What is considered new accounts?

[hduncan80]

I know each bank is different, but trying to get a general idea on what is considered a new account. Obviously accounts opened within 24 months. 

What if that account was opened recently but now paid and closed? 

Are installment and mortgages considered a new account or are they looking at revolving only? 

Thanks!

[FinStar]

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@hduncan80 wrote:

I know each bank is different, but trying to get a general idea on what is considered a new account. Obviously accounts opened within 24 months. 

What if that account was opened recently but now paid and closed? 

Are installment and mortgages considered a new account or are they looking at revolving only? 

Thanks!

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I believe you answered your own question (see bolded statement).  Different lenders will treat them differently including the timeframe when you've opened them.  Some lenders will consider anything in the past 12 (or 24) months and/or include installment/student loans, mortgages, etc., while others will not.

Who is the lender that you're wondering about?

[hduncan80]

Thanks for your feedback. Not really sure yet, just trying to prepare my file for new apps. I have too many accounts opened writhing 24 months and wondering if I close some of those, if it will help. 

[FinStar]

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@hduncan80 wrote:

Thanks for your feedback. Not really sure yet, just trying to prepare my file for new apps. I have too many accounts opened writhing 24 months and wondering if I close some of those, if it will help. 

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Unfortunately, closing them will not help as far as the new account threshold goes.  They would still be considered new even after you closed them (if it meets the 12-24 month threshold by any lender).

[hduncan80]

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@FinStar wrote:

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@hduncan80 wrote:

Thanks for your feedback. Not really sure yet, just trying to prepare my file for new apps. I have too many accounts opened writhing 24 months and wondering if I close some of those, if it will help. 

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Unfortunately, closing them will not help as far as the new account threshold goes.  They would still be considered new even after you closed them (if it meets the 12-24 month threshold by any lender).

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Thank so much.