Help with closing accouts?

iVillage Member
Registered: 02-07-2006
Help with closing accouts?
6
Mon, 07-07-2008 - 9:51am

DH and I

iVillage Member
Registered: 06-18-2004
Mon, 07-07-2008 - 10:04am

If I understand FICO scores correctly, I would close the newer accounts (part of your score is your length of credit).

iVillage Member
Registered: 03-07-2007
Mon, 07-07-2008 - 12:21pm
I have a slightly different opinion/experience. My husband and I saw virtually no change in our credit scores (they are very high... over 800) when we removed/closed our inactive accounts. We closed about 4 accounts at one time. The risk of having credit open that we don't use and therefore don't really monitor is of greater personal risk to us than a slight drop in credit scores. If you truly have a high score, I don't think that closing some accounts will affect your ability to buy a house in the next few years. FICO scoring is not a very transparent process and so many factors come into play. YMMV
iVillage Member
Registered: 11-17-2007
Mon, 07-07-2008 - 2:16pm

Your credit history is 30% of your fico score.

iVillage Member
Registered: 02-07-2006
Mon, 07-07-2008 - 9:26pm

Thank you ALL for your comments

iVillage Member
Registered: 11-17-2007
Tue, 07-08-2008 - 9:23am

This was on my ATT home page this morning Check it out It may help with your question


http://www.bankrate.com/att/news/DrDon/20080630_credit_card_cancel_a1.asp


Mary Ann


iVillage Member
Registered: 06-18-2004
Tue, 07-08-2008 - 10:01am

Mary Ann, you are a jewel.