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No, a closed new account will continue to age for up to 10 years on your CR. Closed and opened accounts are weighed equally too.
Conc wrote:So what I gather from this is that closing a new account has no benefit to your average age. If so, is it right to say that closing a card, per se, will never increase your FICO score?
fused111 wrote:No, a closed new account will continue to age for up to 10 years on your CR. Closed and opened accounts are weighed equally too.
Conc wrote:So what I gather from this is that closing a new account has no benefit to your average age. If so, is it right to say that closing a card, per se, will never increase your FICO score?
MidnightVoice wrote:A closed account stays their, but it does not get any older. FICO will look for when you first got revolving credit, and the average time accounts were open accounts. My oldest credit card was closed years ago, but it still used by FICO as the date I first got a credit card
I have closed Amex CC TLs (AU ones but it doesn't matter) on some of my CRs and they do age. In fact my fico EQ and TU says I have a credit card history that is 28 years old beacuse of these. They were opened in 1979 and closed in 2001.
MidnightVoice wrote:As far as I know, a 5 year old account, once closed, will be 5 years old for ever. It should stay on the CR for another 10 years, always being 5 years old, then it should drop off and be a zero
fused111 wrote:I have closed Amex CC TLs (AU ones but it doesn't matter) on some of my CRs and they do age. In fact my fico EQ and TU says I have a credit card history that is 28 years old beacuse of these. They were opened in 1979 and closed in 2001.
MidnightVoice wrote:As far as I know, a 5 year old account, once closed, will be 5 years old for ever. It should stay on the CR for another 10 years, always being 5 years old, then it should drop off and be a zero