Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
kstrong0326

1 Contribution
0 People Helped
Improve length of open account history
Hi,

If I have 6 accounts and the oldest 3 are 6 years old and 3 accounts are less than 1 year old, will closing the NEW accounts increase my credit score? I know they say closing an old account will negatively impact your score, so that makes me think If I close the newer accounts (zero balances), will that improve the score attributed to "Average Account History"?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1884 Contributions
3677 People Helped
Most Helpful Response

NO

Helpful to 2 out of 2 people

Closing any account will hurt your score.

Your score is based on the available credit so closing accounts will lower the available credit and will do more harm than good.  If you don't want to use the cards put them away and only use them once or twice a year. Then pay them off when the bill comes in. 

The new accounts are "shortening" you age of accounts, but closing new accounts won't change that, The newer accounts will stay on your CR for 7 years even if you close them.  So there is no benifit to closing them.

1 Contribution
0 People Helped

Thank you very much!!

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.