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Does closing oldest card hurt??

Valued Contributor

Does closing oldest card hurt??

I am at about 14 months with First Premier it has served me well See siggy. A fee of 45$ a year plus a monthly fee is being billed. If I close this and its my oldest account does that hurt me with future cards. mI know it will report for 10 years but I fear that if I close my oldest open accoun t will be only 6 months. will that hurt my chances for amex in new year.


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Message 1 of 6
5 REPLIES
Established Contributor

Re: Does closing oldest card hurt??

What hurts more? The "potentially" minor setback or the ridiculous fees from a predatory lender? I'd close it regardless, as long as you still have good revolvers.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
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Message 2 of 6
Valued Contributor

Re: Does closing oldest card hurt??

I do have good revolvers but wondering if this sets off any warning bells with my current cc. My discover is 80% utilized but will be in check by end of month.


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Message 3 of 6
Established Contributor

Re: Does closing oldest card hurt??

Maybe pay down the utilization on the Discover and as soon as you do that cancel the card. It doesn't necessarily matter that it's the oldest, because it's still going to report, but you lose the CL, and if you're currently at 80% utility on one card and close a $500 CL or whatever the FP is then you will be looking at a utilization crisis for a month or so.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
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Message 4 of 6
Valued Contributor

Re: Does closing oldest card hurt??

FYI:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

 

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Message 5 of 6
Established Contributor

Re: Does closing oldest card hurt??

Now if only I was like Jutz and knew to link that. Smiley Wink



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Message 6 of 6