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04-07-2009 07:54 AM
04-07-2009 08:55 AM
04-07-2009 09:57 AM
04-07-2009 10:00 AM
chances are, you will see a drop in your Fico Scores eventually down the line.
The Closed Accounts only stay in your CR for 10 years and then drop off. so in the long run, your AAoA will decrease once the account you closed reaches 10 years.
I would keep it and charge $5-10 every 3-4 months on it to keep it active...
04-07-2009 10:11 AM
04-07-2009 12:13 PM
Closing the account will not hurt your FICO or credit unless it is your only account, then you need to keep it open. But, if you have established other credit and better quality credit, then closing this account won't really affect you for 10 years.
Once you close the account, it will continue to report on your credit and continue to fator into your AAoA for 10 years, then it will drop off.
I dumped my Orchard, but I did this after I had other quality credit, higher CL's and it was not my oldest account. But when they refused to give me a CLI (was $750) when my FICO's are 800 plus, income 6 figure and I have other cards $10k.....they are useless. The best they would do is cut my AF in half this year.
04-07-2009 12:22 PM