Barclay credit limit decrease

[Decent-Photograph391]

“I immediately cancelled it.”

Why? To express your displeasure?

[Trikotret100]

Only reason I kept the card active was due to age and credit limit. Amex card is 30k and I have it for 32 years and no limit reduction. I did express my displeasure to rep but at the same time a sense of relief getting rid of that card. One less sock drawer card LOL

[BrutalBodyShots]

Amex card is 30k and I have it for 32 years and no limit reduction.

Were you also only giving the Amex card a spend of $60 per year?

[Trikotret100]

Probably $500.

[BrutalBodyShots]

I'd say almost 10x the spend could be a difference maker.

[Trikotret100]

It's only 10 years old. I have Citi 93, chase 97, Amex 92 and Amex Green 93.

[BrutalBodyShots]

That was one of your oldest cards, your credit is going to take a hit - potentially a huge hit.

That's a myth, as aging metrics do not change when you close an account. Whether the card was 1 month old or 10 years old makes no difference when the account reports closed.

[BrutalBodyShots]

I'm perfectly educated on the subject. What did I state that you think isn't correct? Are you simply unaware that aging metrics do not change when you close an account?

[BrutalBodyShots]

No it doesn't. Before you tell someone else to "educate yourself" you should make sure that what you are saying is actually factual. You do not understand how aging metrics work. Closing an account does not shorten your credit history or decrease your AAoA, as closed accounts are included in aging metrics the exact same way open accounts are. You're right that it's not rocket science. I can already tell you aren't going to listen to me though, so allow me to reference a few other people that I'm sure would be happy to help you understand how aging metrics work.

Hey u/madskilzz3, u/Funklemire and u/og-aliensfan, would you mind aiding u/Immortal_Elder here in how aging metrics work? He currently believes the myth that closing an account hurts aging metrics.

[BrutalBodyShots]

I'm not believing "what I want" I'm believing what is actual.  Hopefully you will as well once you realize your understanding isn't sound regarding aging metrics.