Reply
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Advice On Closing Cards..



erchambers wrote:
It seems like a lot of companies will let you slip by with the same score and 6 month old inqs when they might not have at the same score and brand new inqs. I think both Citi and Penfed don't look very hard at inqs over 6 months old. Which makes sense, because any new accounts should show up within that timeframe.


Right--two different issues there: how inqs affect your FICO score, and how inqs affect your chances for new credit.

We've had other members with a load of inqs in the 13-24 month old range. No longer a scoring penalty, but they still display, and they had to explain to new creditors why they had had so many!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008
0

Re: Advice On Closing Cards..

Well I was just playing devil's advocate wrt that being the way he meant "decay in impact" :smileywink:
Established Member
Trev
Posts: 10
Registered: ‎03-04-2007
0

Re: Advice On Closing Cards..

Ok,

Thanks for the input folks, I appreciate it. Those cards I am considering closing have small CL, yes I know every bit helps.

I think I'll keep them open and use them lightly for now.

It cannot hurt my credit, less I miss a payment :smileyhappy:

With the amount of preapps I get per week right now, I'll wait until I get another card with a couple thousand CL on it before cutting out on the smaller cards.

Thanks !

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}