(03-13-2019, 09:24 AM)JPolen01 Wrote:(03-13-2019, 09:06 AM)Sijray21 Wrote:I guess I should have phrased that better. I realize that opening and closing cards frequently will negatively affect your score. But if you have a card for years on end and then close it for another, will that really affect you? If you have good credit history, you have good credit history.(03-13-2019, 09:00 AM)JPolen01 Wrote: Does keeping your Wells Fargo card just because you have had it for a long time really matter? Does that affect your credit report? I would think not.
It does. Length of credit history is one of the factors to create your fico score. The more good history the better.
Average age of credit accounts is a factor in your score.
https://www.creditcards.com/credit-card-...e-1586.php
This impacted my score when I moved both individual and our joint accounts to different cards for rewards that aligned better with our habits. This is, in part, because I closed a credit card we'd had for 10+ years and my average went all the down to something like 2.5 years.
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"Here, at last, is the cure for texting while driving. The millions of deaths which occur every year due to the iPhone’s ability to stream the Kim K/Ray-J video in 4G could all be avoided, every last one of them, if the government issued everyone a Seventies 911 and made sure they always left the house five minutes later than they’d wanted to. It would help if it could be made to rain as well. Full attention on the road. Guaranteed." -Jack Baruth
"Here, at last, is the cure for texting while driving. The millions of deaths which occur every year due to the iPhone’s ability to stream the Kim K/Ray-J video in 4G could all be avoided, every last one of them, if the government issued everyone a Seventies 911 and made sure they always left the house five minutes later than they’d wanted to. It would help if it could be made to rain as well. Full attention on the road. Guaranteed." -Jack Baruth