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mikeydude1987

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Closing old credit card
Hello all. I apologize if this question has been answered, I have had a difficult time finding the info I am seeking via the search.
I just accepted a new job that will require me to do a lot of traveling (70-90%) and currently do not have any credit cards that will benefit from all the traveling. The closest I have is a Capital One card that gives me cash back, so I was considering applying for something that I can earn points/miles/etc with. I have a pretty decent credit score and no debts, and only 3 credit cards. My first credit card is also my most useless, it is from Target and it gives me absolutely 0 benefits and has a high interest rate. I also don't use it because of this, and it has been sitting with a $0 balance for over a year now. I was considering closing it so I could apply for a more useful line of credit while keeping the # of cards I own low. Is it a wise idea to close my oldest card for this reason? Would there be any negative side effects to canceling my oldest card from a reporting standpoint? If so, and if I were to be approved for a better LOC with travel perks, would those side effects cancel out over time because of how frequently i would be using the new card?

Thanks in advance!
Mike

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Closing old cards

Closing your oldest card will cause your average credit age to shorten wich can lower your score. Applying for the new card will also place a hard inquiry on your report which impacts it only a bit. I personally would suggest keeping it open and if you are seeking a card with better benefits go for one that fits the rewards you're after. Maybe after you have the new card you might reconsider closing the other at a later point.

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Closing old cards

I was always told, that when someone checks your credit, they  look at what your credit lines are.  Even if it's a zero balance Because you have the option of charging more. So in case if you have closed cards, even if the credit score was good. you can still run up your debt.

How can that be good for your credit?  I thought you had to get the closed old cards off your credit report.

Please someone, let me know if that's correct. My credit files says I have 16 cards, when in fact I only have 5.

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