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Closed 2 Credit Accounts, For the Better?

Valued Contributor

Re: Closed 2 Credit Accounts, For the Better?

Kick that thing to the curb - and feel good about it!

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **
Message 11 of 16
Established Contributor

Re: Closed 2 Credit Accounts, For the Better?

i didn't know that..... thats very good information hauling, question, so it won't affect my score closing my oldest card since it'll keep reporting?!?!?! because i hate both my capital one cards but they're both my oldest cards.


Starting Score: 575 (As Of Early 2011)
Current Score: TU: 767 EQ: 732 EX; 742 (As Of Feb 2012)
Goal Score: 750


Take the FICO Fitness Challenge

Long way to go ^_^
Message 12 of 16
Moderator Emeritus

Re: Closed 2 Credit Accounts, For the Better?


Juan123 wrote:

i didn't know that..... thats very good information hauling, question, so it won't affect my score closing my oldest card since it'll keep reporting?!?!?! because i hate both my capital one cards but they're both my oldest cards.



A closed account in good standing generally will continue to report for about 10 years after being closed. Here is the thread recommended for reading about the pros and cons of Closing Credit Cards.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 13 of 16
Moderator Emerita

Re: Closed 2 Credit Accounts, For the Better?


PetRaccoon wrote:
I wasn't trying to be arguementative either. Oo. Just explaining what I thought was the bad points of closing accounts. From what I've been reading.. Closed accounts don't age, but I guess they do. Thanks for explaining that. I'm still fairly new at the credit thing. What I thought was that closed accounts kept the age up to the point of the time they closed.

Sorry for wall of text effect, posting from phone. Also sorry for semi-thread derailment.

Smiley Wink No prob. The whole idea of closed accounts continuing the help is so counter-intuitive that sometimes we have to sort of poke at posts to see what's going on.

 

And you do a whole lot better posting from a phone than I do. Auto-correct is going to get me into serious trouble one day! Smiley Tongue

* 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
Message 14 of 16
New Contributor

Re: Closed 2 Credit Accounts, For the Better?

I love my physical keyboard. ^_^- It automatically disables autocorrect and the keys are spaced out nicely to type fast.

TU08:: 754 (4/14) EQ: 745 (6/14) 753 (1/13) Ex: 766 (12/11)
Goal: 800! Then Keep it there and keep growing!~
Card(s): HSBC Premier WMC: 5,000 (7/09), Chase Freedom 6,000 (11/11) BCE 3,200 (12/11) Chase Saph: 5,000 (5/12)
Message 15 of 16
Highlighted
Valued Contributor

Re: Closed 2 Credit Accounts, For the Better?


haulingthescoreup wrote:

PetRaccoon wrote:
I wasn't trying to be arguementative either. Oo. Just explaining what I thought was the bad points of closing accounts. From what I've been reading.. Closed accounts don't age, but I guess they do. Thanks for explaining that. I'm still fairly new at the credit thing. What I thought was that closed accounts kept the age up to the point of the time they closed.

Sorry for wall of text effect, posting from phone. Also sorry for semi-thread derailment.

Smiley Wink No prob. The whole idea of closed accounts continuing the help is so counter-intuitive that sometimes we have to sort of poke at posts to see what's going on.

 

And you do a whole lot better posting from a phone than I do. Auto-correct is going to get me into serious trouble one day! Smiley Tongue


What's really cool is when a closed account falls of your credit report after ten years which is younger than your AAoA.  Your AAoA goes UP.  Smiley Very Happy

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 16 of 16