It's not
just older credit accounts that get all the attention.
Not exact matches
However, you may not qualify for certain
credit cards if your
oldest credit account is
just 12 months
old.
If you have
old credit card
accounts that you want to stop using,
just cut up the cards or keep them in a drawer, but keep the
accounts open.
One 90 - day late payment or a collections history, a short
credit history — as in, if a
credit card
account is less than two years
old — or
just applying for too much new
credit in a short period of time can lower your
credit score.
If you're worried about qualifying for a bad
credit loan,
just remember the easy requirements for many of our lenders are the following: you
just need to be 18 years
old or
older, with a job, and a valid bank
account, and you need to be a US Citizen.
These
older credit scoring models will still judge the existence of medical collections
just as harshly as any other type of collection
account.
This is especially the case if all of your other
accounts are only five years
old, since your
credit history will suddenly go from 10 years long to
just five years long.
CreditKarma has a
Credit Score Simulator that should be able to answer this, but it just says that closing your oldest credit card account will likely decrease your credit score without putting a number
Credit Score Simulator that should be able to answer this, but it
just says that closing your
oldest credit card account will likely decrease your credit score without putting a number
credit card
account will likely decrease your
credit score without putting a number
credit score without putting a number on it.
I
just refinanced my student loans through you and my
credit score went down 40 points because by refinancing it killed my
oldest credit account (the previous student loan) so the average life of my loans decreased.
I accepted, not even asking for the details,
just to keep the
old account on my
credit history.