Close oldest credit card account?

[ando35]

I read that closing my oldest credit carc account could raise my score 10 points. Is this true?
This seems counterintuitive because the longer your history the higher your score. 

[Anonymous]

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@ando35 wrote:

I read that closing my oldest credit carc account could raise my score 10 points. Is this true?
This seems counterintuitive because the longer your history the higher your score. 

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No, that isn't true.  Generally, unless it affects your overall utilization, closing any card regardless of it's age, will not affect your score at all.  Any card you close will continue to age and report on your credit reports for 10 years after closing.

[Anonymous]

It depends on the situation. Example A, a student opens a $200.00 secured account at 18 yrs old. Doesn't open another card until they graduate at age 22. Another one the following year, then 6 months later gets pre-approved for a high limit card. Now that this individual has become successful they decide to cancel this dumb little card they started with because it seems invaluable.
Example B, student opens same card at 18, and another card 6 months later. Every other scenario plays out exactly the same. A will be greatly affected by closing this account, where B will hardly notice a difference. A will now lose 4 years to factor into the average age of accounts, and those scores will spiral!

[Anonymous]

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@Anonymous wrote:
It depends on the situation. Example A, a student opens a $200.00 secured account at 18 yrs old. Doesn't open another card until they graduate at age 22. Another one the following year, then 6 months later gets pre-approved for a high limit card. Now that this individual has become successful they decide to cancel this dumb little card they started with because it seems invaluable.
Example B, student opens same card at 18, and another card 6 months later. Every other scenario plays out exactly the same. A will be greatly affected by closing this account, where B will hardly notice a difference. A will now lose 4 years to factor into the average age of accounts, and those scores will spiral!

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Hi Stakknchpz.  It sounds like you think that AAoA only includes open accounts.  That is untrue.  Closed accounts are included just as much in age based factors as open ones.  This is why Irish80 just explained that one's AAoA is completely unaffected by closing an account.  Not until it falls off 10 years later will one's AAoA be affected.

[SouthJamaica]

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@ando35 wrote:

I read that closing my oldest credit carc account could raise my score 10 points. Is this true?
This seems counterintuitive because the longer your history the higher your score. 

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Completely false.