Closing oldest card and only card over 6 months old

[cluelessoregonguy]

I was going to close my old AppliedBank secured card this last week and then started to wonder if closing it would mean I couldn't get FICO scores. It's my only account over 6 months old on my reports. I understand it would still be used in AAoA calculations but does it also continue to show as oldest account and will I still be able to generate FICO scores as I won't have any accounts open that are at least 6 months old?

[coldnmn]

It will report as a positive trade line for 10 years.

[cluelessoregonguy]

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@coldnmn wrote:

It will report as a positive trade line for 10 years.

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Thanks. So I shouldn't have trouble with the minimum requirements for generating a FICO score? I just want to make sure closed accounts are counted as well as open as far as the requirements to generate a score. If it's not counted then I would be stuck without a FICO score until December lol

When looking up the requirements I keep seeing "at least one account that has been open for six months or more.". I'm assuming that means that a closed account that has 6 months or more of history fulfills the requirement but just wanted to make sure before closing the account.

[Revelate]

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@cluelessoregonguy wrote:

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@coldnmn wrote:

It will report as a positive trade line for 10 years.

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Thanks. So I shouldn't have trouble with the minimum requirements for generating a FICO score? I just want to make sure closed accounts are counted as well as open as far as the requirements to generate a score. If it's not counted then I would be stuck without a FICO score until December lol

When looking up the requirements I keep seeing "at least one account that has been open for six months or more.". I'm assuming that means that a closed account that has 6 months or more of history fulfills the requirement but just wanted to make sure before closing the account.

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Should be fine.  Have to have at least six months on any tradeline, and at least one tradeline that has been reported as active within the last six months.

If you have other accounts, the closed account should get you over the hump on the first, and your others should on the second.  I haven't tested it personally though, and I'd probably just wait unless I really needed the deposit back for whatever reason (or there were monthly fees on the card).

[cluelessoregonguy]

Awesome thanks!