Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules
[ Edited ]
Hi, welcome to the forums!

The CRA's do continue to report closed accounts for 10 years, except for Equifax which tends to lose them early. Check out fused's "Closing credit cards" in my siggy below.

Also, if you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

eta: also, unless there is an annual fee that you don't want to pay, there's no reason to close an account just because the APR is insane. If you don't carry balances, 29.99% of $0.00 is $0.00. Smiley Wink I've closed a few accounts because I was irritated with the lender (and Chase is circling the drain), but not without first calculating the effect on my util, history, and so forth.
Message Edited by haulingthescoreup on 02-21-2010 09:27 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007