Understanding FICO® Scoring

[colindidit]

Will closing newer unused account increase account age/age of open accounts?

I closed a shell i opened up in october because i dont use it and their gas was expensive and the rewards well...sucked.

I also closed my pac sun which was also unused and a low limit along with my zync and best buy all of which were opened in the last year

Zync opened in August (500 dollar hard limit)

Best Buy - Last march (500 limit 59AF)

Shell-October 600 limit (crappy reward program

Pac Sun- September of 2011 (i had other reasons for closure other than non use like them saying i didnt pay my bill when i paid it in the store and charged me a late fee)

Will this positively or negative affect my score? only the zync has reported as closed so far

[bs6054]

Well, almost by definition this will indeed increase the average age of your open accounts, but apart from Credit Karma, I don't know who uses that.  Fico scores on open and closed accounts.

[LS2982]

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colindidit wrote:

Will closing newer unused account increase account age/age of open accounts?

I closed a shell i opened up in october because i dont use it and their gas was expensive and the rewards well...sucked.

I also closed my pac sun which was also unused and a low limit along with my zync and best buy all of which were opened in the last year

Zync opened in August (500 dollar hard limit)

Best Buy - Last march (500 limit 59AF)

Shell-October 600 limit (crappy reward program

Pac Sun- September of 2011 (i had other reasons for closure other than non use like them saying i didnt pay my bill when i paid it in the store and charged me a late fee)

Will this positively or negative affect my score? only the zync has reported as closed so far

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Why would you close the Zync??

They will report for 10 years and fall off after that. If you have current cards open that will help continue positive payment history.

[colindidit]

Because it was hard limited and I want a different Amex in the future.

[LS2982]

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colindidit wrote:
Because it was hard limited and I want a different Amex in the future.

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Gotcha!!!

[scientifics]

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bs6054 wrote:

Well, almost by definition this will indeed increase the average age of your open accounts, but apart from Credit Karma, I don't know who uses that.  Fico scores on open and closed accounts.

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Actually, closing an account won't affect your AAoA for 10 years, because closed accounts report for 10 years before they come off your report.

[MovingForward_2012]

Correct. It will just affect Credit Karma AAoA.

[codimom]

Although it won't impact AAoA for 10 years, as someone mentioned, it will impact your utilization as you will have less credit available. this too can impact your score.

[colindidit]

I countered losing those credit lines with getting credit increases on the cards i have (: i already doubled the existing ones over the ones i got rid of.