Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
Re: Closing Aged Accounts.. Yes It Is Ok
[ Edited ]

eta:  Darn!  There were about a half dozen posts from the time I started this response til when I posted it.  S-l-o-w morning typer.  :smileyvery-happy:  Glad MVV has sprightly morning fingers! 

 


MagicShot wrote:


Tuscani wrote:


masdeocho wrote:
OK, tell me if I've got this right:
 
Say I have a five-year old card.  I close it today.  Two years from today, does it count towards my history as a seven-year old card?  It's not frozen in time today when I close it as a five-year old? 


Yes, it counts towards your history as a seven year old card. And the 10 yr clock for its removal begins on the date you closed it, not when it was opened.

Is this Still true today as in meaning since the the Credit Card Law went into effect?


Yes - the credit card law has not affected length of time reporting on your CRA's or how AAofA is calculated.  This is the same as before .

Just puttin' syrup on something, don't make it pancakes.