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acura123
Posts: 1
Registered: ‎08-09-2007
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Age of accounts

I have have closed some old accounts that I have established over 15 years ago with perfect payment history. I just didn't want to be temped to spend on these accounts. Should I have kept these open? Will this hurt my credit score because my average age will be averaged down? How much does average age effect the score on closed positive accounts? Seems to me that the oldest account on my credit file will be 10 years vs the 25 that I would have had if I kept them open. Does it make that much of a difference between 10 years of positive history vs 25 of positive history?
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
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Re: Age of accounts

The closed accounts wil stay on your CRA for 10 years, and continue to contribute to your average age.  And they will grow older for those 10 years.
 
Although I am not convinced that is true of EX - they seem to do things differently to everyone else  :smileysad:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
fused
Posts: 16,351
Registered: ‎03-12-2007
0

Re: Age of accounts



acura123 wrote:
I have have closed some old accounts that I have established over 15 years ago with perfect payment history. I just didn't want to be temped to spend on these accounts. Should I have kept these open? Will this hurt my credit score because my average age will be averaged down? How much does average age effect the score on closed positive accounts? Seems to me that the oldest account on my credit file will be 10 years vs the 25 that I would have had if I kept them open. Does it make that much of a difference between 10 years of positive history vs 25 of positive history?


 
Credit Profile -
FICO 08 Scores (08-22-2014): EQ 820, EX 817, TU 815
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)


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