Have a question on closing a card

[CreditCuriosity]

Taked with a credit analyst at chase a few weeks back regarding one of my lovely store cards 2 ( I had total) 1 of them closed and she mentioned the one that I had closed as being new, but pointed it out it was closed, but she clearly noticed it mentioning one of my new 6 accounts in the last 6 months..  So at least chase considers closed cards as new accounts 

[Anonymous]

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@pizza1 wrote:

(Mods, if this is in the wrong place, i apologize...wanted to get some exposure and  an answer before im carted away to the "other" place, lol...)

Ive done some research trying to find an aswer to my question, but have been seeing conflicting reports.  My question is this..........

I know that in "Ficos eyes", a new account stops being new at 2 yrs. But what if you close a CC before the 2 yrs mark with a $0 bal.  Does Fico still count that closed card as "new" until it becomes 2 yrs old, or does it take it out of the equation once its closed.  I know that a positive acct can stay on your reports for up to 10yrs. 

Thanks for any input

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No, Just close them.

[pizza1]

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@Anonymous wrote:

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@pizza1 wrote:

(Mods, if this is in the wrong place, i apologize...wanted to get some exposure and  an answer before im carted away to the "other" place, lol...)

Ive done some research trying to find an aswer to my question, but have been seeing conflicting reports.  My question is this..........

I know that in "Ficos eyes", a new account stops being new at 2 yrs. But what if you close a CC before the 2 yrs mark with a $0 bal.  Does Fico still count that closed card as "new" until it becomes 2 yrs old, or does it take it out of the equation once its closed.  I know that a positive acct can stay on your reports for up to 10yrs. 

Thanks for any input

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No, Just close them.

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LOL...somehow Id knew you say that...If FICO still scores the new cloed acct regardless if its open or closed till 2 yrs, then whats the best way handle it? Keep it open now or close it.  It seems FICO will score it regardless 

[Luscher]

Then it doesn't matter right? It will be scored the same either way. So its up to you.

[MarineVietVet]

I keep reading opinions on this but I'm still looking for information from FICO on the subject and so far my search hasn't turned up anything.

[coldnmn]

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@pizza1 wrote:

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@coldnmn wrote:

My opinion would be if the account is open or closed it would be considered new as long as the inquiry is still listed on the credit report. That would be two years. But each bank may look at it differently. 

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Colmn...Thank you!!  I sure miss seeing you around here, glad to know you stilll are!  Good to see you posting..  

On topic... That would make sense. Now the effect of the new acct may lesson over the 2 yr period, but is still considered new until 2 yrs in Fico eyes. Thats all Im really concerned with at this point.  So open or closed, if its less than 2 yrs, fico still scores that acct..is that what Im understanding? 

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That's what I would think. Banks like Barclay are more sensitive the newer the inquiries and accounts are. That's why after 6 months they become less of a problem after a year not figured in credit score unless manually reviewed. Two years no longer considered. Just my 2 cents.

[Anonymous]

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@pizza1 wrote:

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@Anonymous wrote:

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@pizza1 wrote:

(Mods, if this is in the wrong place, i apologize...wanted to get some exposure and  an answer before im carted away to the "other" place, lol...)

Ive done some research trying to find an aswer to my question, but have been seeing conflicting reports.  My question is this..........

I know that in "Ficos eyes", a new account stops being new at 2 yrs. But what if you close a CC before the 2 yrs mark with a $0 bal.  Does Fico still count that closed card as "new" until it becomes 2 yrs old, or does it take it out of the equation once its closed.  I know that a positive acct can stay on your reports for up to 10yrs. 

Thanks for any input

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No, Just close them.

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LOL...somehow Id knew you say that...If FICO still scores the new cloed acct regardless if its open or closed till 2 yrs, then whats the best way handle it? Keep it open now or close it.  It seems FICO will score it regardless 

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Why so worried about score if you're not apping?

[pizza1]

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@MarineVietVet wrote:

I keep reading opinions on this but I'm still looking for information from FICO on the subject and so far my search hasn't turned up anything.

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Thats why I posted this MV... I wasnt coming up with anything, but then again, maybe I wasnt looking in the right spots in  my research. Believe me, I try to research as much as I can on certain topics before i come to the boards and ask.

[CreditCuriosity]

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@MarineVietVet wrote:

I keep reading opinions on this but I'm still looking for information from FICO on the subject and so far my search hasn't turned up anything.

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MyFico is a black box..  We know alot about how scoring works, but some things we will never know.  IMO it should all be public information, but that is just my thought pattern vs vague 5 make ups of the score.

[Anonymous]

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@CreditCuriousity wrote:

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@MarineVietVet wrote:

I keep reading opinions on this but I'm still looking for information from FICO on the subject and so far my search hasn't turned up anything.

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MyFico is a black box..  We know alot about how scoring works, but some things we will never know.  IMO it should all be public information, but that is just my thought pattern vs vague 5 make ups of the score.

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It should be free too.