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Established Contributor
Posts: 683
Registered: ‎10-02-2007
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Close Oldest Account...

 

My oldest account is a First Premier, opened 02/2009

 

After that I opened a Citi account 09/2009

 

I want to close the First Premier, considering how closely the Citi account was opened, that will not hurt my score that much?

 

Right?

Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: Close Oldest Account...

[ Edited ]

Depends on the rest of your accounts.  Add them up and figure out your AAoA before and after. Also make sure you know what if any impact it will have on your UTIL. I'm sure most would agree closing the First Premier would be a good decision long term, ESP if you're coming up on an AF

Edit: sorry, should have been clearer about AAoA. It will continue to factor into it for 10 years. Got ahead of myself. Explained better in the post just after mine.

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Registered: ‎06-25-2012
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Re: Close Oldest Account...


Andy77 wrote:

 

My oldest account is a First Premier, opened 02/2009

 

After that I opened a Citi account 09/2009

 

I want to close the First Premier, considering how closely the Citi account was opened, that will not hurt my score that much?

 

Right?


Average Age of Accounts is calculated based on ALL accounts on your report, open or closed. It will not be affected by closing an account, and that account will continue to age until it eventually falls off of your report.

 

Sites like CreditKarma score you on age of OPEN accounts, but FICO considers ALL accounts, open or closed. The bigger question here is if you have enough other accounts that closing one won't impact you.

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