Re: Closing Aged Accounts.. Yes It Is Ok[ Edited ]
03-10-2011 08:37 AM - edited 03-10-2011 10:00 AM
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. Glad MVV has sprightly morning fingers!
Tuscani wrote: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.
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?
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 .