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Removing paid as agreed accounts with short age? Good or bad

Regular Contributor

Removing paid as agreed accounts with short age? Good or bad

So some of us have have had those cards that we open and sometimes immedialtely close.

 

In my case it was Merrick Bank, open for about a week, before I was sickened at the terms of the card. First Premier account was opened for about 3 months

This was at the start of my credit building phase. So both of these accounts are closed and closed in good grace, no negatives or such.

 

But my AAOA suffers, It's about 0.8 yrs old, IF IT WERE ALLOWED, would removing these short lived accounts be any good to raising my credit score?

 

Merrick Card - opened for 1 week

First Premier - opened for 3 months

4 REPLIES
Valued Contributor

Re: Removing paid as agreed accounts with short age? Good or bad

I don't think removing them would raise your score. Actually, keeping them on there continues to help your AAoA. Unless I'm missing something.
EX 08 Fico: 729 TU 08 Fico: 735EQ 08 Fico: 740Total Credit Line: $128,600Utilization: 6%Inquiries:EX-6TU-7EQ-5


Message 2 of 5
Frequent Contributor

Re: Removing paid as agreed accounts with short age? Good or bad


GalaxyStars wrote:

So some of us have have had those cards that we open and sometimes immedialtely close.

 

In my case it was Merrick Bank, open for about a week, before I was sickened at the terms of the card. First Premier account was opened for about 3 months

This was at the start of my credit building phase. So both of these accounts are closed and closed in good grace, no negatives or such.

 

But my AAOA suffers, It's about 0.8 yrs old, IF IT WERE ALLOWED, would removing these short lived accounts be any good to raising my credit score?

 

Merrick Card - opened for 1 week

First Premier - opened for 3 months


Even if the account is closed, FICO 8 counts this toward your AAoA.  So removing the accounts would negatively affect AAoA, unless those accounts are the only new accounts you have or in and of themselves are reducing your AAoA.

 

I have no idea if you can do such a thing.

March 2014: Abysmal, low 500s

April 2015: TU 607 | EQ 599 | EX 608
April 2017: TU 662 | EQ 673| EX 694
Message 3 of 5
Moderator

Re: Removing paid as agreed accounts with short age? Good or bad


GalaxyStars wrote:

So some of us have have had those cards that we open and sometimes immedialtely close.

 

In my case it was Merrick Bank, open for about a week, before I was sickened at the terms of the card. First Premier account was opened for about 3 months

This was at the start of my credit building phase. So both of these accounts are closed and closed in good grace, no negatives or such.

 

But my AAOA suffers, It's about 0.8 yrs old, IF IT WERE ALLOWED, would removing these short lived accounts be any good to raising my credit score?

 

Merrick Card - opened for 1 week

First Premier - opened for 3 months


You would have to figure out your AAoA with and without them to determine.  Without knowing that, we can't determine for you.  It might have a neglible impact either way.  



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Message 4 of 5
Community Leader
Super Contributor

Re: Removing paid as agreed accounts with short age? Good or bad


GalaxyStars wrote:

So some of us have have had those cards that we open and sometimes immedialtely close.

 

In my case it was Merrick Bank, open for about a week, before I was sickened at the terms of the card. First Premier account was opened for about 3 months

This was at the start of my credit building phase. So both of these accounts are closed and closed in good grace, no negatives or such.

 

But my AAOA suffers, It's about 0.8 yrs old, IF IT WERE ALLOWED, would removing these short lived accounts be any good to raising my credit score?

 

Merrick Card - opened for 1 week

First Premier - opened for 3 months


I does not matter how long they remained open, only how LONG AGO they were opened. If they were opened more than 8 months ago, they are adding to your AAoA, if less than that they are subtracting from it. Either way, I can't see the removal of them boosting your AAoA beyond the 1 year threashold where you would potentially see a point increase.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
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Message 5 of 5