Close oldest card?

[Anonymous]

My oldest card is only 15 months old. It is $300 secured USAA from my 550 score days. My scores are finally in the 700 to 720 range and I have 4 other cards from last October-November that have reported for 5-6 months. BOA Visa Sig for $5000, NFCU Sig for $8000, Barclays Rewards for $1000 and Chase Freedom for $500 (sucks I know). Also have a $6K LOC with NFCU. I'm thinking of closing the old USAA secured and using that $300 to pay other bills. My balances are zero except $1200 on the NFCU and $600 on the BOA. My overall utilization is 8%.  I just don't want my scores to drop 10-20 pts if I close it. Does it matter that it is not 2 years old yet?

[Anonymous]

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@Anonymous wrote:

My oldest card is only 15 months old. It is $300 secured USAA from my 550 score days. My scores are finally in the 700 to 720 range and I have 4 other cards from last October-November that have reported for 5-6 months. BOA Visa Sig for $5000, NFCU Sig for $8000, Barclays Rewards for $1000 and Chase Freedom for $500 (sucks I know). Also have a $6K LOC with NFCU. I'm thinking of closing the old USAA secured and using that $300 to pay other bills. My balances are zero except $1200 on the NFCU and $600 on the BOA. My overall utilization is 8%.  I just don't want my scores to drop 10-20 pts if I close it. Does it matter that it is not 2 years old yet?

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It will remain on your credit report for the next 10 years.  You will continue to get positive affects of the AAoA.  However, because the cad is only $300, it shouldn't have too much of an affect on your utilization?  

Have you contacted USAA to see if you could PC the card to an unsecured instead?

[Anonymous]

They have a newer version of their secured card that will PC, but mine was opened prior to that and they tell me it is not eligible. I really do not need another inquiry, or CC for all that matters. I'm letting the new ones age until October, then I'm going to try for a Chase Sapphire Preferred and close the Barclays if successful.  I pay the Freedom off every month and also have my mortgage refinanced with Chase since December which I pay two weeks early every month. Hopefully by October they will consider it.

[gdale6]

If there is no monthly fee I would let it remain open until 2 years of history have reported this way you get the best possible Fico score out of it when you close it.