What Do Credit Scores Mean
What does "length of credit" mean for Credit Score purposes?
For instance: I have a Credit Card with 0 APR for a year. At the end of the year, if I cancel that card and apply for another w/ low APR, will this hurt my score? I have a good score and always pay off balances each month.
About 14% of your score is based on how long you have had an account open. If you keep opening new accounts and closing them after only a year, all your accounts will show as new. This does not help your score.
Also, some Credit Card Companies will turn you down if you have a very long history of opening accounts and closing them. It looks like you are just cashing in on the special offer.
What's Your Credit Score?
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