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Sorry if this sounds like a newbish question. But I have never really researched how it works.
Say, for example, I have 3 accounts.
Two are 5 years old and one is 1 year old.
If I was to close the 1 year account would my AAoA raise back up to 5 years?
The only reason I ask is I have read accounts stay on your report for 10 years, so even if it is closed does it still affect AAoA?
If you close the 1 year old account your AAOA does not change. The closed 1 year old account will report for 10 (or so) more years.
The only way a closed account effects AAOA is that it helps increase it for 10 years after its been closed. (no negatives from it, the only negative would be from the new account being created and dragging the AAOA down at that point. But not from closing ![]()
*edit*
To be super clear
Closing the card will not give back the AAOA you had before it was open.
This thread is linked in the Helpful Threads sticky in the Credit Cards subforum:
http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true
@japakar
Thank you for clearing this up for me!