How beneficial is it to leave oldest account open?

[Anonymous]

---

@Shock wrote:

---

@NRB525 wrote:

Interesting theory. I have cards with low limits, the $1.5k is from 2005, so by that logic... wait, it isn't logical, it's only interesting

Keep it open. $4k is not a bad limit, and the ageing benefit far outweighs any other algorithm issues you might imagine. Your card count is very low too, and the more lenders you have, the more you will attract.

---

burnnnnnnnnnnnnnn lol. i only want 5 cards. im pretty low maintenance...is this too low?

---

No. 5 cards is plenty. 3 or so cards is enough. For those wanting optimized cash back strategies, 5 or so is close to enough. For optimized overall cash/points strategies, more is needed. For people who want big sign up bonuses and plan on canceling and getting new cards, you might need 10-15 at a time. Some people go for as many cards as they can get, but no reason for everyone to do the same. 
 

[Shock]

---

@taxi818 wrote:
His card count is low with 8???fico member crack me up.. oooh i forget the other guy with 39.CA has over 64.so he is truly infant on the card count. me too. lol

you counted my "total lines" as a card lol. i only have 7 in my sig. but you are crrect, i have 8. my csp is due to arrive tomorrow

[Shock]

---

@Anonymous wrote:
No. 5 cards is plenty. 3 or so cards is enough. For those wanting optimized cash back strategies, 5 or so is close to enough. For optimized overall cash/points strategies, more is needed. For people who want big sign up bonuses and plan on canceling and getting new cards, you might need 10-15 at a time. Some people go for as many cards as they can get, but no reason for everyone to do the same. 

my friend has had one wells fargo card his whole life, his only credit card ever. 7 years old now. plus one student loan. his EX was 795. blew my mind

[Anonymous]

---

@Shock wrote:

---

@Anonymous wrote:
No. 5 cards is plenty. 3 or so cards is enough. For those wanting optimized cash back strategies, 5 or so is close to enough. For optimized overall cash/points strategies, more is needed. For people who want big sign up bonuses and plan on canceling and getting new cards, you might need 10-15 at a time. Some people go for as many cards as they can get, but no reason for everyone to do the same. 

my friend has had one wells fargo card his whole life, his only credit card ever. 7 years old now. plus one student loan. his EX was 795. blew my mind

---

You don't need multiple cards to have a high score, but more than 1 card makes it easier. Also more trade lines means easier to keep an high AAoA with new accounts. Nothing wrong with going with 1 card, but generally 3 or so is better for your score in the long run. People who gets tons of cards tend to have lower scores due to the inquiries, new accounts, and lower AAoA. But for best scores, having 3 or more really old CC lines is probably best. 

[Shock]

Will that get you to 800 without a mortgage?

[Chris679]

Only 1 thing gets you to 800...time.

[NRB525]

+1

And Shock, you have a good score. Where I'm coming from is, why do you want to mess with it? There is no good reason to close that account, and plenty of positives to keep it open.

[Anonymous]

Too much angst!   Closing it or leaving it open will make very little pratical difference, so do whatever you think you prefer (which sounds like getting rid of the icky subprime Cap One card!)

[Anonymous]

---

@TheGardner wrote:
It will continue to help for age of account + 10 years from the date you close it. So you will start that clock.

Also accounts that are old have greater weight during manual review showing you are capable of managing the account for X number of years.

---

+1

[Shock]

---

@Anonymous wrote:

Too much angst!   Closing it or leaving it open will make very little pratical difference, so do whatever you think you prefer (which sounds like getting rid of the icky subprime Cap One card!)

---

True story....lol. Thanks guys for talking me down. I'll probably leave it open untl they close it. Or make 1 charge ever three months or so. Too bad I don't chew gum that much, but I like altoids!