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Message
re: Will canceling an Amex card hurt my credit?
Posted on 2/5/13 at 11:36 am to PurpleAndGold86
Posted on 2/5/13 at 11:36 am to PurpleAndGold86
quote:
but credit longevitiy is definitely a factor.
Since this credit card for him has only been open for 15 months, it could be lowering his average age of open credit line accounts, which could be lowering his score.
2
Posted on 2/5/13 at 11:39 am to Will Cover
quote:
Since this credit card for him has only been open for 15 months, it could be lowering his average age of open credit line accounts, which could be lowering his score.
They don't look at the average. They are looking at how long you have had a credit line open. If the 15 months this card has been open is the longest line of credit he has had open, they will look at his next card. If it happens to only be 3 months, that will be the length of time they now use in determining his longevitiy.
Posted on 2/5/13 at 11:39 am to Will Cover
quote:
Since this credit card for him has only been open for 15 months, it could be lowering his average age of open credit line accounts, which could be lowering his score.
They don't look at the average. They are looking at how long you have had a credit line open. If the 15 months this card has been open is the longest line of credit he has had open, they will look at his next card. If it happens to only be 3 months, that will be the length of time they now use in determining his longevitiy.
Leaving a credit card open will not negatively effect your credit score because of longevity.
This post was edited on 2/5/13 at 11:41 am
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