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I am unstable and irresponsible and I don't have or need a job. None of these things matter to my fico score.
The question is why do people recommend not closing accounts until they are one or two years old if it doesn't affect your fico score?
One reason is that you'll take a net 'loss', creditwise. You take a hit or more for the INQ, you take a hit for seeking and obtaining new credit, you take a hit to AAoA, and then you have nothing to show for it (no positive payment history, to increased CL for utilization.... nothing). You'll have lost FICO points that it will take a year to fully recover, for absolutely nothing.
After one year, you'll have seen your return on both the INQ, and the "new credit". After two years, your AAoA will have recovered nicely, and you'll have two years of stellar payment history upon consideration for other credit-- which is what a lot of lenders look for. Remember, other lenders don't rely solely on your FICO score itself in determining if you're a good lending risk. They actually review your history with other lenders. Opening and closing accounts, without any tangible history, just won't give you that.
Were these accounts opened fraudulently? By someone other than yourself? If not, then you should not be disputing accurate information. The discussion of doing so is strictly prohibited in these forums, because it's unethical. Per the FCRA, you're only allowed to dispute inaccurate or outdated information, past CRTP.
@Anonymous wrote:
OK, that makes since. I've already disputed all my inquiries off. I will dispute the closed accounts off that are reducing my average age. thanks.
@Anonymous wrote:
I am unstable and irresponsible and I don't have or need a job. None of these things matter to my fico score.
The question is why do people recommend not closing accounts until they are one or two years old if it doesn't affect your fico score?
Message Edited by hobojon on 01-30-2009 02:13 AM
I've never heard anybody specify "1 or 2 years"
If you want real answers to your questions, honey works better.
The FCRA states you can dispute any inaccurate information. It does not specify that the only way it can be inaccurate is if it is "opened fraudulently or by someone other than yourself". The inquiries had the wrong date. They were all dated for the day after I actually applied. I disputed them, they could have fixed the date, they decided to delete them instead. I can find many other similar inaccuracies in the accounts if I try.