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Stew9n1

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Closing a Recently Opened Credit Card
I recently opened a new credit card, and my credit score dropped by 20 points. Because the new card is only a month old, the average age of all my overall accounts dropped, even though I've had my oldest credit card for almost 4 years. My credit score now says I've only had a credit history for 1 year and 11 months. I just paid off this card because I was using it for a trip I was going on, and I'm wondering if it's better to just close the card so my average age of credit history goes back up. and focus on utilizing the cards I already have open more to continue building credit. Will my average age of credit history go back up, or is that not how it works?

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Closing a card hurts your score, so don't do it.  Instead, take the time to re-read the ar ticles here to refresh your memory on how credit works, then you can make wise decisions.

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