When to close an old account

Discussion in 'Credit Talk' started by mimi, Apr 11, 2001.

  1. mimi

    mimi Guest

    When do you close an account? How old should it be if you're not using it or if your balance is zero? I hear everyone talking about closing older accounts. I thought the older the account, the better it will look on your report. I'm confused about this. Please explain. Thanks.
  2. Saar

    Saar Banned

    Re: When to close an old accou

    Where exactly did you hear that?

  3. BarryN

    BarryN Guest

    In some cases...

    Talking to AMEX Reps, I know that AMEX wants at least 2 accounts in good standing for at least 2 years before they offer lines of credit. This holds true for credit builders and rebuilders. Of course, for a college student they have a different matrix.

    So in conclusion, if you have an account the is 20 months old, you may want to hold it longer. At least until you have some prime credit offers in your portfolio.

    My two cents,

  4. mimi

    mimi Guest

    I don't know...

    I probably read it wrong. I figured that inactive accounts that are old should be closed. Anyway, sorry for the dumb question.

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