Cancelling Credit Card
12-13-2012 07:09 AM
So I have a general grasp on how my credit would be changed if I cancel my cards. I get credit utilization/debt ratio etc. I have about 5 cards, only 1 has a balance that I pay off each month. Lets just say for simplicity sake one is 5 years old, one 4, one 3 and so on. This may be an all to simple question but if I cancel my 1 year old card, will that immediately change my average length of history? Or will it stay on there for 7-10 years like say a bad payment? I have no late payments for these cards so that wont really make any difference. My question is just if the math would be (5+4+3+2)/4 is my new average, or if for some reason it is different. Painfully simple question I apologize but I cannot find the answer online.