- Centurion Member
- Posts: 410
- Joined: Wed Jun 04, 2014 1:06 pm
- Location: Chicago
Looks like they just want you to open a new account. Thus, hard inquiry with new account lowering AAoA. By just opening the account, your total length of history won't decrease. If you close that card, it will fall off your report after 10 years, but not right away.
So, the rep is correct about history issue--you will not lose history of your secured card, even if you close it and after a maximum of 10 years. That being said, it does fall off after 10 years, though it will be plenty of time to have other accounts aged. However, he/she is wrong on the inquiry issue, unless the credit union does not perform a hard pull per their underwriting criteria. I still bet they will hard pull you if you open a new account with them, since the only case I know about opening new credit card without hard pull is through the Shopping Cart Trick.
If you don't need to use it, you may simply close the card without worrying about history. By closing it you also no longer need to monitor fraudulent activities on the card, so that saves you time and work. For the next 10 years you still have that good payment record reported, as well as history all the way back there. Even when it falls off, your other accounts surely provide more than 10 years of history at that time.
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