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Stupid Question that i'm sure has been answered multiple times

Established Contributor

Stupid Question that i'm sure has been answered multiple times

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

Wallet: Barclay-5k, Citadel MC- 5k, Slate- 4k, Freedom- 3k, BOA- 3k, Citi- 2k, AMEXBCE- 2k and more...
Message 1 of 9
8 REPLIES
Valued Contributor

Re: Stupid Question that i'm sure has been answered multiple times

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.

Message 2 of 9
Mega Contributor

Re: Stupid Question that i'm sure has been answered multiple times


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


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.

 




EQ FICO 548 3/3/16
Message 3 of 9
Established Contributor

Re: Stupid Question that i'm sure has been answered multiple times

Because it was hard limited and I want a different Amex in the future.
Wallet: Barclay-5k, Citadel MC- 5k, Slate- 4k, Freedom- 3k, BOA- 3k, Citi- 2k, AMEXBCE- 2k and more...
Message 4 of 9
Mega Contributor

Re: Stupid Question that i'm sure has been answered multiple times


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

Gotcha!!! Smiley Happy

 

 

 




EQ FICO 548 3/3/16
Message 5 of 9
Frequent Contributor

Re: Stupid Question that i'm sure has been answered multiple times


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.


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.

Message 6 of 9
Valued Contributor

Re: Stupid Question that i'm sure has been answered multiple times

Correct. It will just affect Credit Karma AAoA.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 7 of 9
Frequent Contributor

Re: Stupid Question that i'm sure has been answered multiple times

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.

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 8 of 9
Established Contributor

Re: Stupid Question that i'm sure has been answered multiple times

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.

Wallet: Barclay-5k, Citadel MC- 5k, Slate- 4k, Freedom- 3k, BOA- 3k, Citi- 2k, AMEXBCE- 2k and more...
Message 9 of 9