@Anonymous wrote:
@taxi818 wrote:
@Anonymous wrote:
@Shock wrote:Having mixed feelings again haha, i really want to close it. I probably will just leave them to close it. I won't be making any more charges on it
Not even a pack of gum?
Well after following your thread. I went I yo td bank yesterday and closed m card. 500 dollar limit. Reality useless. I don't care if I lose points bacause of it either. It was really becoming a pain. Can't cash rewards until 2500 points. 1point per dollar I know it's best for me. If you're feeling like you want close. Just do it.
A $500 limit is never useless unless it's a store card.
That's the problem. All of my store cards had higher limits that the td 
@Anonymous wrote:
@taxi818 wrote:
@Anonymous wrote:
@Shock wrote:Having mixed feelings again haha, i really want to close it. I probably will just leave them to close it. I won't be making any more charges on it
Not even a pack of gum?
Well after following your thread. I went I yo td bank yesterday and closed m card. 500 dollar limit. Reality useless. I don't care if I lose points bacause of it either. It was really becoming a pain. Can't cash rewards until 2500 points. 1point per dollar I know it's best for me. If you're feeling like you want close. Just do it.
A $500 limit is never useless unless it's a store card.
That's the problem. All my store cards had higher limits that TD Bank. and not even 1 tiny cli in a year. My jcrew is stronger. It was my oldest card but only by 2 weeks. My QS1 is still the same. 1 year old. And 3500. Even cap one gave increase. Td. No way. If I charged even 250. It was at 50 percent usage. Good riddance.
@Shock wrote:
@HiLine wrote:
The answer is: tremendously.
The oldest credit account is something you can never replace with something else. It shows how long you have managed credit. Each individual should have one card with no annual fee to keep to perpetuity. If you keep canceling the oldest open card you have, in the long run your credit history will never reach the full maturity. Psychologically it is easiest to just focus on keeping the same card open no matter what.
The immediate impact of closing the card would be minimal now because of the credit reporting and scoring conventions. What if they change in the future? What if a future popular scoring model only takes into account AAoA among open credit accounts? What if the consumer reporting agencies decide to drop closed credit accounts sooner? What if open cards weigh more than closed cards? The only thing that won't change is that if you keep your account open it will always be useful in determining your creditworthiness.
With how important credit is, I think it is worth the trouble to keep your oldest account open forever, but of course to each his own.I hear ya, you make plenty of valid points. I guess I do underestimate the importance of AAoA, given that it isnt weighed as heavily. But here's the thing, my goal really isn't to chase that 850 score. After a certain point, you arent going to get a lower interest rate. There's something called a floor rate. So after a certain score, it ain't gonna matter what your "number" is. I mean essentially, it's just a competition of seeing who has a better score. I guess it depends on what a persons goal is with credit.
Of course it is your personal decision. You asked how beneficial it is to leave the oldest account open, and I responed that it is tremendously beneficial. Where you go from there is totally up to you.
Now that you're talking about a certain score that would give you the lowest interest rate, be mindful that there are multiple scoring models out there for different lenders and credit types. To achieve this floor rate, you might need a higher score than you'd think.
HiLine wrote
Now that you're talking about a certain score that would give you the lowest interest rate, be mindful that there are multiple scoring models out there for different lenders and credit types. To achieve this floor rate, you might need a higher score than you'd think.
Thanks again for your reply. You're right about the floor rate. By the time I need one that low (for mortgages I presume), my AAoA will have grown a substantial number of years lol withor without the cap1 card in question.
@taxi818 wrote:
@Anonymous wrote:
@taxi818 wrote:
@Anonymous wrote:
@Shock wrote:Having mixed feelings again haha, i really want to close it. I probably will just leave them to close it. I won't be making any more charges on it
Not even a pack of gum?
Well after following your thread. I went I yo td bank yesterday and closed m card. 500 dollar limit. Reality useless. I don't care if I lose points bacause of it either. It was really becoming a pain. Can't cash rewards until 2500 points. 1point per dollar I know it's best for me. If you're feeling like you want close. Just do it.
A $500 limit is never useless unless it's a store card.
That's the problem. All my store cards had higher limits that TD Bank.
Yeah, but if it didn't cost anything to keep and it was the oldest..
Eh, it's your card and your credit 
Guys, i gave in and closed it. byebye cap1!!! now to work o my citi limit!!