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So if I close it now (10 months) instead of 13 months, 5 years from now, there's no difference? Also, what if I closed it 2 years from now?
This is a great scoop btw. Why don't we know more about it?
http://www.nytimes.com/2009/05/17/magazine/17credit-t.html?_r=1
And this of course... Even though it's not technically the FICO score per se...
http://www.fico.com/en/Products/DMApps/Pages/FICO-Transaction-Scores.aspx
It would be grea if there was a site that was more transparent in the scoring method.
So, taking what's been said in this thread, it appears that it pays to reopen at least some accounts that are nearing the 10-years-since-closing mark, since typically they will add to the average length of credit history. Or are reopened accounts handled differently by FICO scoring?
@Anonymous wrote:So, taking what's been said in this thread, it appears that it pays to reopen at least some accounts that are nearing the 10-years-since-closing mark, since typically they will add to the average length of credit history. Or are reopened accounts handled differently by FICO scoring?
Reopened accounts are treated as if they never closed. Now good luck reopening a 10 year old since-closed account. It would have to be the exact same account with the same account number that you had before. Creditors will usually tell you you'd have to reapply and that action would mean opening a new account, and not reopening the old.
@llecs wrote:
@Anonymous wrote:So, taking what's been said in this thread, it appears that it pays to reopen at least some accounts that are nearing the 10-years-since-closing mark, since typically they will add to the average length of credit history. Or are reopened accounts handled differently by FICO scoring?
Reopened accounts are treated as if they never closed. Now good luck reopening a 10 year old since-closed account. It would have to be the exact same account with the same account number that you had before. Creditors will usually tell you you'd have to reapply and that action would mean opening a new account, and not reopening the old.
+1
I have never, ever heard of a lender willing to do this.
The closest you can get is the backdating trick with AmEx, with a new card picking up the opening year of the oldest.
I have read that JC Penny's has re-opened some OLD closed accounts, but that seems to be the exception.
@Tuscani wrote:Yes, it counts towards your history as a seven year old card. And the 10 yr clock for its removal begins on the date you closed it, not when it was opened.
@Anonymous wrote:OK, tell me if I've got this right:Say I have a five-year old card. I close it today. Two years from today, does it count towards my history as a seven-year old card? It's not frozen in time today when I close it as a five-year old?
Is this Still true today as in meaning since the the Credit Card Law went into effect?
@MagicShot wrote:
@Tuscani wrote:Yes, it counts towards your history as a seven year old card. And the 10 yr clock for its removal begins on the date you closed it, not when it was opened.Is this Still true today as in meaning since the the Credit Card Law went into effect?
Yes all this still applies. The Credit Card Act did not change any of this. As far as I know.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
So an account I opened 4 years ago that was that was closed 3 years ago will still count as 4 years in my AAoA untill it falls off after 10 years?