Apparently the several on-time revolving accts I have keep my score from being even lower. I want to close one, though. Will I be hurting my score? My two cards are both maxed (bad, I know).
It might, it might not...depends on many factors, of which the biggest influence is RNG If you close your oldest trade, you may reduce the age of your credit history file. If it is the older of the 2, you may reduce the average age of your listed accounts (assuming there are more listings on your report than just these 2 cards of yours). Credit limit might be reduced, even if your balance will be as well because you should pay off the entire card and make sure it posts to your report before closing your account, do not close while maxxed out. so your balance will be 0...but your total available credit (limit) will be reduced as well once you close. If your card is under a year (2 even) you may see a drop by closing a newly opened tradeline. So you can see, there are many factors, many others not mentioned as well that can affect the score of the account you close...but generally your score should not change much by simply closing out a zero balance card, that is not too old and not too new. -Peace, Dave
That brings up a question of mine. Say you have an old tradeline and you close that account. That account still stays on your report for 10 years, so how does that drop your score? I'm sorry if this has been asked before. I was just thinking about it in the last day or so. Thanks
Because your available credit is lower after closing the account... Open and Paid is better than Closed and Paid...
Platinum, Does that mean that closing a new account with say a $1K credit line would affect your credit about the same as closing a 5 yr old acct with the same credit line?
I guess I will keep open and pay it off, then. If FICO score seeks to predict what people w/good credit do, a person with lots of $$ and good credit doesn't close accts as soon as they're maxed (looks like you can't control yourself).
