neonman wrote:
Hi everyone,
I recently checked my FICO score and one of the points against me was that my average account age is low. It's a good score, but I'd like to get it as high as possible--I will most likely be applying for a mortgage before the end of the year.
One year ago, before learning that average age affects FICO, I signed up for two new Citi credit cards. All my other accounts are a bit older. Would closing at least one of these newer accounts therefore improve my average account age?
I've calculated - assuming closed accounts are not figured into average age (is this a correct assumption?) - that closing one of the Citi accounts would bring my average age from 35 months to 39 months, and closing both would bring it up to 44 months.
I realize that closing these two accounts would increase my balance to credit limit ratio, which would be a con. However I would still have only used a balance of about 9%, and I should be able to increase my limits on the existing accounts without a problem.
Well, any advice would be MUCH appreciated! Basically, if anyone knowledgeable could just give me the nod that what I'm saying is accurate (or not) I'd feel much more confident...
Many thanks!!
NeonMan
No, sorry. Closing accounts will not improve your average age. Closed accounts with a positive history stay on your reports for ten years after they are closed, and average age is calculated based on all the accounts on your report, whether they are open or closed.
Do a user search for fused (he's one of the moderators here), and find a post by him and read the link in his siggy called "CLOSING CREDIT CARDS".
Edit: I saved you the trouble. Here's the link I was referring to:
Edit #2 because I can't spell.
Message Edited by cheddar on 02-10-2008 07:45 PM
Message Edited by cheddar on
02-10-2008 07:48 PM
