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noeoldford

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Age of Credit History
I just saw my Age of Credit History is less than 5 years, though you also state my oldest open account is almost 14 years old.
You calculated that "age" based in the number and length of open accounts, recommending not to close accounts in good standing to increase that age.
Well, How can you do that? A few years back, I was looking into refinancing my home. In order to increase my score, I had to close old accounts, all in good standing, which that also reduced the credit risk... and helped to get the new loan.
Is there any way to get those account back in the credit history?
Thank you

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WOW, It never seems to amaze me *** incorrect the three buresaus are but never get held accountable. My credit goes back over 35-years and they have me down for only one year credit history. When will someone take these byreaus to task for accountability for reporting accurate information??? Lets all get together and file a class aqction suit to force penalties for reporting WRONG Information. They should be held accountable.

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As a general rule, closing accounts will impact your Average Age of Credit Line and Number of Accounts so you will hear people say "Never close accounts, just stop using them any more than what is needed to keep them open". 

Mortgage companies play by a different set of rules. While Capital One could look at your history and say, "This person has $50,000 worth of available credit but is only using 5% of it", a mortgage company may look at it and say "This person has $47,500 worth of credit that he could use and take away from what he has to pay us".

To address your first question, "How you maintain open accounts without scaring the mortgage companies", it is a balancing act for the higher limit accounts you have. You would need to consider how old the card is, how much of your overall available credit each card is and how much credit you are actually using month to month. If you have a newer card with a huge limit, you may be better off to close that account or at least call the creditor and ask them to lower the limit (even if temporarily). As someone who has worked very hard to restore their credit-worthiness, I can tell you it pains me to even think about closing an account but the amount of money you can save in the long-term just by improving you mortgage rate by a small percentage could easily outway any short-term hit to your credit score you take.

For your second question, "Is there any way to get those account back in you credit history?", each lendor will have its own "When is a customer a new customer" timeframe and it can be anywhere from 30 days after your final statement to 12 months after the account is closed. I have recently run into having to research this for some lendors and I can tell you what the timeframe is for a few credit providers:

Capital One: 30 Days after your final statement

Barclay: 6 months after card is closed

Lloyds: 1 month after account close

Good luck!!!

Dan

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Nope,  once you close the account it is closed.  Even if you had called the next day to try and re-open the account you would have been told No.   Now they will tell you do apply for another credit card if you want to open an account.

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