Will my average age of accounts improve if I close a recently-opened account?

[ChesterPDexter]

My oldest account is 15 years old, yet I am being told that my average age of accounts is short, and this is because I opened many accounts recently.  I know this is a mistake now, and I'd like to clean up the damage.

First on the chopping block:  Neiman-Marcus, which does not report a limit.  I don't think it's helping my utlilization at all, so it's doing nothing but hurting my score by shortening my average account age.  Since I don't even like to shop there, is there any downside to closing it, score-wise?  I don't know how an opened-and-closed (in less than two years) account figures in to calculating account age.

Second on the chopping block:  Target, opened less than a year ago, with a $300 limit.  They will not upgrade me to a VISA and I don't want to wait around hoping for that since their VISA doesn't have great terms anyway.  Considering that my total credit limit on all cards is many thousands, I don't think the $300 is helping my utilization much.  Again, will my average age of accounts be re-calculated with these two accounts no longer figuring into the equation?

THANKS in advance, if anyone knows the answer to this.

[llecs]

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ChesterPDexter wrote:

"Since I don't even like to shop there, is there any downside to closing it, score-wise?  I don't know how an opened-and-closed (in less than two years) account figures in to calculating account age."

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So as long as you have a good mix of credit after you close it, and if it doesn't factor well into util, then closing it won't hurt you. Even if closed, it still will factor into your history and AAoA for the next 10 years.

[haulingthescoreup]

As llecs said, just closing it won't make it go away.

You might want to read fused's "Closing Credit Cards" to see how this works. It's very counter-intuitive, I know. The thread is linked down in my siggy.

[smallfry]

While the probabilites are high that closed accounts remain on reports for 10 years after closure it is no guarantee. Equifax deleted 4 accounts due to drop off in 2014 and 2 that were due to drop off in 2012 just a few weeks ago. You can dump the Target how old is Neimann?

Message Edited by smallfry on 06-13-2009 11:02 AM

[ChesterPDexter]

Thanks, guys.  The Neiman Marcus is no more than two years old, possibly just under one year old, somewhere in there.

I don't really care if it's listed on my report but I'm looking to get it out of that equation.  I guess if it's in the report it's in the equation.

The funny thing is that I think my oldest account is a Limited store card account.  It's been closed for years (I don't think I closed it, either - it might have been due to non-used, and I asked them to reopen it and they refused, citing a bankruptcy on my part) and it reports as open and in perfect standing.  I don't know if there's a limit listed for it, though.  I don't think so. I should check on that.

Message Edited by ChesterPDexter on 06-13-2009 10:53 AM