Have a question on closing a card

[pizza1]

(Mods, if this is in the wrong place, i apologize...wanted to get some exposure and  an answer before im carted away to the "other" place, lol...)

Ive done some research trying to find an aswer to my question, but have been seeing conflicting reports.  My question is this..........

I know that in "Ficos eyes", a new account stops being new at 2 yrs. But what if you close a CC before the 2 yrs mark with a $0 bal.  Does Fico still count that closed card as "new" until it becomes 2 yrs old, or does it take it out of the equation once its closed.  I know that a positive acct can stay on your reports for up to 10yrs. 

Thanks for any input

[Luscher]

Great question. I have 2 closed cards that are less then 2 years old, so I am kinda wondering this too. Im assuming no since they are closed.

[pizza1]

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@Luscher wrote:
Great question. I have 2 closed cards that are less then 2 years old, so I am kinda wondering this too. Im assuming no since they are closed.

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Im hoping some of the experienced peeps will pipe in here, and we can get a more definative answer.

[Luscher]

I just can't see a closed card counting against you, other then AAOA or a baddie on it.

[MarineVietVet]

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@pizza1 wrote:

(Mods, if this is in the wrong place, i apologize...wanted to get some exposure and  an answer before im carted away to the "other" place, lol...)

Ive done some research trying to find an aswer to my question, but have been seeing conflicting reports.  My question is this..........

I know that in "Ficos eyes", a new account stops being new at 2 yrs. But what if you close a CC before the 2 yrs mark with a $0 bal.  Does Fico still count that closed card as "new" until it becomes 2 yrs old, or does it take it out of the equation once its closed.  I know that a positive acct can stay on your reports for up to 10yrs. 

Thanks for any input

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I keep seeing this posted but wonder where this information is located.

I'm not saying it's wrong but I don't recall anything about new credit being such an absolute. Perhaps it changed during my two year+ absence?

The "newness" begins to fade after about six months or so but saying that scoring will stop considering an account new right at 24 months is new to me.

Someone point me in the right direction on this. If I've missed it along the way I'll be embarrassed for about five seconds but then I'll know I have correct information to pass along to others.

[Luscher]

It is a new rumor^^^^ Im confused too. I think a new account is just whatever the lender wants to consider lol.

[myjourney]

I've never seen anything that correlates a difference in fico scoring of a closed or open account new or old 

Point me too it as well 

[coldnmn]

My opinion would be if the account is open or closed it would be considered new as long as the inquiry is still listed on the credit report. That would be two years. But each bank may look at it differently. 

[Callandra]

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@MarineVietVet wrote:

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@pizza1 wrote:

(Mods, if this is in the wrong place, i apologize...wanted to get some exposure and  an answer before im carted away to the "other" place, lol...)

Ive done some research trying to find an aswer to my question, but have been seeing conflicting reports.  My question is this..........

I know that in "Ficos eyes", a new account stops being new at 2 yrs. But what if you close a CC before the 2 yrs mark with a $0 bal.  Does Fico still count that closed card as "new" until it becomes 2 yrs old, or does it take it out of the equation once its closed.  I know that a positive acct can stay on your reports for up to 10yrs. 

Thanks for any input

---

I keep seeing this posted but wonder where this information is located.

I'm not saying it's wrong but I don't recall anything about new credit being such an absolute. Perhaps it changed during my two year+ absence?

The "newness" begins to fade after about six months or so but saying that scoring will stop considering an account new right at 24 months is new to me.

Someone point me in the right direction on this. If I've missed it along the way I'll be embarrassed for about five seconds but then I'll know I have correct information to pass along to others.

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I thought this was posted in some other thread like the other day...can't remember where (I'm tired and losing my mind right now..) but my guess is the assumption is two years as that is as long as the inquiry exists. Although I'm not sure how much of a factor that is in the FICO scoring; honestly, to me a score is a number and nothing more. I care more about my report and keeping it clean plus in terms of being "new," I care more about what the banks' underwriters think than the scoring model. And it seems banks range from anywhere from 6 months to 2 years on an account being "new." 

[pizza1]

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@coldnmn wrote:

My opinion would be if the account is open or closed it would be considered new as long as the inquiry is still listed on the credit report. That would be two years. But each bank may look at it differently. 

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Colmn...Thank you!!  I sure miss seeing you around here, glad to know you stilll are!  Good to see you posting..  

On topic... That would make sense. Now the effect of the new acct may lesson over the 2 yr period, but is still considered new until 2 yrs in Fico eyes. Thats all Im really concerned with at this point.  So open or closed, if its less than 2 yrs, fico still scores that acct..is that what Im understanding?