Quote:
Originally Posted by chief_Roka
It doeant hurt ur credit to close an account until a bitter credit card company decides to misfile it.
It happened to me 5 months ago. I closed an old credit card an they called the debt left on it unsettled/delinquent. I got it fixed but... I had to dispute with the credit card and write the 3 agencies n it took 3 months to fix. Of course the company had no proof I was delinquent. But u just hav to be so persistant for things to keep moving and its a pain.
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I could be wrong on this but in my study of credit over the last few years I've learned that closing ANY account (unless it's one of your newest) will hurt your credit score. Part of what helps your credit score is based on average age of accounts in good standing. So if you have a credit card you got when you were 30, a house when you were 35, car when you were 36, and a new credit card you got when you were 36 and you're now 37, and all are in good standing your average credit age is 2.75 years. If you close that first account obviously your number would go down, since you lost your oldest credit account.
This could be wrong, feel free to correct me.
-William