Closing accounts that will make average age better not worse.

[Anonymous]

I think you are at a stage where there really isn't anything more you can to to improve your already excellent credit score. Nor is there a practical advantage of being at 820 instead of 810. It won't make any difference in offers you receive or interest rates you're asked to pay.

Once you hit a given age of credit, your score in that area can't get any better. And that age would hit well before 17 years.

[Anonymous]

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@Anonymous wrote:

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Right, for FICO is makes no difference till the cards fall of the reports, which can be 10 years.   Sites like Credit Karma use Average Age of Open Accounts, so it will make a difference there, but it's FICO that matters.

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It is worth noting though that even though CKs front-end fluff software only provides an average age of open accounts, the VS 3.0 model does in fact count open and closed accounts equally just the way FICO scoring models do.  This is just one of the many examples of how CKs summary software is very misleading.

I agree with what everyone else said that closing younger accounts will have no positive impact at all on scores.

OP, question regarding your profile and your 810 or so scores.  You stated that your AoOA is 17 years and your AAoA is 7 years.  What about your AoYA?  Based on your AoOA, AAoA, 1% utilization and clean file your scores on the surface appear that they could be in the 840-850 range.  Do you have an open installment loan?  How many scoreable inquiries do you have?

[Anonymous]

Firsrt of all thank you all for the replys, I am new to all of this. So with that said I haven't picked up the meaning of "AoYA". I have two hard pulls this year. One from a refincance and the other from purchasing a truck. I do also have an installment loan of just over $10,000 that was used for repairs at the house. 

[Anonymous]

AoYA is the age of your youngest account.  It sounds like if you opened a loan (within the last year) that answers the question regarding the presence of an open loan on your file and if the account was opened within the last year your AoYA would be < 12 months.  What month did you open the loan in?  On the 1st of whatever month that was this year your AoYA would reach 12 months and you'd likely see increases to your Fico scores to the tune of 15-20 points.  Also in that same month your inquiries would become unscoreable, possibly helping your scores creep a little higher at that time as well.

[Anonymous]

When your score nears perfection, the advice becomes less and less valuable. They will always advise something.

Your age of credit is over 17 years. That's a LONG time - making minor changes that might bring your average age up a year will have no measurable impact on your score.

The only credit advice you need is to keep on doing what you're doing. Pay your bills and keep utilization low. Apply for the cards you want, keep the cards you want. Nothing you do with keeping and applying cards is going to have much of an impact on your excellent score.

[Anonymous]

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@Anonymous wrote:

Your age of credit is over 17 years. That's a LONG time - making minor changes that might bring your average age up a year will have no measurable impact on your score.

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There aren't any changes that one can make to bring their average age of accounts up.  I assume you're talking about closing young accounts, but as many have already stated in this thread already closing young accounts has no impact at all on average age of accounts.  The only thing that someone could do to raise their AAoA would be to have an account(s) that were younger than their AAoA completely removed from their CR, something that isn't a very standard practice at all.

[Anonymous]

I call BS on that. There’s a breakpoint or two between seven and eight years, so if there were a method for him to bring up his AAOA by one year, it most definitely would be a measurable point increase at those breakpoints. As a matter of fact there definitely is a way, and it definitely is non-standard.

As a matter of fact I think the breakpoints are two or three points at 72 &amp; 78 months. Thats measurable. Not is it significant or worth it? That’s a whole different debate.

[SleeplessinMA]

@Remedios

Really?  You learn something new around here all the time!  Maybe I won't ask for that EE in November then!