@Anonymous wrote:So I have a Military Star card (store card version) that I am considering closing. Below are the pros and cons I have considered. I would like to know if I have missed any and what your opinion on the matter is. Two added notes for this that don't necessarily fit into a Pro or Con: 1. I am no longer in the military and could only use this card online which I never intend to do. 2. The credit simulators on CapOne's site and Credit Karma show this as having zero effect on my score.
Pros
Account is the only account with any late payments and closing it will allow this stuff to fall off my report eventually (10 years)
One less target for identity theft.
If the above does happen this is the least likely card I would catch it on since I do not track the account at all.
Cons
This is my oldest active card by 8 months
My AAoA is pretty bad, 1 year 8 months, and this could/will make it worse
So what say you oh wise credit sages?
1. If you're never going to use it you might as well close it.
2. Whether you close it or don't close it will not affect the reporting of your late payments.
3. Whether you close it or don't close it will not have any effect on the average age of accounts until 10 years from now, at which point it won't matter.
4. Closing it will shorten your "age of oldest account" factor, but since the difference is only 8 months, that's not a big deal.
