Proper tenure before closing

Discussion in 'Credit Talk' started by carlo, Mar 26, 2001.

  1. carlo

    carlo Guest

    Speaking of closing accounts...

    What is a right proper length of time for having an account before one closes it? I've determined I really can live without two particular cards. While I have no qualms about not using them ever, I have only had one of the accounts for nearly 4 months. If I close it so "soon" is that considered bad?
  2. miles

    miles Well-Known Member

    Re: Proper tenure before closi

    I believe accounts should be left open at least 1 year, ideally 2 years. 4 months is not enough time for a potential creditor to assess your payment pattern. If you have other good accounts with a fairly long history and you really hate the company or something, closing the account will not hurt you, but the short history on that account will not help you either. Especially as far as FICO scoring. Good luck with your decision.
  3. DaveLV

    DaveLV Well-Known Member

    Re: Proper tenure before closi

    If you already have paid the annual fee for the year, I'd leave them alone until the next fee period. When they want to charge you for the second year, call and see if you can get the fee waived. If you can then keep the card for another year and just don't use it. If they won't waive the fee, then go ahead and close the account.

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