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.
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, BarryN
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.
