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Established Member
Kadouboy
Posts: 22
Registered: ‎03-05-2011
0

Will closing my oldest secure Credit Card hurt my credit history?

First, I'd like to thank everyone on this forum. You guys are great. Have a question about closing my bank of America secure credit card. I used to have a BOA secure card (BAL: $400) before I was approved for the unsecure one (Avail Cr: $2500).

 

My question is this: Will closing the oldest secure Credit Card hurt my credit history?

 

Since the BOA secure card is the oldest Cr card on my credit report, will closing this card hurt my credit history as far as how long I have been having credit card?

 

My concern is that I don’t want close this and in the near future when a I apply for credit, I get told that I don’t have long credit history.

 

I have been having the secure card since July of 2010 and the unsecure one in July of 2011.

 

Please advise.

Thank you

Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
0

Re: Will closing my oldest secure Credit Card hurt my credit history?

In ten years, after closing, your oldest card would then turn into the newer one.... But it will be there for ten yrs so sure that you will be okay

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Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Will closing my oldest secure Credit Card hurt my credit history?


Kadouboy wrote:

First, I'd like to thank everyone on this forum. You guys are great. Have a question about closing my bank of America secure credit card. I used to have a BOA secure card (BAL: $400) before I was approved for the unsecure one (Avail Cr: $2500).

 

My question is this: Will closing the oldest secure Credit Card hurt my credit history?

 

Since the BOA secure card is the oldest Cr card on my credit report, will closing this card hurt my credit history as far as how long I have been having credit card?

 

My concern is that I don’t want close this and in the near future when a I apply for credit, I get told that I don’t have long credit history.

 

I have been having the secure card since July of 2010 and the unsecure one in July of 2011.

 

Please advise.

Thank you


It will not hurt your credit history or your AAofA (Avergage age of accounts).  

 

However, IMO, building credit with 2 or 3 open accounts is better than one open account.   You might consider keeping it open untli after you are done with your near future apps.

Established Member
Kadouboy
Posts: 22
Registered: ‎03-05-2011
0

Re: Will closing my oldest secure Credit Card hurt my credit history?

Thanks gbishere and Wolf3, Actually I was approved for a Barclay Cr Card with $3500 limit this past weekend. That’s why I want to close this secure BOA Cr Card. Also, I have another department credit card (Nordstrom), which I don’t really use.

 

But for now, I hope that I'll be good with 2 unsecure credit cards: the Bank of America Power rewards and the Barclay Visa.

 

Thanks again guys for the feedback, I highly appreciate it. 

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Will closing my oldest secure Credit Card hurt my credit history?


Kadouboy wrote:

Thanks gbishere and Wolf3, Actually I was approved for a Barclay Cr Card with $3500 limit this past weekend. That’s why I want to close this secure BOA Cr Card. Also, I have another department credit card (Nordstrom), which I don’t really use.

 

But for now, I hope that I'll be good with 2 unsecure credit cards: the Bank of America Power rewards and the Barclay Visa.

 

Thanks again guys for the feedback, I highly appreciate it. 


You are golden, close the BofA.   

Established Member
Kadouboy
Posts: 22
Registered: ‎03-05-2011
0

Re: Will closing my oldest secure Credit Card hurt my credit history?

lol, will do. Thank you sir.


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