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I know not to close old accounts, but what about new ones?
I know that you're never supposed to close your oldest (or older) accounts, but what about newer ones? I applied for a credit account for some new furniture in January and have already paid it off. Should I close it in order to push my average length of credit higher? Or just keep it?
Asked by
hanthony
1 year ago
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I don't think there's much benefit from closing it, unless you're paying an annual fee or are worried you will eventually be charged one. If it reports a limit, then closing it will bring down your credit card utilization, since your limit will go down. That's not a desirable outcome, but it probably won't make a big difference either way unless it's a card with a really high limit or your other cards have low limits.
Kudos on paying off your furniture quickly!
ryan 1 year ago
It's better to leave them open.
superhookie 1 year ago