topic Re: Credit Age Question in General Credit Topics

Credit Age Question

Cmos3 — Tue, 05 Mar 2024 00:50:36 GMT

I have a credit card that is the oldest account on my credit report, if I close it out, will that drop my overall credit report age?

I have other accounts, but it's the oldest.

Or will it remain the same age as long as the card is still showing on my report, but just not open any longer?

Re: Credit Age Question

Zoostation1 — Tue, 05 Mar 2024 01:44:45 GMT

It will continue to age for up to 10yrs (it can drop off sooner but often will stay for 10). Your total credit limit will drop by tht card's CL and any balance you have will still count towards utilization but will still age. How many other cards do you have (regular revolving credit cards in particular, not charge cards)? If you have at least 2-3 others, no balance on it, doesn't make up a large percentage of your total credit limit, and no longer provides value then close it.

Re: Credit Age Question

SouthJamaica — Tue, 05 Mar 2024 04:49:20 GMT

@Cmos3 wrote:
I have a credit card that is the oldest account on my credit report, if I close it out, will that drop my overall credit report age?

I have other accounts, but it's the oldest.

Or will it remain the same age as long as the card is still showing on my report, but just not open any longer?

Welcome to the forum.

It will continue to be factored into your aging metrics as long as it's in your reports, even though it's been closed. There's no guarantee how long it will stay in your reports. Sometimes it's 10 years, or longer. Sometimes it can be shorter. I once had 5 closed accounts dropped out of my Equifax report about a year after I'd closed them.

Since this is your oldest card, I would lean towards keeping it open unless there were a compelling reason to close it.

Re: Credit Age Question

Cmos3 — Tue, 05 Mar 2024 19:27:56 GMT

Thank you for the response

I actually have a bunch of cards, this was my first card i got back when i wiped my credit and started over at zero

But, it's one of those low end bank cards, and they're charging a monthly fee that they won't wave.

On top of that, they don't have an auto pay feature, so I have to remember to pay on it manually each month..

It's 2 of them actually from the same bank, and I just paid them both down to zero, and just wanted to make sure before I close them out

Re: Credit Age Question

Cmos3 — Tue, 05 Mar 2024 19:30:52 GMT

Thank you for the welcome,

Like I was telling the other response, this was my first card i got back when i wiped my credit and started over at zero

But, it's one of those low end bank cards, and they're charging a monthly fee that they won't wave.

On top of that, they don't have an auto pay feature, so I have to remember to pay on it manually each month..

It's 2 of them actually from the same bank, and I just paid them both down to zero, and just wanted to make sure before I close them out.

Re: Credit Age Question

Rogue46 — Tue, 05 Mar 2024 19:32:25 GMT

Personally I'd close them out especially since they have a fee attached and in jeopardy of missing a payment.

Re: Credit Age Question

SouthJamaica — Tue, 05 Mar 2024 19:39:20 GMT

@Cmos3 wrote:
Thank you for the response

I actually have a bunch of cards, this was my first card i got back when i wiped my credit and started over at zero

But, it's one of those low end bank cards, and they're charging a monthly fee that they won't wave.

On top of that, they don't have an auto pay feature, so I have to remember to pay on it manually each month..

It's 2 of them actually from the same bank, and I just paid them both down to zero, and just wanted to make sure before I close them out

OK there's your answer. That monthly fee is the compelling reason I was looking for. Close the cards and don't look back.

Re: Credit Age Question

Cmos3 — Tue, 05 Mar 2024 21:52:03 GMT

Yeh, good idea, closing them out tomorrow

Thank you

Re: Credit Age Question

Cmos3 — Tue, 05 Mar 2024 21:53:19 GMT

Yes,

Closing them both out tomorrow, both of your answers help me make my decision

Thank you

Re: Credit Age Question

FlaDude — Wed, 06 Mar 2024 21:56:10 GMT

Ignore changes to CK or other Vantage scores, IME they do not include closed cards for aging purposes. And in general, ignore CK and Vantage scores.