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hidzilla

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Have 8 cards, want to close secured, fee, hard inquire, low limit, card. How will it affect score
I want to close this one because it carries a fee, and make monthly hard inquiries to my credit, I got this one for a kid for gas money he no longer uses it. How much will it affect my score to close it? Will it cost more % of score than its hard inquiries?

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A portion of your credit score is based on the age of your oldest account and the average age for all your accounts.  Closed accounts continue to be counted for 10 years after they are closed.  That means the effect of closing the card will happen to your score 10 years after your close it when it is no longer counted toward your average age of account and age of oldest account.  

If 10 years from now this is not your oldest account, you have lots of other old accounts, and you have relatively few new accounts to compensate for, then the effect on your scores will be fairly small.  However, if 10 years from now this is your oldest account, you have only a couple other old accounts, and you have a bunch of new accounts pulling down your average age of accounts, then the effect on your score will be quite a bit larger.

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