Moneytalks wrote:Another question: If I do close the card, how many points we talking off my credit score???!!!
As long as you are approved for the USAA with an equal or greater credit line, you shouldn't take a hit on your FICO at all for closing the Citibank. You will take a hit for the new USAA account as well as for the credit inquiry.
Your Citibank account will report for 10 years after closing it, so your score would only take a hit after it falls off your bureau. And this is true; I had an old Associates Visa (long gone, Citibank bought them in 2000 or 2001?) anyway, I closed it in 2001 and last year it fell off my bureau, which lowered my AAoA and my score went down a few points. Not really a big deal. This year my old Fleet Visa falls off in April and I caluclated my AAoA...it would have lowered my AAoA from 9.1 years to 8.9...so I opened an Amex Zync in January-since I have been a member since 1999 my new Zync reports as being 13 and it raised my AAoA back up to 9.3 years.
So once the Fleet Visa falls off (it has been closed since 4/02) my AAoA will be 9.1 years again. So, again, not really a huge deal, but I like that I have a relatively old AAoA. Helps the score quite a bit as a big chunk of your FICO score is length of credit.
I stand by what I said though, I'd keep the Citibank.