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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 308346  
Subject: Re: Is closing oldest CC account a bad idea? Date: 1/12/2013 9:33 AM
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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.

Acme
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