Hi all, Trying to decide if this is going to make a big difference score-wise. I have a Cap1 Plat Visa issues 3/02. I also have a Cap1 Classic MC issued 11/99. I'd like to combine the CL's into the Plat Visa because I actively use the Warranty Manager service that comes free with the card (double warranty on purchases up to 1 year). I know I'd be closing an account that's 2.5 years older than the one I have... Is it going to make that much of a score difference? These are the revolv's I have right now Cap1 3/02 Cap1 11/99 Sears 4/95 Discover 3/92 I have 3 or 4 mortgage accounts 2 closed, 2 open, and 5 car accounts (4 closed, 1 open) as far back as 1994. I also just did the Household quad application (trio + gm family) and got approved for all of them, so my average account age is going to take a big hit anyways - do they calc this on only open accounts? Only revolving accounts, etc? I just refi'd my mort 6 months ago, established a good heloc, and bought a new car recently so I'm all credited out for awhile - figure I won't be making any more applications for 6 mos to a year, so a short term dip isn't going to hurt. Just wondering how much of an impact closing the 1999 line will have... thx!
I hear that myFICO web site let's you do a WHAT IF on a single TL. Haven't tried it personally, but it would be as accurate of an indicator of your FICO hit as you're likely to find.
Since you have 2 other TLs that are considerably older, it WON'T affect your score. Heck, it's not even your 2nd oldest TL. The TL that you're converting it to is 2+ years old also, so that won't drastically drag down your average age. Now the HH cards...that's another story, but so long as you have those 2 old TLs, you'll be fine. I have an 8 year old Sears card and the rest of mine(all 4) are under 1 1/2 years old and one of the positives on myfico is the average age of accts.
I don't know how this will affect you Fico-wise, but I always thought that it was best to keep the older TLs and never close any accts. However, if one must close an acct, make sure it's a newer one that doesn't have that much history (but only close one new acct every 6 months or so, so that it doesn't drag down your FICO... it's not a good thing to close a bunch of new accts in one shot). What I suggest you do is ask Cap One retention to upgrade your classic MasterCard to a Platinum MC with the same (or similar) benefits as a Visa Plat. It can be done easily... just make sure to ask for a CLI or a lower APR a few days (or a week or so) BEFORE you ask about combining the accts (this way you may get better terms on your accts before you combine them into the older acct.) This way you don't lose the older TL. Cap One Executive Offices 1-800-955-1455 8 am- 6 pm EST (ask for Autumn or Eugene Cooke) Mr.X p.s. just my 2 cents
