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Wanting to close my oldest card

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SkyCommander
Frequent Contributor

Wanting to close my oldest card

Is it really much of an issue if you close your oldest card when your 2nd oldest card is 4 months later and 3rd oldest 7 months later?

Chase Hyatt | Chase Sapphire Preferred | Chase Freedom Unlimited | Amex ED | Amex Hilton | Amex Bonvoy | BoA Amtrak | CapOne Quicksilver
Message 1 of 12
11 REPLIES 11
Brian_Earl_Spilner
Credit Mentor

Re: Wanting to close my oldest card

Depending on scoring ages, you'll see a score dip for 4 months after it stops reporting. If your AAoA is something like 10 years, I doubt it'll be any more than a blip.

    
Message 2 of 12
Anonymous
Not applicable

Re: Wanting to close my oldest card

Yeah I don’t see an issue either
Message 3 of 12
pinkandgrey
Senior Contributor

Re: Wanting to close my oldest card

No, you're good. I did that as well. If you don't use the card, shut it down lol

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Message 4 of 12
rostrow416
Established Contributor

Re: Wanting to close my oldest card

Your actual FICO score shouldn't drop, you will still benefit from that history for 10 years.

If closing the card causes your utilization to spike, you will see a drop.

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Message 5 of 12
SecretAzure
Valued Contributor

Re: Wanting to close my oldest card

I'm going to do a little more prying than the other responders.

 

  • What is your current AAOA? 
  • Will this affect your Utilization to close it?
  • Is it a Synchrony card? (Sync is sensetive right now, people are having entire portfolios closed upon almost every action)

You have a lot of prime cards, my guess is you'd be fine. Your biggest drop would be a marginal drop on your Vantage 3 scores but most lenders don't really use that. 

 

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Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 6 of 12
Anonymous
Not applicable

Re: Wanting to close my oldest card

I don't see it as being a factor unless you have a substantial gap in time between the opening of your oldest revolver and second oldest revolver, which as stated in the original post is not the case.

Message 7 of 12
SkyCommander
Frequent Contributor

Re: Wanting to close my oldest card

My AAOA is 5 years and the card in question is the Chase Freedom. I know there's been updates to it but I'm focused on Amex system. This card I didn't apply for it used to be a Chase Amtrak but they closed their partnership and changed me to a Freedom card.

I have a Chase checking account so I can cash those into my checking.

As for my utilization it never goes over 5%

Chase Hyatt | Chase Sapphire Preferred | Chase Freedom Unlimited | Amex ED | Amex Hilton | Amex Bonvoy | BoA Amtrak | CapOne Quicksilver
Message 8 of 12
SouthJamaica
Mega Contributor

Re: Wanting to close my oldest card


@SkyCommander wrote:

Is it really much of an issue if you close your oldest card when your 2nd oldest card is 4 months later and 3rd oldest 7 months later?


Not it's not an issue at all.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 9 of 12
SouthJamaica
Mega Contributor

Re: Wanting to close my oldest card


@SkyCommander wrote:

My AAOA is 5 years and the card in question is the Chase Freedom. I know there's been updates to it but I'm focused on Amex system. This card I didn't apply for it used to be a Chase Amtrak but they closed their partnership and changed me to a Freedom card.

I have a Chase checking account so I can cash those into my checking.

As for my utilization it never goes over 5%


I would not close a card of that quality. 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 10 of 12
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