4 ms·
What do you mean it will still age for 10 years? Closing it won't stop the 'aging' of the card vis-a-vis your credit?
by mmanfrin 10y ago
What do you mean it will still age for 10 years? Closing it won't stop the 'aging' of the card vis-a-vis your credit?
- snuxoll 10y agoClosing a card doesn't affect your average age of accounts, which is what everyone is talking about when they say "closing" a card hurts your credit. FICO08 factors closed cards into your average account age, until they fall off 10 years from closing at which point they are obviously no longer included in the average. Never close your oldest credit line if you can avoid it, because in 10 years that WILL hurt your credit history.
- logician76 10y agoYeah America has a totally irrational credit scoring. It makes no sense whatsoever. If I never needed credit, then I don't have a history thus I have a bad score... go figure.
- nommm-nommm 10y agoIrrational? Hardly. If you were loaning money to someone wouldn't you want them to have a history of paying back loans to others?
- nommm-nommm 10y agoFICO 8 calculates "average age of accounts" as total months of all accounts on your credit report (open or closed) from the open date of the account to the present and divides that by the number of accounts. A closed credit line will drop off your report after 10 years after you closed it (or is it 10 years after open date? I don't know which!)