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Should I open new accts. Have 10 now, with 700+score, but 2 of them are closed and 10 yrs old?
I know # of accts effects score, but so does avg age of accts. I have 2 accts that were closed almost 10 yrs ago, so in a year or 2 will be dropping off my report, leaving me with only 8 accts, open and closed. Should I open a few more accts, so that in a few years when those 2 drop, I will still have 10(incr. my score) or will the negative effect of recent inquiries and 0 mos. length on 2 or so new open accts. do more harm than the 2 dropping in the near future?
Asked by
streetpreach
5 months ago
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A good mix of credit is needed to keep climbing ( 3 or 4 credit cards, personal line of credit, car loan or lease and a mortgage )
nandog 5 months ago
In the short term new inquiries + decreased age of accounts will probably hurt you more than two new accounts will help you. In the long run, having the two new accounts will help more than hurt. So it's a matter of whether you're more interested in short-term or long-term effects. I think I'd also be asking not just what will new credit do to my score, but do I really need or want the new credit.
Clairissa 5 months ago