Understanding FICO® Scoring

[r92503lind]

I have a question on how the age of accounts is reviewed.

I have a relatively short credit history other than a few accounts. But when I do the score detail on the site it says I have a credit history of 2 years and this is hurting me. I have a few credit cards that I obtained at the end of last year and I would imagine this would hurt my average age.

My question is if I close these accounts would it help or does the age review closed accounts as well?

Also am I better off to request higher limits on my credit cards than to have 8 credit cards with low limits to increase the available revolving credit and increase my score? 

Thanks again!

[fused]

---

r92503lind wrote:

I have a question on how the age of accounts is reviewed.

I have a relatively short credit history other than a few accounts. But when I do the score detail on the site it says I have a credit history of 2 years and this is hurting me. I have a few credit cards that I obtained at the end of last year and I would imagine this would hurt my average age.

My question is if I close these accounts would it help or does the age review closed accounts as well?

Also am I better off to request higher limits on my credit cards than to have 8 credit cards with low limits to increase the available revolving credit and increase my score? 

Thanks again!

---

1.) Open and closed accounts are weighed and scored equally by FICO, this specifically applies to average age of account and credit length history.

2.) With your situation I would not recommend you close all of your CCs.

3.) IMHO, the number of cards you choose is a personal decision. What matters most is how well you manage them. Personally I prefer fewer cards with higher CLIs. Yes, CLIs is one of a couple good ways to lower your util%, so is paying down balances.

[r92503lind]

I was only thinking about doing this to 2 accounts I would not close ALL CC.

Does the FAKO calc method for EX and TU count closed and open accounts the same way as FICO?

[fused]

---

r92503lind wrote:

I was only thinking about doing this to 2 accounts I would not close ALL CC.

Does the FAKO calc method for EX and TU count closed and open accounts the same way as FICO?

---

Not sure with the FAKOs! If you close any cards just pay very close attention to your util%, ideally you want 1-9% reporting.

[smallfry]

---

r92503lind wrote:

I was only thinking about doing this to 2 accounts I would not close ALL CC.

Does the FAKO calc method for EX and TU count closed and open accounts the same way as FICO?

---

Who cares what TC thinks?