topic Re: Closing Oldest Credit Card in Credit Cards

Closing Oldest Credit Card - Update!

Streetervillelady — Mon, 02 Nov 2020 16:47:20 GMT

Is there any reason not to close my oldest credit card? Scores and utility are not issues.

It's bucketed and has an AF. The SL is low with no increase in 5 years. I keep it active with a monthly yoga membership.

Closed CapOne!

Re: Closing Cldest Credit Card

Yankee2 — Sat, 31 Oct 2020 23:33:10 GMT

If it was an non AF card I would ask a lot of questions about your other cards, etc...

But since it's a bucketed AF card, I wouldn't hesitate to close it.... It stays on your credit report for 10 years which allows other cards to age before it falls off.

Re: Closing Cldest Credit Card

AverageJoesCredit — Sat, 31 Oct 2020 23:44:33 GMT

I would .....edit your title. Closing one's CLD est card might be a nobrainer 😄

Re: Closing Oldest Credit Card

Anonymous — Sun, 01 Nov 2020 04:46:24 GMT

Can you downgrade it to something without an AF?

Re: Closing Oldest Credit Card

SanDiegoCredit — Sun, 01 Nov 2020 04:49:31 GMT

Just close it. I did the same thing to my oldest 22 year old card last year. Felt good.

Re: Closing Oldest Credit Card

sxa001 — Sun, 01 Nov 2020 05:50:44 GMT

If you are unable to downgrade to something without an AF and the card has no value to you anymore I would close it. In 10 years you will have others hopefully that are at least 10 years old. Some people may think that $39 a year (or whatever you are paying) is no big deal but pennies are pennies, I wouldn't pay an AF on a card that I am not benefiting from.

Re: Closing Oldest Credit Card

coreysw12 — Sun, 01 Nov 2020 14:52:28 GMT

It would be helpful for us to know what your second-oldest card is. Is it a LOT younger than your oldest card, or was it opened only slightly later?

In my case, it's a terrible idea for me to close my oldest card, because my second-oldest card is 8 years younger. So when my oldest account falls off my reports in 10 years, my credit age will TANK.

But if your second-oldest card was opened only a few months after your oldest, then the hit you'll take in 10 years will be negligible.

Re: Closing Oldest Credit Card

UpperNwGuy — Sun, 01 Nov 2020 20:09:14 GMT

I closed my oldest card (a 1974 Exxon gas card) in 2017. As of last week it was still counting toward the length of credit in my Experian credit report.

Re: Closing Oldest Credit Card

Anonymous — Sun, 01 Nov 2020 21:37:34 GMT

Toss it in the fire.

Re: Closing Oldest Credit Card

coreysw12 — Sun, 01 Nov 2020 21:41:26 GMT

@UpperNwGuy wrote:
I closed my oldest card (a 1974 Exxon gas card) in 2017. As of last week it was still counting toward the length of credit in my Experian credit report.

...and it should until 2027. The question is, what happens to your length of credit after 2027? Do you have any other accounts that are even nearly that old?

Re: Closing Cldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 01:36:38 GMT

@Yankee2 wrote:
If it was an non AF card I would ask a lot of questions about your other cards, etc...

But since it's a bucketed AF card, I wouldn't hesitate to close it.... It stays on your credit report for 10 years which allows other cards to age before it falls off.

Thank you, thats the way I'm leaning.

Re: Closing Oldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 01:37:50 GMT

@Anonymous wrote:
Can you downgrade it to something without an AF?

No PC available.

Re: Closing Oldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 01:41:22 GMT

@SanDiegoCredit wrote:
Just close it. I did the same thing to my oldest 22 year old card last year. Felt good.

This card is 10 years old, I can't wait to 'feel good'!

Re: Closing Oldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 01:45:06 GMT

@sxa001 wrote:
If you are unable to downgrade to something without an AF and the card has no value to you anymore I would close it. In 10 years you will have others hopefully that are at least 10 years old. Some people may think that $39 a year (or whatever you are paying) is no big deal but pennies are pennies, I wouldn't pay an AF on a card that I am not benefiting from.

No benefit or use in years. I was holding on to it bcause it was my first card.

Re: Closing Oldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 01:50:04 GMT

@coreysw12 wrote:
It would be helpful for us to know what your second-oldest card is. Is it a LOT younger than your oldest card, or was it opened only slightly later?

In my case, it's a terrible idea for me to close my oldest card, because my second-oldest card is 8 years younger. So when my oldest account falls off my reports in 10 years, my credit age will TANK.

But if your second-oldest card was opened only a few months after your oldest, then the hit you'll take in 10 years will be negligible.

Sorry, my next oldest card was opened 10 months later.

Re: Closing Oldest Credit Card

FinStar — Mon, 02 Nov 2020 02:00:35 GMT

@Streetervillelady wrote:
@coreysw12 wrote:
It would be helpful for us to know what your second-oldest card is. Is it a LOT younger than your oldest card, or was it opened only slightly later?

In my case, it's a terrible idea for me to close my oldest card, because my second-oldest card is 8 years younger. So when my oldest account falls off my reports in 10 years, my credit age will TANK.

But if your second-oldest card was opened only a few months after your oldest, then the hit you'll take in 10 years will be negligible.
Sorry, my next oldest card was opened 10 months later.

Just curious. What card or product was this @Streetervillelady?

Re: Closing Oldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 02:48:52 GMT

@FinStar wrote:
@Streetervillelady wrote:
@coreysw12 wrote:
It would be helpful for us to know what your second-oldest card is. Is it a LOT younger than your oldest card, or was it opened only slightly later?

In my case, it's a terrible idea for me to close my oldest card, because my second-oldest card is 8 years younger. So when my oldest account falls off my reports in 10 years, my credit age will TANK.

But if your second-oldest card was opened only a few months after your oldest, then the hit you'll take in 10 years will be negligible.
Sorry, my next oldest card was opened 10 months later.
Just curious. What card or product was this @Streetervillelady?

Capital One

Re: Closing Oldest Credit Card

FinStar — Mon, 02 Nov 2020 03:16:17 GMT

@Streetervillelady wrote:
@FinStar wrote:
@Streetervillelady wrote:
@coreysw12 wrote:
It would be helpful for us to know what your second-oldest card is. Is it a LOT younger than your oldest card, or was it opened only slightly later?

In my case, it's a terrible idea for me to close my oldest card, because my second-oldest card is 8 years younger. So when my oldest account falls off my reports in 10 years, my credit age will TANK.

But if your second-oldest card was opened only a few months after your oldest, then the hit you'll take in 10 years will be negligible.
Sorry, my next oldest card was opened 10 months later.
Just curious. What card or product was this @Streetervillelady?
Capital One

Thanks for confirming. I would agree with the others. It's time for Bon Voyage 🛫

Re: Closing Oldest Credit Card

Streetervillelady — Mon, 02 Nov 2020 03:38:32 GMT

@FinStar wrote:
@Streetervillelady wrote:
@FinStar wrote:
@Streetervillelady wrote:
@coreysw12 wrote:
It would be helpful for us to know what your second-oldest card is. Is it a LOT younger than your oldest card, or was it opened only slightly later?

In my case, it's a terrible idea for me to close my oldest card, because my second-oldest card is 8 years younger. So when my oldest account falls off my reports in 10 years, my credit age will TANK.

But if your second-oldest card was opened only a few months after your oldest, then the hit you'll take in 10 years will be negligible.
Sorry, my next oldest card was opened 10 months later.
Just curious. What card or product was this @Streetervillelady?
Capital One
Thanks for confirming. I would agree with the others. It's time for Bon Voyage 🛫

Re: Closing Oldest Credit Card

805orbust — Mon, 02 Nov 2020 04:51:41 GMT

A 10 month difference is no difference at all. Close with confidence.