Stop telling people to close old cards

I see it all the time in this sub. Someone posts about their 10 year old card with a $500 limit. People say close it. That's your oldest account. Closing it tanks your average age. It matters way more than the limit. Why do so many people think closing old cards is smart?

3 comments

3 Comments

susan_adams1d agoOG Member

I mean is it really gonna tank your score that bad? I feel like people overthink this stuff. My credit is fine and I close cards all the time, plus if you never use the card does it even matter that much?

angelarivera1d ago

People always act like closing a credit card is the end of the world, but it's the same logic as never cleaning out your closet. Keeping a card you don't use just clutters up your financial life, and that little dip in your score usually bounces back fast. Its really not worth stressing over a card you forgot existed for the sake of some imaginary perfect number.

hugos461d ago

Right there with you. I closed an old store card I hadn't touched in years last month and my score dipped maybe ten points. It was back up by the time the next statement hit. People act like your credit report is a museum piece that can't be touched.