Credit history makes up 15% of your credit score. Typically, a longer credit history will increase your credit score. However, even people who haven't been using credit long may have high credit scores, depending on how the rest of the credit report looks.
Your FICO Scores take into account:
* How long your credit accounts have been established, which includes the age of your oldest account, the age of your newest account and an average age of all your accounts
* How long certain credit accounts have been established
* How long it has been since you used certain accounts
Therefore, closing accounts with a lengthy credit history may have a negative impact on your credit score.
If you're in need of credit establishment or restoration services, contact us today to speak with a certified credit consultant.
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