks!

I close cards if they aren’t useful because putting spend on those cards diverts funds from cards that provide positive expected value. The only exception is my oldest card that I’ve had for over 30 years!

@KP99

2 жыл бұрын

Have you noticed any negative effect on your credit scores by doing it this way? This is what I was thinking of doing too.

What happens to your credit history if a card closes itself?

@frankless4672

2 жыл бұрын

I know this is 2 yrs old but it's better to let the company close your card than you closing the card. It will say closed to inactivity rather if the company closes it and that looks better as long as you have it paid off

Does the same applies for stores credit cards.???

nice video. should i use a credit card i paid off months ago?

What if I regret opening a credit card.. can I cancel it within the first couple weeks without it really hurting my score?

@vintagevirgo

2 жыл бұрын

thats my question

@damespray1492

Жыл бұрын

Mine to I don't want this crappy 300.00 card they can have it back...lol....just don't wanna hurt score

@maxlasater

Жыл бұрын

@@damespray1492 did belks get you?

@releasetoreceive

Жыл бұрын

I have the same question!!! Anyone have insight?

@findingmyinnerself1472

Жыл бұрын

I had a credit card for just under a year. I called trans union and they told me that if a card is less than one year old the hit to your credit score is very minimal. Mine only dropped by 8 points. The older the card the harder the hit. It's best to close cards within five years of opening them to take the least amount of damage to your credit score. This is coming from trans union workers words not mine.

I get that you lose the life span of the credit card but do you lose all those on time payments as well?

Hey @Sebby, do you know if this applies to authorized users too?

Hello, Thanks for your video, but I am still confused a little bit we had a credit card for more than 20 years we been very good standing, and for about 4 years we did not use it, we got a letter that we need to use it other wise the Credit card company will closed it, my question is , if we let them closed our account it will affect our credit? or it will be better if we closed it? or just keep it? we do not really use it anymore we had 2 more Credit cards. Thank you.

Hey Sebby I have a question. I currently have the southwest premier card (have had it for 3 years now). I was thinking of closing it and applying for their new card (the $149 fee one). Do you think I would get approved if I close it and Apply for the other? Is there a certain amount of time I should wait? HELP PLEASE!

What if ur just an Authorized user and u wanna cancel that card will it hurt ur credit

How about is the card is secure and I just have 300CL ? My other cards are over that what is your recommendation on this case

My oldest one is self credit builder but I didn’t get the card so it’s just the account dø I just keep it open?

This is really informative. I got a question, why I can’t be approved after cancelling my credit card? Is it because of the cancellation I made in the past? Thank you.

Hi Sebby, is this the same case if you close your charge card? like Amex gold ?

@Sebby what if you have several department store cards that you no longer use with a zero balance, should you close them if you no longer have intentions on using them? And will that impact your credit score?

I’m 20 and got a Capital One Venture Rewards card 1.2 years ago. I have two other cards open, a Citi Costco and Chase Sapphire (no-fee version) that I’ve had for 2.5 and 4.8 years. I’m pretty sure I’m not the primary holder for those two cards. I have literally not touched the Capital One card since I got it, completely wasting the sign-up bonus. Have not used it once, not even registered it if that’s something that needs to be done. It was a bad impulse decision and I didn’t realize I’d get approved so fast. Should I close it or just downgrade it to the Venture card with no fee? If I close it, is it better to do it now or wait? I’m planning on opening a new card seriously this time, probably the CSP, if that makes a difference. And if it’s downgraded, do you need to use it at least once every 6 months to keep it alive or can you just have a balance of 0 forever?

Nice to know. can you make a video about the Disney cards. Will it be the happiest card?

@AskSebby

6 жыл бұрын

Disney cards comparison: kzread.info/dash/bejne/gKSAtNJ8hdStZLA.html

I received a letter from the credit card issuer telling me to keep using my card or they’ll have to cancel it. I stopped using this card because it doesn’t offer me the benefits that I get from other cards. After the letter, I made a few transactions because the thought of having my credit card canceled by the issuer didn’t sit well with me. Should I cancel it on my own? There’s not a whole lot of transactions since I got the card.

thank you for the video. Do you just call or send letter to lower your credit limit? those that hurt your credit score?

Hey question. The other day I signed up for an old navy credit card thinking it was a membership card. Would it be better to pay it off keep it and not use it or just sparingly or to pay it off and ask to cancel it.

I have a credit union card visa would it hurt my credit score if I cancel the card ?

Hey Sebby, thanks for this great explanation. What's your take on the following? I have 2 credit cards, 1 with discover (opened in August 2017) and the second one with Chase (opened in December of 2019). No late payments at all, good credit score, total credit between the 2 is 11.5k (I'm not a big spender). I'm thinking about closing my chase credit card (I won't be using it much) after I get a Wells Fargo credit card so I keep my oldest one and the new one. I'd like to get the Wells Fargo credit card because they offer 2% Cashback on all purchases, the chase card is 1.5% Cashback, but Wells Fargo's is offering a 200 dollar sign up bonus. I'm doubtful about this move. Thanks in advance.

I have 4 credits cards would I be affected if I closed 2 of them

Hi, they are treating me that if i don't accept the anual fee due to amendment modification( my card used to be no anual fee) so they are going to cancel my account, I dont want to accept, will this affect credit score the same if they cancel my credit card than if I cancel it?? Thank you.

I have 2 cards with a high interest rate and a annual fee but the cards are paid off that is why I want them closed so should I freeze the accounts?

Hey, I opened a Victoria’s Secret credit card & I went from a 710 to a 662. I only had two lines of credit prior to opening that third line, which were my student loans & a discover credit card. My credit history was averaged at a little over 8 years between the two. If I close the new account will my length of credit go back up to 8 years & will my score score go back up? I got dropped 50+ points

"Oftenly asked question?" That just sounds weird.

Also i had a joint account and synchrony bank closed mine without my consent and my score dropped 12 points on transunion made me so mad will never use them again their reason was because i or my co aplicant score dropped i know it was not mine plus i payed my balances way before so i had the card in good standing is there anything i can do to get them to remove it now that my credit dropped do to their stupidity to close it ? My theory is that since they could not get any late fees or interest charges out of me they decided to close it

So if it does have an annual fee, you think it’s worth it to cancel the card?

I have all together 2,500 of available credit. I’m thinking about canceling my capital one secured card because you can’t product change it and my $600 deposit is locked up, just simply never use the card. How much do you think this will affect my score?

Hey Sebby what are your thoughts on the app DEBX?

Is it bad to have a high credit limit when I’m not using the card? It seems that I won’t be able to get a zero interest card because they might think I’ll use the high credit limit card and not pay them.

I'm transferring all my balances to one NEW credit card (it has 0% apr and 0% balance transfer) and all those balances will equal about 45% of that one credit cards limit. This is so I can quickly pay the balance off. But, my total utilization across all cards will still only be about 15%. Did I make a good choice? Or should I have left them spread out? I was thinking my score would lower a few points with the new card but in the long run, my score would go up even higher. I was a 790 about 3 months ago but am now at 755 (Im guessing because I was unemployed for a few months so my utilization went up) so I am hoping what I just did will get me back up in the coming months.

If I remove a fairly new Trade-line from my credit report will it hurt my credit score?

what if i close one but open another?

2 months they never sent my card so i asked for my deposit back and they closed the account if i get a bad credit score I'll sue

I want to ask a question I have the credit card but I only have it for a little while but it's an annual fee but my credit went up and I got two other cards with no annual fee and they boost my credit up but I want to get rid of the one with the annual fee but it's paid off completely I don't owe nothing on the card I pay my cards off completely every time I use them is it bad to cut that one off with annual fee now or is it too early to

Does closing Amex plat/gold affect your utilization at all, due to them not having a set limit?

I applied for care credit cause I was looking into getting Byte. But my mom died so I never did it and cancelled the bite process. A half year later I got the credit card for it. I don't plan in using it anymore and haven't even activated it. Am I good to just cancel it?

What if the card is from Credit One? And the bank is terrible? And I only had it for six months?

I need help .... I have a 20 years old Cap One credit card with a 12,900 limit which I want to close and the reason is they refuse to lower my APR and I have a fee of 39.99 a year my credit score is 800 .... ... I have 3 other CC with 12%-14% APR is this 23.99% affecting my score by being the highest on my record?

I have a kohl target and a school first credit card closed account. I want to fix it, should I reopen? Or leave it as is. I’m trying to get serious with credit score 7 years-6 years ago I was dumb and young. Since older I want to fix my score my score now is really decent I went from 408-mid 700s I noticed I have three closed accounts

I want to cancel my credit card but I have it for over seven years the balance on it it’s only 900 do you think it’s a good idea to cancel it?

Hey I have a credit card that has 1,000 limit that's has an annual fee and I don't use the card. I was wondering should I cancel it? And will it hurt my credit score? I had this card for 5 years.

I’ve had a Capital One card for almost 5 years. With an annual fee of $59 and with only $300 limit which is garbage. Never got a limit increase on it. In total, I have $40k credit limit on my other cards from other banks that are newer (less than 2 years average age). Is it safe to close the Capital One to avoid the annual fee renewal in July?

i want to purchase something from best buy and planning to open credit card for monthly payment for 18 months my question was once i paid in full for 18 months can i cancel my card and is it gonna hurt my credit score ?

Hi Shebby, Thank you for the videos you put out! I am in a bizarre situation. I currently have Delta Platinum, but I really want to get the Amex Gold instead. I know I have to cancel my Delta card but I only had it since March. Do you think it is early enough for me to cancel it and sacrifice a few credit scores? FYI, I have over 800+ cred score and one other credit card, a total of 2 cards with Delta. Please I need your expertise! Love, Jason

@petermchaney3580

2 ай бұрын

For clarity: why do you have to cancel your delta card?

I had my card for 9 months and I have a 750 credit score will it drop if cancel it?

Is cancelling a charge card better than cancelling a regular card. Annual fee on my gold card and little use is a reason for me to charge my Amex gold card‼️

I’m trying to close my secure credit card. It was my first Credit card I had so it’s my oldest card. But now I have 6 other credit cards. And my secure credit card has a annual fee and I don’t even use it anymore. The limit of that card is 200$ what should I do please help

How does it affect your score when you upgrade your oldest card to a different card with a new number? Like going from a Chase Freedom to a Chase Sapphire preferred.

@Kevheav

4 жыл бұрын

Chris Elsen I think it would make sense to keep the freedom in this case so you can maximize your points under chase

I have multiple cards but I want to cancel the cash secured card which is the oldest. I just don’t want to tie up money in a card I don’t use. Any tips? My utilization is below 20%

I have a secured card and I just want the money ($2500) back, is it advisable to close the card. There is no points/incentives and just got a real card that helps me collect points and rental car insurance at least.

Can anyone answer me plz, i just got a credit card and my available credit is $200 (the minimum amount to deposit when you first get a credit card is $200 for me) but i got fired from my job so im broke. I need those $200 in available credit in my debit card or cash can i do that? And will i have to pay a bill to capital one for taking the money?

Hey sebby, what about companies that guarantee helping a consumer by taking a negative remark off their credit report? How accurate are these? I’m doing lots of research before taking that step instead of waiting seven years, any info or insights on the matter? Thanks Sebby

@AskSebby

6 жыл бұрын

No experience with those products. I would be weary of anyone that "guarantees" anything though. AFAIK, they likely just make mail contention letters. If the bank has evidence, it will eventually end up back on your report.

I had closed a few and I always ask if the CL can be transferred to another card and it almost can. So I only lose $500 as the accounts can't be closed without $500. But at least I get the CL of another card increased and the utilization stays low. YMMV!

@dugroz

5 жыл бұрын

That's a great idea, if they let you!

Sebby thanks once again for this video , I have couple of student loans and I'm getting ready to pay off the one with the lowest amount $8,500 in June . The reality is , my student loans are the oldest accounts on my credit history. So my question is , would this affect my score negatively ?? This video came in at the right

@AskSebby

6 жыл бұрын

It will, so I would build out that base. Even though "credit mix" plays a role, you eventually don't want to have other credit vehicles since they involve interest.

Do you feel the same way if it's a store card like fingehut Or Victoria secret?

@AskSebby

6 жыл бұрын

I don't recommend getting those cards in the first place: kzread.info/dash/bejne/qaSJqNeCnpenZNo.html Answer: YMMV. There's not really a right or wrong answer.

I canceled the amex greeen card? It never showed credit usage on it? I've had it for almost a year now. I didn't need to have anymore credit cards with an annual fee?

@AskSebby

6 жыл бұрын

Charge cards and utilization: www.asksebby.com/blog/how-do-charge-cards-affect-your-credit-score

I think main thing that affects your credit score from cancelling a card is you lose that card’s credit line which leads to you having a higher utilization percentage. That’s why I always recommend moving that credit to another card that your keeping open from the same bank/lender before closing s card

@AskSebby

6 жыл бұрын

If you're playing the game optimally, utilization arguably shouldn't be an issue.

Unfortunately I opened 5 current accounts within 6months and my credit score gone rapidly down, now if I close 2 of my current account will it hurt my score or increase my score?? please reply anyone

I canceled 10 cards. I still have 17 others. The ones I canceled had small limits and accounted for 35k. The other 17 account for 226k of credit

I have a question I have 5 credit cards one of them has an annual fee and I have never used it should I cancel that card or what do I do

@Fred-zk3wv

4 жыл бұрын

That was the question I was hoping he answered. If you happen to read this and have figured out what to do please 🙏🙏 🙏 let me know. Am ready to cancel my capital one I don't use with annual fees.

I have 2 high tier cards, 1 good cash back no fees, 1 no fee Amex just for the concert presales, and 2 bum cards I don't want. Should I cancel 2 the bum cards?

@MoneyB

3 жыл бұрын

Did you cancel them👀

Can cancelling inactivated credit card affects my credit score?

Hey Sebby. How is your credit card score impacted when combining two credit cards from the same issuer?. I know that your total available credit and utilization won't change but how does that affect your total accounts and average age of accounts?

@AskSebby

5 жыл бұрын

No affect. Only difference is 1 inquiry (and inquiries stop mattering after a year anyways).

Hey Sebby. My question is what happens when the card is cancelled by the issuer and not by you. Example: I had a Best Buy Store card years ago before they partnered up with Citi. When they partnered up, they sent me the new Citi Best Buy rewards card and then cancelled my store card. Does that still count even though that was not my decision?

@AskSebby

6 жыл бұрын

Check your credit report or Credit Karma to see what happened. a) If yes transferred = what I explained in this video b) If not transferred = no impact

@blezz3d

Жыл бұрын

that's what I was wondering as well. I have an Ashley's advantage card that is NOT beneficial and it's hurting me more than helping me. However, I am afraid to close it due to account history.

What if they close it for not using it

I had my one and only credit card since 2010. When applying for a new card, should I lower my monthly limit on my old one?

@AskSebby

6 жыл бұрын

Given you're thin file, no. The only reason to lower limits is to de-risk (useful for 10 cards+).

Sebby, How do you feel about the chase offer for the extra 30k UR points after spending 20k on the Chase Sapphire preferred? Thanks!

@AskSebby

6 жыл бұрын

Not worth it for most people. Better off with min spends unless you have business spend.

I am recovering from a November, 2015 Bankruptcy. I have 6 credit cards and I am a AU user on an Amex green charge card. My first card was a Credit one credit card with a 1500 limit. I should have gotten the Discover secured because it graduates to non-secured. I don't use it I just pay the monthly annual fee to keep the card reporting. It is my oldest card at 3 years, should I keep it open or close it out? I am currently at zero balance on all cards except Savor card with a 11 percent utilization. Thanks in advance.

@latachia_2981

2 жыл бұрын

I just made the mistake of closing 3 cards & my credit score just went down 82 points! Ouch! I have several other cards & didn't want to pay the annual fees.....

If you immediately cancel a credit card after you just applied for it with a thin file, will it drastically hurt my credit score?

@mbj920

4 жыл бұрын

Martin dove have you found out yet? Thanks

I'm in the process of closing 4 credit cards the goal was get approved for a mortgage when I got my house the 4 credit cards served their purpose and I no longer saw any use for them

I had a capital one card that ive had for a year and a half and never once used it, no annual fee and I closed it today, this shouldn't be a big problem right?

@halofreak644

5 жыл бұрын

that was my 6th credit line now I have 5

I have 6 credit cards though. I want to pay off the cards and only keep 3 to 4 of them. I’m trying to be more financially responsible and maintain good credit 🤔🤔🤔

@miguelgutierrez110

2 жыл бұрын

Same here

@jamaicanstory2114

2 жыл бұрын

Awesome

Does effect u when u open a card and close it right way cause ...I didn’t wanted no more can u answer that plz thanks

@sukkak7450

4 жыл бұрын

Victor tovar I did the same I applied for card , got approved but my score dropped from 749 to 730 I don’t want the card but I’m afraid if I close it right away it’s gonna drop my score again

Damn trying to cancel my Capitol one cuz it’s $39 a year and they won’t let me upgrade it to the no fee one .. despite now having the credit score

Bank of America rewards card has a fee of $39 annually. I've been considering opening up my first credit card with BOA because I have an existing debt account with them, but I'm a little worried about the annual fee and how it can effect my credit score. Is Bank of America rewards cards a good idea to open or not?

@AskSebby

6 жыл бұрын

Remember that it's a stepping stone to get you "one the board": www.asksebby.com/blog/comparing-secured-credit-cards-from-major-issuers

I have some store specific cards that I don’t use AT ALL .( I know, I shouldn’t have open them in the first place) They have zero balance on them . Their limit is 1500, 3000, and 500. Should I close it?

@AskSebby

5 жыл бұрын

www.asksebby.com/blog/when-should-you-cancel-your-credit-cards

I just found out today my oldest credit card was canceled after four years... It was just one of those retail store ones that I used once and put in a drawer :/ I figured that if they weren't going to cancel it after one year of inactivity, they probably weren't going to at all. I guess I was wrong...

@AskSebby

6 жыл бұрын

Grocery store or Amazon balance loads are a nice way to keep them active: www.asksebby.com/blog/how-often-should-you-use-your-credit-cards-to-keep-them-active

@franciscochavez6119

5 жыл бұрын

Did it affect your credit score?

@Elcocorococ

2 жыл бұрын

@Kamaldeep Singh can you tell me by how many points?

Just canceled by Prestige card because they sent the email devaluing the trip delay (6hrs) requirement and purchased protection. Back to good o' AMEX

@AskSebby

6 жыл бұрын

Why not downgrade to DC/Dividend/Costco? kzread.info/dash/bejne/ioGH0tern6vWibg.html

My question is how about when you cancel a amex charge card? (PRG) I’m thinking of applying for Amex Platinum Card and cancel the prg I’ll hit the one year mark with prg in August. Also will get blue business plus for non category spend. I have 9 cards so far and the 7 I’ll keep it forever since spg and ihg gives free night. and one is Hilton business card which I’ll cancel a year later. And once I’ll get the platinum I’ll keep that card and maybe downgrade my reserve since I can and just keep platinum forever I guess for it’s benefits.

@AskSebby

6 жыл бұрын

Not really a right or wrong answer. It's just about +EV decision making: kzread.info/dash/bejne/dquWsM2ynaXQoMY.html

@sunnykhoja7932

6 жыл бұрын

Ask Sebby well my only concern is since the charge card it doesn’t report it to the credit report for utilization.

can i close my new Paypal Credit line? CC already

I find this video interesting. However I feel like the system is designed to keep consumers trapped.

@indigowarrior7842

5 жыл бұрын

Enslaved, is the intention coupled with fear and oppression as the invisible yoke.

@DURRAKUKSI

4 жыл бұрын

Did it took you a while to figure this out ?

@lucinefilmsllc

2 жыл бұрын

It is...never forget that and use it to your advantage and not only be a consumer but also make consumers by opening a business or doing something to give yourself multiple streams of income.

What if you opened a retail charge account with a tire company, and realize a few months later that you don’t want the account. Being a couple months old, will that hurt your score?

@AskSebby

6 жыл бұрын

The video covered the impact. Blog post if you don't want to rewatch: www.asksebby.com/blog/how-does-canceling-a-credit-card-affect-your-credit-score

@blezz3d

Жыл бұрын

that's what I'm trying to find out too

What if you paid the credit card off, but want want to close it because there’s an annual fee plus a monthly fee for having it. Would it be recommend to close it since there’s not much benefit to it?

@AskSebby

6 жыл бұрын

I would build up a base of cards first (probably at least 5 cards) and then close it. Your base should be cards that have no annual fee (or "keeper cards") AND provide valuable perks: kzread.info/dash/bejne/mHZ_vLGne6-nZLA.html

I got the Amex blue cash preferred and I’m definitely gonna apply for the gold card soon. Was either thinking about canceling my bcp or downgrading to the blue cash everyday but I know I won’t ever use it once I get the gold. Any suggestions?

@PetraruRazvan

3 жыл бұрын

if it's going to be a 0$ annual fee just keep it and put it somewhere you are not prone to use it. maybe have 1 transaction per quarter so is not going to be deactivated by amex

@AskSebby

3 жыл бұрын

If you've gotten BCE bonus, then downgrade. Otherwise I would just cancel. YMMV.

How much does it affect to cancel a credit card that I am an added user?

@AskSebby

4 жыл бұрын

Lowers AAoA. Utilization is generally the bigger issue though. YMMV.

@reneaoreilly8327

4 жыл бұрын

@@AskSebby thanks you

What if you’ve had something like the CSP for over 2 years and you want to requalify for the 50k sign up bonus. Wouldn’t you have to cancel the card and reapply for it every 2 years to get this bonus?

@AskSebby

6 жыл бұрын

Downgrade instead: www.asksebby.com/blog/product-change-options-for-chase-credit-cards

Would give anything to be able to cancel my credit one bank card. I closed it last year and my credit score wen down 80 points had to reopen the card and got 60 points back. Credit system is horrible you should be able to cancel any card as long as the balance is 0.

@AskSebby

4 жыл бұрын

I would build out a base of other no annual fee cards from other issuers. You probably want 3-5 cards as a base (or at least that's my recommended target).

@naeemriggins2600

4 жыл бұрын

Your card had a zero balance when u cancelled it?

@r9birth

3 жыл бұрын

@@naeemriggins2600 no I think they mean they paid off the credit card and closed it

im closing the chase preferred because i i applied for it 2 weeks ago with the 80k bonus intro, and today a 100k intro bonus came about. I have not received the card yet and they refuse to switch me to the 100k intro bonus. So can i just cancel it and reapply to gain the intro?

@juniorharlowega1133

3 жыл бұрын

Reach out nutshellforce on IG he’d help you

I see some new pops!

@AskSebby

6 жыл бұрын

Technically free (and made me money) via AT&T BoA deal: www.asksebby.com/blog/friday-roundup-chase-offers-get-30-at-att-and-hotel-promotions-ihg-spg-and-hilton

Hey, I would love your opinion on if I should close one of my credit card from credit one bank? I want to close my card of 2 years 100% payments on time and always paid in full never late only $450 limit. I have 7 cards so never really use this one plus it dose of a monthly fee of $10. What are your thoughts? Thank you

@AskSebby

3 жыл бұрын

If you have other cards, I would lean towards closing. Especially with that $10/month fee.

@daniellesully86

3 жыл бұрын

@@AskSebby Thank you

Situational question: Mom recently went to JCPenny and the cashier basically sold her on their credit card, mom was approved for $500 and so she made a $30 purchase with it. She gets home and I explain that she opened a credit card with JCPenny. She freaked out as she didn’t realize she had opened a CREDIT card and thought the cashier was giving her a store rewards card of some sort. She currently is in the process of restoring her credit and it really does not benefit her to have a new credit card let alone a STORE credit card where she very seldomy shops at. The card was approved last week, we went ahead and canceled the credit card yesterday. My question: Taking into consideration that it's only been about a week since the card has been active and we already issued a payment for the $30 she had used HOW would it affect her credit since we cancelled it? Thanks in advance.

@AskSebby

6 жыл бұрын

I feel like I answered this pretty thoroughly in this video. If you didn't have a chance to watch it all, there's always an accompanying blog post to skim: www.asksebby.com/blog/how-does-canceling-a-credit-card-affect-your-credit-score

@Anzomia

6 жыл бұрын

Ask Sebby Thanks!

What about closing an account that is rather new (one year or less)? Would that improve my average age of accounts? considering it's not really going to affect my utilization which would remain low.

@PointsPointers

6 жыл бұрын

No. Cancelling a new account won’t increase your average age of accounts (AAoA). Once account is open and hits your report it stays there for years

@oferdallal

6 жыл бұрын

Points Pointers, average age of accounts is calculated from open accounts only, isn't it? That's why they tell you not to close an old account.

@PointsPointers

6 жыл бұрын

Ofer dal Lal from my understanding it’s not. The age of a credit card is determined by a credit scoring model looking at the “date opened” field on a credit report and calculating the age of the account. That process doesn’t change just because the card is closed. As a matter of fact, closed accounts continue to age on your report. Hope this answers your question

@AskSebby

6 жыл бұрын

Closing your cards do NOT help AAoA. They'll continue to age and then fall off at the 7-10 year mark.

What's your opinion on keeping a $0 balance on a card that I don't/won't use, but don't want to cancel due to no annual fee and credit history?

@AskSebby

6 жыл бұрын

That's fine. Just use it every 5-6 months at least once (some issuers will close you out due to inactivity at the 6 month mark).

@jaehwankim6791

6 жыл бұрын

Ask Sebby thanks! It’s a BOFA travel and it was my first card, but the card and the company frankly suck.

@AskSebby

6 жыл бұрын

Another options is Netflix/Spotify/whatever and just set auto-pay so you never risk losing your oldest card, in case life/travel/etc. comes up :)

@jaehwankim6791

6 жыл бұрын

that's a great idea, I'll definitely do that. Thanks!

I’ve actually been told that I have too many credit cards. I have 3 that I never ever use. I’m really considering closing them. You think that’s a good idea in thiscase

@AskSebby

4 жыл бұрын

Many people here have 10+ without issue. Your call at the end of the day. Here's my thought process: www.asksebby.com/blog/when-should-you-cancel-your-credit-cards

I JUST GOT CREDIT ONE I'VE HAD IT FOR 2 WEEKS, CAN I CANCEL IT??. WILL IT EFFECT MY CREDIT??

@godflash3091

4 жыл бұрын

NANDO H.M I got the college Wells Fargo credit cards and had it for around 2 weeks how does it effect my credit !!**