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
Super Contributor
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
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.