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Hold'em or Fold'em?

New Contributor

Re: Hold'em or Fold'em?

cobra19, Point well taken, thank you. As of 1st next week, its bye. bye, little cardy, HA!
Alcohol--Tobacco--- & Firearms
Should be a convenience store, NOT a government agency!!!
Moderator Emeritus

Re: Hold'em or Fold'em?

Keep in mind that closed positive accounts report for 10 years after they're closed.  You won't lose the history or the age until that time comes anyway.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
New Contributor

Re: Hold'em or Fold'em?

cheddar, Does that mean its a good or bad thing. far as ten years & aging on closed account. Can explain please?
Alcohol--Tobacco--- & Firearms
Should be a convenience store, NOT a government agency!!!
Senior Contributor

Re: Hold'em or Fold'em?



Flatbroke_Again wrote:
cheddar, Does that mean its a good or bad thing. far as ten years & aging on closed account. Can explain please?





These accounts will continue to report and have a positive effect on your FICO scoring for ten years. I would close them if I were you.

I do have a question though. Let's say I close a 6 month old credit card. In 6 more months, would that account be considered a year old, or 6 months?
Here we go again...
Moderator Emeritus

Re: Hold'em or Fold'em?



FretlessMayhem wrote:


Flatbroke_Again wrote:
cheddar, Does that mean its a good or bad thing. far as ten years & aging on closed account. Can explain please?



These accounts will continue to report and have a positive effect on your FICO scoring for ten years. I would close them if I were you.

I do have a question though. Let's say I close a 6 month old credit card. In 6 more months, would that account be considered a year old, or 6 months?

Age of any account is determined by its open date, whether it's currently open or closed.  In the situation you describe, the card would be a year old.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Moderator Emeritus

Re: Hold'em or Fold'em?



Flatbroke_Again wrote:
cheddar, Does that mean its a good or bad thing. far as ten years & aging on closed account. Can explain please?


As FM posted above, this is a good thing.
 
It means that if you close those accounts today, they will continue to benefit you for 10 more years, contributing to payment history and average age of accounts during that time.
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )