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
mrskromer

1 Contribution
0 People Helped
when is my credit no longer considered new credit?
right now im still considered to have new credit. my oldest credit card is 2 years. i have an F on my credit report card for length of time. how long will it take for my credit not to be considered new anymore? and how much does this hurt my credit score?

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
497 Contributions
1203 People Helped
Most Helpful Response

Helpful to 4 out of 4 people

Generally accounts older than 6 to 7 years, anything before that and your credit history is considered "young". If you have too few accounts along with a young credit history, then your considered as "thin file" to lenders.

Reply by
mrskromer

1 Contribution
0 People Helped
Helpful to 0 out of 1 people

i got some bad advice from a family member to close any accounts i wasnt using. i closed 3 credit cards with a zero balance. should i open up another credit credit to make up for this?

Top Contributor
199 Contributions
216 People Helped

Helpful to 1 out of 1 people

It depends. Remember, while opening up a new card will increase the available credit which helps with your debt to credit ratio, you get dinged on the hard inquiry and the new credit card itself. It might be in your best interest to maintain your credit profile as it is now and just make sure you're keeping your OVERALL utilization <20% and make sure you pay your bills on time. With a little bit of time your score should stabilize. You don't need to have oodles of $ available to you if you carry minimal balances and your utilization is in proportion to your income.

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.