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