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The idea that closing your oldest credit line immediately puts you out on the street penniless is a redditism that's been parroted too much. That old account cl
by PascLeRasc 4y ago
The idea that closing your oldest credit line immediately puts you out on the street penniless is a redditism that's been parroted too much. That old account closed in good standing will continue to support your credit score, and if you have another credit card that's been open for a few years, the score hit will be 10-15 points. You shouldn't feel like you're trapped with Wells forever.
- Terretta 4y agoPenniless, no. Dings your credit score, absolutely.
- tacticalturtle 4y agoAssuming it’s in good standing when closing, it generally will fall off your credit score in 10 years. That gives you 10 years to build up a credit history with other accounts. I closed an ancient Bank of America account several years ago because I didn’t want to do business with them anymore. It still contributes to my credit score. By the time it falls off, the other accounts will more than make up for it.
- dghlsakjg 4y agoI get that, and like I said I genuinely don't care that much about my credit score. I'm just trying to give a real world example of why someone might keep doing business with a known unethical entity. It comes down to: I know that they suck, but there is a real non-zero cost to switching (my time and credit score), while continuing to do business with them is free.