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Close old bank accounts?


Comments
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Unless you've a need to use a particular one. Then might as well close it. Retain just what you need.1
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Thrugelmir said:Unless you've a need to use a particular one. Then might as well close it. Retain just what you need.
No one has ever become poor by giving0 -
Yes, but that's not important. Lenders will only look at the data on your file, never the score.
Keep the ones you need.1 -
Deleted_User said:Yes, but that's not important. Lenders will only look at the data on your file, never the score.
Keep the ones you need.Age of credit
18 yrs 1 mo
Since opening or joining your oldest account
Try not to close your ###### account as this could impact your score.WHAT THIS MEANS
This is the age of the oldest active account on your credit report, or if a joint account, the date you became an account holder.
WHY THIS IS IMPORTANT
Lenders like to see how long you’ve been managing active credit for. The more financial history you have, the more chances to prove that you can meet your obligations and organise your finances responsibly.
WHAT YOU CAN DO
Even if you rarely use it, unless it’s costing you too much money, try not to close this account. After 6 years, points are added to your score, but keeping it open for more than a year will start to improve this factor. The longer you keep your oldest account active, the better for your score.
No one has ever become poor by giving0 -
Close all but the oldest one. Having so many accounts opens you to financial abuse. (So many accounts, so many passwords, so many transactions potentially going unnoticed...)#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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thegentleway said:Deleted_User said:Yes, but that's not important. Lenders will only look at the data on your file, never the score.
Keep the ones you need.Age of credit
18 yrs 1 mo
Since opening or joining your oldest account
Try not to close your ###### account as this could impact your score.WHAT THIS MEANS
This is the age of the oldest active account on your credit report, or if a joint account, the date you became an account holder.
WHY THIS IS IMPORTANT
Lenders like to see how long you’ve been managing active credit for. The more financial history you have, the more chances to prove that you can meet your obligations and organise your finances responsibly.
WHAT YOU CAN DO
Even if you rarely use it, unless it’s costing you too much money, try not to close this account. After 6 years, points are added to your score, but keeping it open for more than a year will start to improve this factor. The longer you keep your oldest account active, the better for your score.
Don't worry about the ramblings of Credit Karma.1
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