cancel
Showing results for 
Search instead for 
Did you mean: 

Wanting to close my oldest card

Highlighted
Regular 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 Freedom | Amex ED | Amex Hilton | Amex Bonvoy | Discover IT Miles | Amex Green
Message 1 of 12
11 REPLIES 11
Highlighted
Community Leader
Super Contributor

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
Highlighted
Super Contributor

Re: Wanting to close my oldest card

Yeah I don’t see an issue either
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

Oldest/average age varies by bureau. Estimates above.


Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 3 of 12
Highlighted
Community Leader
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

Discover It: 19.7k
Amex ED: 18k
Citi DC: 7.7k
Best Buy Visa: 3k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 4 of 12
Highlighted
Regular 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.

TFCU Plat Visa $12,500 | PenFed Platinum Rewards $10,000 | Synchrony Premier MC $8,000 | NFCU MoreRewards $1,000 | Purdue FCU $5,000 | Capital One BuyPower $750 | Capital One QuickSilverOne $600 | Capital One QuickSilver $1,000 | Merrick Bank $2,700 | Credit One $1,200 | Amazon Prime Card $5,000 | Walmart Store Card $1,400 | B&H Payboo Card $7,500 | Shell Gas Card $1,200 | Overstock Store Card $3,850 | Kohl's Store Card $1,500 | Comenity MasterCard $1,180 | Target RedCard $2,000
Message 5 of 12
Highlighted
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. 

 

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MC

Message 6 of 12
Highlighted
Super Contributor

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
Highlighted
Regular 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 Freedom | Amex ED | Amex Hilton | Amex Bonvoy | Discover IT Miles | Amex Green
Message 8 of 12
Highlighted
Super 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 653000 (575000 reporting)

Message 9 of 12
Highlighted
Super 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 653000 (575000 reporting)

Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.