O.K. I realize that FICO like length in a credit file when scoring, but does it have to be an open account? Example Joe opened a Chase Secured account in Mar 1999 and a Target in Dec 2000. Now Joe wants to close the Chase. Will Fico consider Joe a person with 2 years History or only 4 months credit history??? How different will Joes FICO score be before and after he closes the Chase Card??
Actually I have noticed that most reports (especially the ones online) report the account even after it is closed. What I mean is, when Joe closes the Chase account with good history 6 months from now, the cb will report that the account is 30 months good standing. I noticed this on my experian report. They still have my FCNB which I closed in 11/00 and my FNBM account which I closed in 4/00 as in good standing for many months after I closed them.
I'd like to know that too. I was given the reason code that my history is too short, but my history is over 8 years. However, my oldest open revolving account is about 6 years. And what about installment loans that are paid, are they only considered toward your length of history if open? So is my length of history considered 6 or 8 years in the FICO scoring model?
