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Conflicting advice from the Credit Simulator
In the credit simulator is says that closing my oldest account will make my credit score go down, but when I actually simulate the score it goes up dramatically (almost 50 points). How can I find out more information as to why that might be? Is the credit simulator wrong, or do I have an old account that is hurting my credit score.
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funkmj
1 year ago
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There could be a number of things at play. What type of credit is that line of credit (revolving vs. installment)? If revolving, is it a line that you use, or is it mostly dormant? What does the rest of your report look like? Closing an old line of credit that boosts your average age of open lines, as well as reducing the number of open lines of credit is typically a detrement. However, other things could be coming into play here.
phnxangell 1 year ago