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Closing Aged Accounts.. Yes It Is Ok

Valued Contributor

Re: Closing Aged Accounts.. Yes It Is Ok


CultivatingCredit wrote:
CultivatingCredit wrote:

I am getting the picture of this thread. Longer the accounts the better, drop off after 10 years once closed, and continue to count toward your average length EVEN after closed. I am still new to much of this an my oldest is only 3 years. Simple question but if I leave cards open those aren't taken off after 10 right?

 

D


Right. It's not uncommon for those with older mortgages to have a length of credit history of 20-30-40 years.

 


 

Not just mortgages but revolving credit cards?


Correct.  You leave the account open, it will report until you close it or die (or if they close it)

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Moderator Emeritus

Re: Closing Aged Accounts.. Yes It Is Ok

My mortgage was an example, but ditto to the above, it can apply to any account if you are able to keep it open long enough.

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Regular Contributor

Re: Closing Aged Accounts.. Yes It Is Ok

im still clueless as to what to do about 2 new accounts i just opened they are 1 month and 2 months so are you saying that its ok to close the new account as long as it is under 12 months whats the diff between 12 months and 1 month old accounts                                                                                                                                                                                                                                              

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Moderator Emeritus

Re: Closing Aged Accounts.. Yes It Is Ok


jayrock24 wrote:

im still clueless as to what to do about 2 new accounts i just opened they are 1 month and 2 months so are you saying that its ok to close the new account as long as it is under 12 months whats the diff between 12 months and 1 month old accounts                                                                                                                                                                                                                                              


No...they still factor into your age whether you close them at 5 months or 5 years. You've already been dinged for the new credit account and that'll go away with time. If you want the accounts just keep them open and the new account ding will disappear within a year usually.

Regular Contributor

Re: Closing Aged Accounts.. Yes It Is Ok

thanks llecs i guess i should keep em open besides they dont have any anuall fee so why not

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july