Older Credit Card Accounts Improve FICO
Author: George, Guest
Posted: Tue Jul 08, 2003 9:23 am
Post subject: Age of Accounts
If I have had one card since March of 2001 (Citibank) and another since September of 2002 (Bank One), how does the longevity difference look to the credit bureaus, in terms of "age" of the accounts? If one of these accounts is "expendable," is the difference in age between the two mentioned above enough to keep the one that was opened in March of 2001 over the other one? Or are they both too new for it not to make a difference, in terms of which is kept open? This question is aside from the rebate features of each card.
View our latest credit card ratings!
Posted: Tue Jul 08, 2003 9:23 am
Post subject: Age of Accounts
If I have had one card since March of 2001 (Citibank) and another since September of 2002 (Bank One), how does the longevity difference look to the credit bureaus, in terms of "age" of the accounts? If one of these accounts is "expendable," is the difference in age between the two mentioned above enough to keep the one that was opened in March of 2001 over the other one? Or are they both too new for it not to make a difference, in terms of which is kept open? This question is aside from the rebate features of each card.
View our latest credit card ratings!
posted by CardRatings.com at 11:59 AM
1 Comments:
Author: sisflomi
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 134
Posted: Tue Nov 11, 2003 11:59 am
You would want to keep the older card. Even though you need more like 10-15 years of history to really get the FICO going, a card thats 2 years old is helping. I have seen small score increases at 6 months and at 1 year while rebuilding. So even newer cards help the FICO a bit.
_________________
Sis
View our latest credit card ratings!
Post a Comment
<< Home