UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: AcmeFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310325  
Subject: Re: Is closing oldest CC account a bad idea? Date: 1/12/2013 9:33 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
Can I cancel the older card with impunity or will it impact my credit? If there is an anticipated impact, is it a big deal or not worth the inconvenience of keeping the extra card?

I would advise against cancelling the card, unless there is an annual fee. There are negative implications to closing an account, especially if it is your oldest card. While the card stays on your file for 7-10 years, the positive impact of the card on your credit history declines dramatically with it being inactive.

A better option, IMO, is to simply stop using the card, put it in a drawer or cut it up, and let it go stagnant. After a year or two, the issuer will likely cancel the account due to inactivity, but by then your other cards are 1-2 years older and the 7-10 year window won't begin until the card is closed.

If the card has any annual fee, then all bets are off and I would go ahead and close it now.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Simulations Plus

A Shorting Lesson Learned
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.