Should I Close Oldest CC or Not? *EDIT*

[Anonymous]

no.

[mitchblue]

If no AF no reason to close it. If you don't want to look at it just shred it.. There's no benefit of closing it and even though it might stay on for 10 years why not start the ten years at a later time? 

[NRB525]

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@mitchblue wrote:

If no AF no reason to close it. If you don't want to look at it just shred it.. There's no benefit of closing it and even though it might stay on for 10 years why not start the ten years at a later time? 

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Shred an active card? The card contains the CVV number, it is nowhere else in your paperwork, and is often necessary when even working with the card company on-line to verify you have the card and are the legitimate cardholder.

As to keeping the card open, $3k is not a particularly low limit. yeah, you can't buy a car with it, but it's adequate for many purposes. The longer it ages, the more it is going to benefit you.

[onstar]

If you're rebuilding or NEED the CL, then keep it.

Otherwise, it does you no good, so close it.

[revjamesl]

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@onstar wrote:

If you're rebuilding or NEED the CL, then keep it.

Otherwise, it does you no good, so close it.

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I'm definitely not rebuilding. I have established credit and very high credit scores. I hate the low limit. I'm wondering if it could ever negatively effect me.

[Anonymous]

If it can't or won't grow, why keep it? <<< Good question. You've stated you don't need it, also sounds like you dont want it. Close it and move on

[CH-7-Mission-Accomplished]

I think you should keep it.  My two oldest accounts that survived my BK 7 are a JC Penney card that's 20 years old (never used) and a Barney's NY card that's 15 years old (used once).  I lost the physical cards years ago but they still report as open and are saving my AAofA.

People hang onto their crappy little $300 Target cards forever, or a Nordstrom or Macy's card with a $1500 limit.

At some point it's nice to see your AAofA get up over 20 or more years -- just for kicks to see how high you can score.  

Seriously nothing makes for a bulletproof credit file like lots of old cards.  Then you can app with impugnity without any consequences in the future.

And if you harangue the EO and tell them how long you have had the card, yada, yada, yada, they will likely cave.

[mitchblue]

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@NRB525 wrote:

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@mitchblue wrote:

If no AF no reason to close it. If you don't want to look at it just shred it.. There's no benefit of closing it and even though it might stay on for 10 years why not start the ten years at a later time? 

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Shred an active card? The card contains the CVV number, it is nowhere else in your paperwork, and is often necessary when even working with the card company on-line to verify you have the card and are the legitimate cardholder.

As to keeping the card open, $3k is not a particularly low limit. yeah, you can't buy a car with it, but it's adequate for many purposes. The longer it ages, the more it is going to benefit you.

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But if you're not going to use it at all, what's the point. They will close it on their own at a later date. 

[Anonymous]

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@revjamesl wrote:

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@onstar wrote:

If you're rebuilding or NEED the CL, then keep it.

Otherwise, it does you no good, so close it.

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I'm definitely not rebuilding. I have established credit and very high credit scores. I hate the low limit. I'm wondering if it could ever negatively effect me.

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Frankly, if I had your lineup of cards I'd have closed it a long time ago.