06-25-2007 04:25 AM
06-25-2007 10:35 AM - edited 06-25-2007 10:37 AM
06-25-2007 02:17 PM
06-28-2007 03:16 PM
06-28-2007 04:22 PM
06-28-2007 09:14 PM
06-29-2007 02:23 AM
Conc wrote:Skiffy,You say that the card will continue to report with 1 year of age if I close it now. Isn't this the point of closing it, so the age is no longer factored into the average age?
06-29-2007 04:05 AM - edited 06-29-2007 04:05 AM
Skiffy,You say that the card will continue to report with 1 year of age if I close it now. Isn't this the point of closing it, so the age is no longer factored into the average age?
Closed and open accounts both are figured in the equation for your average age.
So, the only harm by closing a revolving account is to the utilization percentage, while, in the long run, a closed account will be removed from your credit file after 10 years, which could lower your score at that time due to the loss of that history.
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