Sentences with phrase «average account age»

You've also correctly noted a couple of potential downsides to adding new credit — hard inquiries and lower average account age.

People who enjoy periodically taking advantage of signup bonuses on new accounts should be particularly concerned with keeping old accounts open in order to maintain a high average account age.

A shorter average account age can hurt your score.

Never cancel your oldest credit card, since average account age is a large portion of your score.

Average account age goes up.

Save your existing cards and keep them open to maintain a high average account age, but cards with great churn potential are those for which you sign up and then dump before the annual fee kicks in.

Avoid opening too many new accounts at once; new accounts lower your average account age.

Never cancel your first credit card — unless it has an annual fee — because it will help your average account age.

The net effect was to bring down the average account age of my credit, and my score dropped along with it — by 30 to 40 points.

Keeping the accounts open for a long time can increase your average account age.

For anybody, opening a new credit account will lower your average account age, which will ding your score, more or less depending on how much other credit information is on your credit report.

Similarly, closing your oldest credit account may also reduce your score a bit, both because your average account age will drop and your credit utilization will also go up, unless you pay off a chunk of your debt!

Avoid opening too many new accounts at once; new accounts lower your average account age.

Of course, applying for that card (if new) will impact other aspects of the scoring such as credit inquiries and average account age.

Since leaving a credit card open can increase your average account age over time and help you maintain a healthy credit score, you'll need to know how hard your card will work for you beyond the first year.

Anecdotal evidence indicates that for an outstanding FICO score, the average account age should be at least 8 - 12 years, and the oldest account age 18 - 20 years.

Opening too many new accounts around the same time can lower your average account age and consequently affect your credit.

New accounts are now your enemy, as every new account can be expected to lower your average account age, which at 6 years, is already quite low.

My average account age is two years.

Closing an account does not immediately affect your average account age, but will when enough time passes and the account is removed from your credit file.

The average account age is the age of all of your credit accounts divided by the number of accounts.

If you've got a student loan that's 10 years old and an auto loan that's two years old, your average account age is six years.

If you open a new credit card, your average account age drops to four years.

Your average account age might also suffer when a long standing account ages off your report.

If you open a lot of credit at one time you look risky to the lender because new accounts lowers your average account age which also affects your length of history.

Try to transfer your account so that the date of the initial account opening would be maintained, as the average account age matters for your credit rating.

I've had this happen, and while it wasn't a major issue for me, it was a card I had for a long time and its loss lowered my «average account age».

Opening a bunch of new credit accounts can significantly lower your average account age and make it look like you are an over-eager credit seeker.

If you have had that card for 12 years, close it when moving abroad for three years, then come home and have to open a new account, your average account age just went from 12 to zero.

If you keep it open while you're gone, you'll instead come home to an average account age of 15.

The longer your accounts are open and active, the longer your average account age, which help boost your credit score.

If the Dividend card is older than the average account age, I will definitely keep it open.

Not only does closing the card do nothing to remove either the inquiry or new account that left your score lower, closing it won't prevent the card's very short credit history from unfavorably impacting the scoring calculations — average account age, oldest and newest account age, for example — that make up the length of credit history scoring category (about 15 percent of your score).

The Equifax credit report says my average account age is nearly seven years old.

This action lowers your average account age.

If yes, is it worth it to take the hit to my average account age sooner rather than later by opening a new credit card?

If yes to (1), is it worth it to take the hit to my average account age sooner rather than later by opening a new credit card?

Being an authorized user can help a teen's credit score, but if the teen is removed as an authorized user at some point in the future then this will shorten their average account age, which is a negative factor in the eyes of credit rating agencies.

This action lets you continue with the same credit line, which won't hurt your average account age.

New accounts will lower your average account age, which will have a larger effect on your FICO ® Scores if you don't have a lot of other credit information.

Also, it decreases your average account age by a long shot because you have a brand new account.

It is not worthwhile to continue opening new accounts when they decrease your average account age and worsen your credit score.

The longer you hold your card, the better your average account age will be.

First, it shortens your «average account age» — negating the positive effects of having older accounts.

Two scoring factors that can be hurt by opening a new balance transfer card are the average account age, which can be affected by introducing a new card, and the age of the newest account, which gets younger each time a new account is opened.