Closing oldest card. Effects on score help

[taxi818]

Hello all. My oldest card is 1 year old ams of November 1st. Td bank extra rewRds. Well this card is good for first 6 months. But after. It drops to 1% for everything. Plus it has a 29 AF. I really want to get rid of it but not sure. Also I have checking  account and savings with them. And they have minimum balance requirements for my accounts. Every time I drop below 1500. They charge a 15 maintenance. Malso on the savings. I want out. But am afraid what will happen to my score. I know people will say it will stay on report 10 years true. And still help AA of A. My next oldest is cap 1. December 1st 1 year. The problem. When I  went to simulator. It said I will lose 27 points if I close. Confused as what yo do now. So sick of TD 

[Simply827]

Won't hurt your score in terms of AAoA. Might hurt your score in terms of utilization if you carry balances. Feel free to close.

[FinStar]

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@taxi818 wrote:

Hello all. My oldest card is 1 year old ams of November 1st. Td bank extra rewRds. Well this card is good for first 6 months. But after. It drops to 1% for everything. Plus it has a 29 AF. I really want to get rid of it but not sure. Also I have checking  account and savings with them. And they have minimum balance requirements for my accounts. Every time I drop below 1500. They charge a 15 maintenance. Malso on the savings. I want out. But am afraid what will happen to my score. I know people will say it will stay on report 10 years true. And still help AA of A. My next oldest is cap 1. December 1st 1 year. The problem. When I  went to simulator. It said I will lose 27 points if I close. Confused as what yo do now. So sick of TD 

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You already know that CK (or whichever simulator you are using) is not reliable for the true effects on FICO scoring - simply used as a guide.  Your AAoA would not be impacted but you will have a lost tradeline which would factor in any utilization that would be felt during the closing of such account.  Keep in mind, FICO scoring is just a snapshot in time which would eventually recover.  Plus, you don't really have a "thin" file to be really concerned.  If the CC has an AF and you no longer see a need, then just close it and move forward.

Out of curiosity, since your file seems to be kinda "newish", what is the big concern on the score?  Are you applying for a mortgage or auto-fiancing anytime soon?  If not, then I wouldn't worry about it.

You have said it before to others, so let's use the same advice, no need to panic or be overly concerned.

[taxi818]

Yes. A car in 6 months. But ok. Will go today to bank and close it. Thanks.

[Anonymous]

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@taxi818 wrote:
Yes. A car in 6 months. But ok. Will go today to bank and close it. Thanks.

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Car Financing has gotten a TON easier in the last two years.

Got a 0% for 72mos with Ally.

Myself as Primary with EX FICO 662, Wife as Secondary with EX FICO 690 at time of signing.

[taxi818]

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@Anonymous wrote:

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@taxi818 wrote:
Yes. A car in 6 months. But ok. Will go today to bank and close it. Thanks.

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Car Financing has gotten a TON easier in the last two years.

Got a 0% for 72mos with Ally.

Myself as Primary with EX FICO 662, Wife as Secondary with EX FICO 690 at time of signing.

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Is that so?. what do you mean 0 percent. ??? Apr. also did you put down payment on it. as i was thinking of using credit card to do that. as i want high end vehicle . anyway. not highjacking my own thread i got offer from cap one today in mail pre approved up to 35k. on new vehicle no money down. however it is for any toyota which i don;t want. im looking at Benzo...any advice is welcomed. thats why in the garden. thanks.