Comments on: What Things Can Make Your Credit Score Drop https://www.financeglobe.com/post/what-things-can-make-your-credit-score-drop/ Personal Finance Tips & Tools Wed, 28 Aug 2019 15:00:39 +0000 hourly 1 https://wordpress.org/?v=6.9 By: Frank https://www.financeglobe.com/post/what-things-can-make-your-credit-score-drop/#comment-742 Wed, 28 Aug 2019 15:00:39 +0000 https://www.financeglobe.com/tools/2019/07/31/what-things-can-make-your-credit-score-drop/#comment-742 I agree that accounts for the most part should not be closed.

]]> By: Wanderer https://www.financeglobe.com/post/what-things-can-make-your-credit-score-drop/#comment-741 Fri, 16 Aug 2019 00:12:37 +0000 https://www.financeglobe.com/tools/2019/07/31/what-things-can-make-your-credit-score-drop/#comment-741 This writing covers well the factors of credit. Would add that there are many schools of thought on closing accounts ranging from it is nice to not have an extra account or I wasn’t using it and I don’t want it closed for inactivity by the lender.

An account closed in good standing may stay on your credit report for up to ten years which will help your average age of account and oldest account. The danger is after the ten years it drops off and could reduce your oldest account age and average age of account. Note, if you have a thick credit file (generally one that has a few years on it) the affects of dropped accounts would be minimized.

Accounts not considered Good in standing may only stay on the credit report for about seven years.

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