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tupacbiff1 · 04-26-2005, 01:30 PM

A closed positive account will stay on 10 years. A closed engative account 7 years.

The reason to keep it open is simple each day your account gets older and helps your credit history. By keeping it open you extend the length and never have to worry about losing the account from your report.

Furthermore, another factor in determing Fico scores is available credit and avail credit vs. credit in use. You can help both these factors by keeping a card open.

I suggest using a card every 3-6 months even if it is for a $1.00 purchase just the card company is forced to update your account ont he credit report.

What are the advantages to closing an account? NONE....unless you buy into it makes it harder to be a victim of fraud. Look, if you are a victim of fraud you are not respondsible for the payments plus you are just as likely for it to happen with 2 cards or 10.

Their are people with scores of 800+ with 25+ cards and with 1 or 2 cards. It is a scret formula tht FICO will not disclose. If you are respondsible with credit then it should not matter. I have between 5-15 open accounts and have never closed an accout and my FICO is over 800.

I agree with what Matadon said though:
always pay in full
amex blue is a fine card and amex tends to back its customers slightly more then others but if you are persistent and have evidence any card will back you.

I do not pay cash for anything, anywhere. I get tons of miles this way. Im talking a $1.00 coffee at the deli. they dont take credit they dont get me as a customer.

04-26-2005, 01:30 PM	#14 (permalink)
tupacbiff1 Addict	A closed positive account will stay on 10 years. A closed engative account 7 years. The reason to keep it open is simple each day your account gets older and helps your credit history. By keeping it open you extend the length and never have to worry about losing the account from your report. Furthermore, another factor in determing Fico scores is available credit and avail credit vs. credit in use. You can help both these factors by keeping a card open. I suggest using a card every 3-6 months even if it is for a $1.00 purchase just the card company is forced to update your account ont he credit report. What are the advantages to closing an account? NONE....unless you buy into it makes it harder to be a victim of fraud. Look, if you are a victim of fraud you are not respondsible for the payments plus you are just as likely for it to happen with 2 cards or 10. Their are people with scores of 800+ with 25+ cards and with 1 or 2 cards. It is a scret formula tht FICO will not disclose. If you are respondsible with credit then it should not matter. I have between 5-15 open accounts and have never closed an accout and my FICO is over 800. I agree with what Matadon said though: always pay in full amex blue is a fine card and amex tends to back its customers slightly more then others but if you are persistent and have evidence any card will back you. I do not pay cash for anything, anywhere. I get tons of miles this way. Im talking a $1.00 coffee at the deli. they dont take credit they dont get me as a customer.