Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
Re: Closing Aged Accounts.. Yes It Is Ok
[ Edited ]
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