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I will have the $ to pay off my cards. Should I leave any of them open?
My oldest line of credit is my student loan. My mom is borrowing me the money to pay off all my credit cards. We got into a fight because I want to leave the oldest credit card open because, once my student loan is paid off, my oldest line of credit will be very small. That card has no annual fee but a higher interest rate. I wouldn't use it..I'd cut up the physical card, but leave it open just for the age. I would keep another newer card open because it has a lower interest rate & no annual fee and use this one in case of emergencies. She wants me to close the older one and just keep the smaller one open. I said no because I want that older line of credit open once my student loans are paid off. What do you guys think? Who is right?
Asked by
brh20renee
1 year ago
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Closing your oldest credit card account will have a negative impact on your credit score. The credit simulator here on Credit Karma will give you an approximation of how much your score is impacted.
tg101688 1 year ago
Keep the oldest account open if you care about your score. JMO the credit score is not a measure of wealth or lack thereof. But you do have to live in todays world so keep your oldest card open and charge say 20 or 30 dollars every couple of mos and pay it off at the end of the month.
jte1958 1 year ago