Re: Closing Aged Accounts.. Yes It Is Ok[ Edited ]
03-19-2009 04:26 PM - edited 03-19-2009 04:31 PM
Brammy wrote:Other than the utilization factor, the only problem I see is that once the trade line is purged from your reports, it can seriously reage your credit history if you had not opened other accounts within a short period of time.I have seen old closed accounts fall off due to age and significant score drops when a person had not applied for credit for a numebr of years between that old one and the next oldest one. My current file is only 9 years old (putting it into the class of a young file) and I have had credit for a little over twenty years, my old info has since fallen offf and there was a long period of time, maybe ten years where I did not app for any new credit. My current oldest accounts may start falling off in the next two years as they are installments, and those only show up on one bureau.
Message Edited by Brammy on 08-17-2007 09:45 AM
This is what I'm very worried about. I have my oldest account set to come off soon. Instead of my oldest account being opened 13 years it is set to fall off. It's coming off EQ in September. I have some accounts opened up the few years after that that will start falling off because they were installments or I closed the CC's after I paid them off. Then it wasn't untill 07 that I decided I needed credit again. Im gonna be ^$^$&!! . Ive already called & of course it is now another company & can't be reopened. I can apply for a new card! The others mostly they say they have no info on me! My oldest & average age is going to suck. I'm hoping maybe some new scoring will go into affect before my GAP of not using credit hits! I regret closing anything!! I won't do it again. my 1st new card after my Gap sucks, has an annual fee, its crap one, but I gotta see in a year this may be my oldest account. I dont want it falling off in 10 years , I'll leave it open for the next 30 years if I have too. I'm hoping I want have a problem with all 3 bureaus because some of those old accounts still say open , even though they arent, & arent reporting. Maybe they will stay forever!
Soorry forgot to quote BRAMMY.
3 09 EQ 802 TU 693 EX ???
JAN EQ 791 TU 685 EX 693