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Question By
icantoran

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should i close new credit cards to increase avg history?
I recently began opening new credit just for the heck of it. Now I'm regretting it because i started noticing my credit score drop drastically. I have an avg now of credit history open of about 1 1/2 years and at one point i had 4 years of history. if i close those 4 new retail accounts would my avg history go back up? i was just wondering what were the pros and cons if i do close them?

thank you in advance for your advice

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NO! Never close an acct

Helpful to 3 out of 3 people

Opening then closing accounts will actually hurt you more.Every time you open a new account your score will drop. if you open more than 1 in a month it will go down even farther. It will take about 60 days for your score to go back up.  When you open a new account they want to see how you will treat it.  use the cards a couple of times then put them away in a drawer, save them for an emergency.   Pay off any new balances and then you should see your score jump because of your new credit to debt ratio.

people with credit over 800 often have 20 to 30 credit cards. over time you want to build your available credit to be at least equal to 1 years salary., So open credit cards that you don't use is a good thing. Just avoid cards that charge an annual fee. 

Reply by
icantoran

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thanks for the response. well actually i was just wondering because everything is showing that im good except the part that says i only have 1 year of average history and i noticed it dropped afer i applied for those sore cards. ive already had them for about 4 months, so i was wondering if since they are just cards i wont use with really same credit lines should i close them and my average credit history go back up or it wont change at all.

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