Reply
Regular Contributor
Posts: 125
Registered: ‎08-28-2011
0

closing accounts thats brand new

whats the difference between closing an account thats 1 month old and an account thats 12 months old as far as aaoa is concerned im planning on closing to new accounts how will this effect my score and or aaoa thanks

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Moderator
Posts: 9,674
Registered: ‎01-28-2010
0

Re: closing accounts thats brand new

[ Edited ]

jayrock24 wrote:

whats the difference between closing an account thats 1 month old and an account thats 12 months old as far as aaoa is concerned im planning on closing to new accounts how will this effect my score and or aaoa thanks


AAoA includes all accounts, either open or closed.   So you might as well leave them open unless they have annual fees.  

 

The main issue with closing credit cards is the effect on your revolving utilization.    If your revolving utilization increases as a result of losing the credit limits then your FICO score might be lowered.    See this link:    http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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 based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.