I closed my 4 years old Flipkart pay later account and my credit score dropped, why ?

[Mahirathore360]

I only have one old pay later account of flipkart while other accounts are just one year older and once i have closed that my Cibil history length shortened to 1 year only and my credit score dropped by 16 points ,, why closing old account drop cibil score, why closed old account does not count towards cibil history. what should i do now ? please help

 

[CApratap]

• Credit history length is an important factor in calculating your credit score (it contributes about 15% in most scoring models).
• When you close your oldest account, the average age of your accounts reduces, which can lower your score.
• Consider applying for a small personal loan or secured credit card (against an FD). A mix of credit types helps improve your score.

 

[Mahirathore360]

• Credit history length is an important factor in calculating your credit score (it contributes about 15% in most scoring models).
• When you close your oldest account, the average age of your accounts reduces, which can lower your score.
• Consider applying for a small personal loan or secured credit card (against an FD). A mix of credit types helps improve your score.

does old closed account counted in calculating Cibil history

 

[CApratap]

Yes,older acoount improves CIBIL.

 

[Mahirathore360]

Yes,older acoount improves CIBIL.

even if they are closed ?