Just realized closing my oldest credit card tanked my score by 40 points

I had a card from 2012 that I never used. Figured I'd simplify my wallet and cancel it. Did not think for one second about average age of accounts. Lesson learned the hard way - now I just stick it in a drawer and buy a pack of gum every 3 months. Anyone else make this mistake with an old card?

3 comments

3 Comments

cora_west510d ago

It's like how people throw away old furniture not realizing it was actually holding the room together. Sometimes the boring stuff we ignore is the most important.

drews5510d ago

c'mon now, is that really how things work? I feel like most old furniture gets tossed because it's genuinely worn out or outdated, not because it was secretly holding everything together. Sometimes a chair is just a chair, you know? People act like every beat up couch is some metaphorical pillar of the house when really it's just taking up space. Not everything needs to be a deep metaphor about what we take for granted.

xena_hernandez9810d ago

@drews55 wait, are you saying furniture analogies don't apply to credit cards, or that the old card wasn't actually doing anything for your credit mix?