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!
Just close it. I did the same thing to my oldest 22 year old card last year. Felt good.
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.
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.
Total Loan Balance: $43k / $65k
Total SL: $78k
@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?