Should I close my oldest card [Credit One]

[yby211]

Hi folks, 

I need some advice here about closing my oldest card on my credit profile. 

Here is my card line up:

- Credit one: CL: $2,600 - 11 years old

- Capital One Quicksilber : CL $6,700 - 7 years old

- Barclay card: CL: $8,100 - 5 years old

- Chase Sapphire Reserve: $27,000 - 3 years old

- Barclay Uber card: $17,000 - 1 month old. 

I want to close the Credit One bank since I don't use it and it's incurring unnecessary maintenance fees. Would closing my oldest card negatively impact my credit score. My Fico is around 760 today. Credit Util below 15%. 

Thanks 

[Anonymous]

You managed to keep a Credit One card open for 11 years? That's gotta be some sort of record lol. I'd say close it. It is not worth any sort of fee. It will stay on your report for up to 10 years after it is closed. It's possible your score will drop a bit in ~10 years or so when it falls off of your report, but also unlikely since by then you'll have more cards that are older.

[Anonymous]

Close it. It will affect a few points as far as credit scoring since you have less available credit, bring up your utilization, but only from 15% to 15.7%. It won't impact your AAoA so not much to worry about reducing your credit age - the account does fall off after 10 years but by that time you have many other accounts reaching enough age.

So just close the account to save the fee, it saves you much more than a couple points of FICO score.

[NRB525]

close it.

close it now.

make the pain stop. please.

[expatCanuck]

          ^^^^

What they said. 

For the love of all that's holy ... close it.

[HeavenOhio]

Close it. The hassle of maintaining a Credit One account isn't worth a few points on your scores.

[Anonymous]

Have you tried calling to close it? I have had mine for around 6yrs, haven’t used in over 3, have not had to pay any fees for the last 3yrs every time I call to close it they offer to waive all fees for 6 months to keep it open. So have just been repeating that every 6 months don’t need the card but figure if it’s not costing anything it isn’t hurting anything keeping it open, hope that correct anyways

[Anonymous]

Close it!

[yby211]

Thanks guys! Called in this morning and closed it. They offered to waive the fees for 6 months also but I kept insisting on closing it. My main issue with them is that they do not have an autopay option and I don't want to mess up my credit because of a missed payment of $5 for their ridiculous fees. 

-Y

[expatCanuck]

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@yby211 wrote:

Thanks guys! Called in this morning and closed it. ...

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Score one for the forces of goodness & light.