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Wanting to close my oldest card

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Super Contributor

Re: Wanting to close my oldest card

If OP doesn't like the Freedom (some don't want to bother with rotating categories) he can atttempt a PC to another product that better suits his spend and makes the card relevant to him.

Message 11 of 12
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Valued Contributor

Re: Wanting to close my oldest card

I've often said this but I have four accounts over 20 years old, @SkyCommander.   IMO, they anchor my age of accounts and have allowed me to open a lot of new credit in the past two years with less of an effect on my overall account age.  All of those accounts have been PC'd over the years into more useful cards as the bank's offering changed.  They include cards with Discover, Chase, Bank of America and UMB, lenders with whom I have some of my highest credit limits. 

 

I agree that FICO-score wise, closing this card probably will have a neglible effect with what I observe about your profile.  However, especially since this card is with such a large bank as Chase who is a huge player in the card market, I would suggest keeping the account for not only age but for possible product changes or transfer of the credit limits to another card.   If you do decide to close it, I would transfer the CL to your Chase Hyatt card first. 



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 12 of 12
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