Credit Cards Center Credit cards from our partners
Reply
Highlighted
New Member
Posts: 1
Registered: ‎11-20-2012
0

Closing a New Card

Hi, I am hoping someone can offer advice for my situation.

 

It seems that looking at a graph of my credit score over time that after I opened a new credit card my credit score dropped about 20 points. I believe the reason is that although my credit history is long, going all the way back to 1990 for my first credit card, I have only had that one credit card. The reason for this is that I have lived overseas for most of that time. I simply kept that one credit card open for the odd times that I travelled back to the US and to send Christmas and birthday gifts to family in the US. I am grateful that I kept the card open because at least I have some basic credit history and my credit is very clean.

 

When I returned to the US about a year ago I opened up an AMEX charge card. I didn't really notice a drop in my credit score. Next, I got a new visa a couple of months ago and looking at my credit history I notice that when I opened that card my credit score seems to have dropped 20 points. Is it because the average length of my credit accounts now got lowered because of the new card? If I close that newer card would the average age of my accounts go up again?

 

Thanks for anyone who can help me with this question. Cheers, CE

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Closing a New Card

Welcome to the forums....

 

When ever you open a new account it will affect your AAoA...if you close your account your AAoA will not change since a + TL will stay on your CR for at least 10 years. 

 

Best bet is to let your accounts age and treat them well and you should see your score recover..

 

Best of luck!!

ccpics2.jpg
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.