Credit Score Myth 8 is the false belief that closing a financial account removes its history from a person’s credit report.
In the Washington Post, reporter Jonnelle Marte responds to Sam P., a man who ponders closing a financial account that is “anchoring” his credit history. He’s had the credit card for 10 years–“the longest in my report.”
Marte responds, “Credit history matters in determining a person’s credit score, and the reader is right in assuming that closing his oldest credit card could potentially ding his credit score.”
She elaborates on her assertion, writing, “Losing the oldest card in a person’s credit history can shorten the overall length of that person’s credit, but the damage may be limited if that person has other cards for nearly as long as the oldest, said Sarah Davies, senior vice president of analytics for VantageScore.” #myth8
However, according to national consumer reporting agency Experian, “A credit report serves as a record of your account history, so closing an account does not automatically remove it from the report.”
Veracity check. The Washington Post also states, falsely, “At the same time, aides to House Majority Leader John Boehner (R-Ohio) have previously told reporters that they won’t let the country default.” #1607e
On that date, October 14, 2013, Boehner was Speaker, not Majority Leader.
— Greg Fisher (@creditscoring) July 6, 2016