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Member
Posts: 6
Registered: ‎10-17-2012
0

Would this help?

I'm currently trying to improve my low scores. I'm considering closing a new cc with a low limit to lower my average age of accounts. Will this work? Or does the average age portion of the FICO score model also count closes accounts.
Score: EQ 734 (7/15/14) myFico
EX 761 (6/27/13) AMEX

CSP ($17,600), AMEX BCE ($14,500), DCU Visa Platinum ($10,000), Chase Ink Plus($5,000), BOA 123 ($5000), Chase Freedom ($4,000), Discover($2500), Cap 1 MC ($2,500) , Cap 1 MC ($1,500)
All thanks to the nice people at myfico.com
Established Contributor
Posts: 760
Registered: ‎02-11-2012
0

Re: Would this help?

The damage was finite when the application was checked. (Inquiry registered first,then the "hit" of the "new credit account" occuring.)

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator
Posts: 13,279
Registered: ‎04-15-2011
0

Re: Would this help?

Nope, damage is done on that.  You've taken all the damage of a new account.  HP and AAoA.  Let that thing age.  Garden it.  Don't close it!



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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