Credit Score and My Last Credit card

[msarro]

Hey everyone.
This morning I applied for a low balance gas card ($1000 limit), and was approved.

After being approved, I decided to take a look at my credit report (I know it wouldn't include the information, I just wanted to close credit card accounts that weren't in use). So, I started calling the different vendors for cards that's hadn't been closed by the vendor already.

I am leaving my gas card open (since I just got approved for it, and will be using it). I am also leaving another card open for emergency purposes (this card is literally frozen in a block of ice in my freezer).

After some reading, I saw that most people suggest against closing your oldest credit card because it appears that you have a shorter, more risky credit history. For me this is a student credit card that hasn't been used for years and years. It has a tiny credit line on it. Honestly I'd rather have the account closed because its more of a liability than anything (if they get hacked and my info gets stolen, I'm very unlikely to notice since the card hasn't been used for years). I'd prefer not to have my credit hit just because I'm trying to close off the account though. What is everyone's advice?

[Hector]

Its never a good idea to close oldest credit card. As length is one of the important factor in calculation credit score.

But if you are concerned about identity theft, you need to do what makes you feel safe. After all most important thing is to sleep well at night.

Read this if you are interested in knowing how credit score works : How to improve your credit score? - Let’s discuss everything about money

[JoshuaHeckathorn]

I wouldn't recommend closing your old cards unless they have annual fees that aren't worth paying anymore. Just check on them from time to time, use them every so often so your credit issuers don't close the accounts due to inactivity, and I doubt you'll have any problems.

[CHH1023]

Originally Posted by msarro

Hey everyone.
This morning I applied for a low balance gas card ($1000 limit), and was approved.

After being approved, I decided to take a look at my credit report (I know it wouldn't include the information, I just wanted to close credit card accounts that weren't in use). So, I started calling the different vendors for cards that's hadn't been closed by the vendor already.

I am leaving my gas card open (since I just got approved for it, and will be using it). I am also leaving another card open for emergency purposes (this card is literally frozen in a block of ice in my freezer).

After some reading, I saw that most people suggest against closing your oldest credit card because it appears that you have a shorter, more risky credit history. For me this is a student credit card that hasn't been used for years and years. It has a tiny credit line on it. Honestly I'd rather have the account closed because its more of a liability than anything (if they get hacked and my info gets stolen, I'm very unlikely to notice since the card hasn't been used for years). I'd prefer not to have my credit hit just because I'm trying to close off the account though. What is everyone's advice?

I won't close the student credit card. I called bank of American to upgrade my student card to a reward card and they also increased my credit limit from 800 up to 1500. So yeah it's possible to do this without close a card and apply for another one. Oh yeah my score didn't drop at all when they converted my card :-)