Re: Closing Aged Accounts.. Yes It Is Ok
06-04-2009 07:41 AM
I have to disagree with what you are saying. I have experienced this first hand. Several years ago I paid off all of my dept and decided I would close an account that I had not been using. This account happened to be an account that I had opened back in the early 80's. Immediately after doing this I was advised (within a month) by my car insurance company that my new renewal rate had increased by a couple hundred dollars because of a significant drop in my credit score. I reached out to experian at the time and they advised me that this was because I closed the account that showed my longest credit history. My advise is DON'T DO IT! It has taken me a long time to try to repair this.