topic Is an account still new if you close it? in Understanding FICO® Scoring

Is an account still new if you close it?

Anonymous — Tue, 02 Oct 2007 03:01:44 GMT

If you factor out average age loss...
Assuming this was the only new account in 12 months...

My FICO will be hit for
-10 points because it is less than 2 months old.
-10 because it is less than 12 months old.
------------------------------------------------
-20 points total loss

Or do I have this wrong. Is a new account only hit for -10 points for the first 2 months? I'm considering taking on a new account. If I change my mind I was wondering if I could just close it and regain all lost points. I'm pulling at straws to raise scores now. Trying new things. Wondering if I can bail out (close the account) if FICO doesn't like it. Thank you for info. I wasn't sure if their was a score drop under 12 months.

Was it?
-10 for inq.
-10 for newer than 2 months
-10 for newer than 12 months
or
-20 for inq
-10 for newer than 2 months

Too much going on in past 6 months to find this answer. I should know it... Just not sure. Thanks. This would really help my next decision tomorrow.

Message Edited by ilovepizza on 10-01-2007 08:01 PM

Re: Is an account still new if you close it?

Anonymous — Tue, 02 Oct 2007 03:50:48 GMT

You should invent the "MyFico Board Game" and sell it to FICO and Milton Bradley.

I say ASK ilovepizza

Re: Is an account still new if you close it?

fused — Tue, 02 Oct 2007 04:27:29 GMT

A new account is one less than 12 months old, it doesn't matter if it's open or closed.

Re: Is an account still new if you close it?

Anonymous — Tue, 02 Oct 2007 04:34:32 GMT

Thanks. One more question. A bit mixed up. If someone has no inqs and no new accounts. A new account would do?

Was it?
A.
-10 for inq.
-10 for newer than 2 months
-10 for newer than 12 months

or

B.
-20 for inq
-10 for newer than 2 months

Thanks again.

Re: Is an account still new if you close it?

fused — Tue, 02 Oct 2007 04:46:32 GMT

Where are you getting these numbers? If you give more info I can guess. What are your FICO scores, how thick is your credit file, what's your mix, avail credit to util on CCs, installments, baddies, length of history, average age of accounts, inqs???

Re: Is an account still new if you close it?

Anonymous — Fri, 05 Oct 2007 21:58:55 GMT

.

Message Edited by ilovepizza on 10-05-2007 02:58 PM

Re: Is an account still new if you close it?

Anonymous — Tue, 02 Oct 2007 05:08:31 GMT

@fused wrote:
Where are you getting these numbers? If you give more info I can guess. What are your FICO scores, how thick is your credit file, what's your mix, avail credit to util on CCs, installments, baddies, length of history, average age of accounts, inqs???

I just loose 30 points for new accounts when nothing else is new. Wasn't sure if it was heavier on the inq or accounts.

What happens is, inq + account less than 2 months = 30
Then I get back 10 points after 2 months and 10 points back after 12 months.

Somewhere along the line I loose 10 and gain 10. Wasn't sure if it was the inq. Wait. I can test this right now. BRB.

Re: Is an account still new if you close it?

Anonymous — Tue, 02 Oct 2007 05:10:32 GMT

somebody stop him i smell an app happening!

Re: Is an account still new if you close it?

fused — Tue, 02 Oct 2007 05:12:55 GMT

@Anonymous wrote:

@fused wrote:

Where are you getting these numbers? If you give more info I can guess. What are your FICO scores, how thick is your credit file, what's your mix, avail credit to util on CCs, installments, baddies, length of history, average age of accounts, inqs???

I just loose 30 points for new accounts when nothing else is new. Wasn't sure if it was heavier on the inq or accounts.

What happens is, inq + account less than 2 months = 30
Then I get back 10 points after 2 months and 10 points back after 12 months.

Somewhere along the line I loose 10 and gain 10. Wasn't sure if it was the inq. Wait. I can test this right now. BRB.

There is no way to know exactly how many points you stand to gain or lose with any change on your reports. I will say those with higher scores tend to take bigger hits for new inqs and accounts versus someone who in the 620 club.

Re: Is an account still new if you close it?

Anonymous — Fri, 05 Oct 2007 21:59:42 GMT

.

Message Edited by ilovepizza on 10-05-2007 02:59 PM

Re: Is an account still new if you close it?

fused — Tue, 02 Oct 2007 05:38:51 GMT

Do you even need these new accounts? I ONLY app for something if I need to. I do not believe in apping for fun.

Re: Is an account still new if you close it?

Anonymous — Fri, 05 Oct 2007 22:00:09 GMT

.

Message Edited by ilovepizza on 10-05-2007 03:00 PM

Re: Is an account still new if you close it?

Anonymous — Tue, 02 Oct 2007 22:04:34 GMT

Yes pure mathematics. But the math changes based on the history in your credit report. I learned sometimes the gain can equal the loss. That doesn't mean your score hasn't moved, in fact it has. The points lost eventually come back after a year. That's when the scores rise higher than they first were. That's what I am looking for right now.

Re: Is an account still new if you close it?

Anonymous — Fri, 05 Oct 2007 22:00:41 GMT

.

Message Edited by ilovepizza on 10-05-2007 03:00 PM