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tradeoff
Posts: 4
Registered: ‎06-22-2011
Re: Closing Aged Accounts.. Yes It Is Ok

So, I posted this elsewhere, but maybe this is the right thread . . .  Thanks in advance for the help!

 

My wife and I are getting divorced.

My wife and I have a joint credit card that goes back 16 years, seven months (1994).

I dont have any other credit card in my name.

The next oldest account on my record is a mortgage that goes from 12/1999 until it was refinanced in 2003.  

I have no late payments.  

The current average account length on my report is 10 years.  

My Equifax FICO score is 779.

 

I called Chase and was told that there's no way to 'clone' our joint credit card account so we both keep the 16 year oldest account. Is this true?  Is there any way around this?  Also, how big a deal is this to my score?  My soon-to-be ex and I are on good terms, we could just leave the account open and occasionally use it. Is losing this account a big enough deal to go through the trouble?

 

From reading the above, it seems like in the short-term, keeping this card open or closing this card will not make much of a difference

 

But, in ten years, my 16-year, closed Chase account will disappear. All my other closed auto loans etc. will be gone too. The bummer is that my next oldest account is a mortgage that I will (hopefully) also close this year when we (hopefully) suceed in selling our house.  So that will disappear off my report at about the same time as the credit card, if I close the credit card now. All I have open right now is a mortgage (about to close), one credit card (might close it). So in ten years, my oldest account on record will plummet -- from 26 years old to 10 years old.

 

So that makes me think I should keep the account open if I can . . . seems like it would be a big deal, no?  Maybe I should become an AU on one of my parents accounts or something . . . .

 

Thanks again --

 

--Chris.