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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.