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Question By
lpq

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canceling youngest credit card account
Hi - I have 4 credit cards open. I am considering canceling the card which is the youngest one (only 8 months active). By canceling this card, the average age of my active credit cards will be 8.3 months (vs 6.4 months currently).

Would my revised credit score be based on the active age of the open accounts or will it still consider the age of the closed account for a period of 7 years after closing?

I understand that canceling this card will also lower the total credit available and number of active accounts which may have a negative impact on my credit score vs the gain of increasing the average credit age of the open accounts.

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closing your account will not change the aaa.  The history will remain there for 10 years.  The only way to gain age is to not app for anything for awhile.  Just let your accounts age and dont close the card.

Reply by
lpq

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Thanks for your response! I am bit confused. Because when Credit Karma reports the average of my accounts, it calculates the average age of the Active cards only. It is not including the age of the cards for example, that I closed in the past. I'm copy pasting what they say about the Age of Credit History:

"We calculated your age of credit history by averaging the ages of your open credit accounts.:

If that's the case, closing the oldest account should mean it is no longer factored in calculating the average, right?

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As johnnybinsea already said, you are not going to "undo" the hit to the average age of accounts, the hit will remain, so just keep the card open. The aaa will not be revised. No good would come from this action you are planning, so don't do it.

Reply by
lpq

2 Contributions
0 People Helped

Thanks for your response! I am bit confused. Because when Credit Karma reports the average of my accounts, it calculates the average age of the Active cards only. It is not including the age of the cards for example, that I closed in the past. I'm copy pasting what they say about the Age of Credit History:

"We calculated your age of credit history by averaging the ages of your open credit accounts.:

If that's the case, closing the oldest account should mean it is no longer factored in calculating the average, right?

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