Credit question for the gurus

[XMan]

I'm paying off my oldest credit card after all the Christmas shopping; I really don't need it anymore as I have another card that is a better deal all around.

Should I just go ahead and cancel it? Or would I be better off to just cut it up and keep it as an open account so it shows as an account in good standing on my credit history?

 

[simms]

Wont' matter if you don't use it... if it's inactive eventually they'll know.

Don't cancel it but (it still has some meaning) but obviously it's not gonna have as much impact as a card you currently use.

 

[SchrodingersDog]

Old credit looks good, so if it is much older than the other lines, keep it.

 

[Drakkon]

your oldest card and ur wanting to cancel it? have u read nothing on the credit threads in the past?

its better to keep it open and just keep it in good standing maybe using it for a pack of gum purchase once every year

 

[XMan]

Originally posted by: Drakkon
your oldest card and ur wanting to cancel it? have u read nothing on the credit threads in the past?

its better to keep it open and just keep it in good standing maybe using it for a pack of gum purchase once every year

That was why I had the thought in the back of my mind to retain it; I had a little hunch that older accounts are "better". Thanks for the info.

 

[Vic]

Ideally, you should cut it up and leave it open. Cancelling your oldest account, especially if it is significantly older than your next oldest account, could lower your credit score slightly. However, does this card have an annual fee?

 

[XMan]

Originally posted by: Vic
Ideally, you should cut it up and leave it open. Cancelling your oldest account, especially if it is significantly older than you next oldest account, could lower your credit score slightly. However, does this card have an annual fee?

Nope. If it did I would definitely cancel it.

 

[sniperruff]

Originally posted by: X-Man

Originally posted by: Drakkon
your oldest card and ur wanting to cancel it? have u read nothing on the credit threads in the past?

its better to keep it open and just keep it in good standing maybe using it for a pack of gum purchase once every year

That was why I had the thought in the back of my mind to retain it; I had a little hunch that older accounts are "better". Thanks for the info.

yes various people have told me to keep old credit cards... well it came in handy in black friday when i had to place an order at staples... my numbers are there ready to go so i didn't have to load an extra page...

just keep it and leave it at home is what was suggested to me. make a purchase every now and then...

 

[Yossarian]

send it to me for safekeeping.

 

[Vic]

Originally posted by: X-Man

Originally posted by: Vic
Ideally, you should cut it up and leave it open. Cancelling your oldest account, especially if it is significantly older than you next oldest account, could lower your credit score slightly. However, does this card have an annual fee?

Nope. If it did I would definitely cancel it.

Cut it up and leave it open then. It's extremely unlikely that the provider will cancel it due to inactivity. Quite the contrary, they'll be hoping that you'll come back and they may even throw some special offers your way.

 

[Dulanic]

Leave it open. My oldest account has been opened and unused for 5 years. If you have a few old accounts it won't be a huge deal however. But if your younger and only have a few cards, highly recommend keeping it open.