Q: Part of a good credit score is having a high average age of accounts. Will closing a credit card account that I’ve had for a long time hurt the average age of accounts?"
A: No- at least not in the short term. It is true that the average age of accounts is something FICO takes into account when calculating your credit score, but an account will still stay on your credit report even after you close it. So as long as it was in good standing when it was closed, it will still help to increase the average age of accounts, just as if it were still open. Though it can still drop off at some point - but usually not after 7-10 years.
I've heard this several times, but this Bankrate interview with FICO rep Barry Paperno confirms it.
Note: closing credit cards can still have a negative impact on your credit score which I'll get into in future posts, but they won't negatively impact the average age of accounts.
[card card-name='Ink Plus® Business Credit Card' card-id='22129636' type='javascript' bullet-id='1']
