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Question

Credit score

Forum|Forum|5 years ago
November 20, 2020
2 replies
0 views

Will closing new accounts increase the age of my credit, increasing my credit score ?

They go by the date you first established credit so it won't help

Employee

Credit bureaus report both your oldest account and the average age of your accounts. Closing your youngest accounts will raise the average age of your remaining accounts, and may slightly increase your score. However, since it will also reduce your available credit (your total borrowing ability) that will tend to lower your score. I can't guess whether it will ultimately turn out in your favor.