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GCAPPUCCIO

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Is it a good idea to close my youngest credit card account?
I have 12 accounts, the oldest one is 6 years old, the newest one is 1 month old.

Is it a good idea to close the newest one? So my time average increases?

Thank you

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Yes if you're applying for loan

With credit inquiry being a low impact and average age of credit history (of open accounts) being a medium impact, I'd say close it if you're looking to apply for a loan. I don' have a lot of open accounts so closing out my Target Redcard which I just opened last year helps a ton in averging UP my credit history from fair to good territory. I'm applying for a mortgage on a house we intend to stay in a while with no other large purchases anytime soon so I figure the bump in score now will pay way more dividends than the pain of closing out the Target credit card. 

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Why did you open it?

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Your calculation is right. Closing youngest account will indeed increase your average credit history, which equals better score. Nevertheless, your oldest acct is 6 years old, and you have 10 accts opened after that, so, check how much the average hisstory truly benefits from closing this acct.

Also, don't just close the account for the sake of scores. First, ask yourselves why you opened it and if that offers any benefits to you. If the benefits outweigh the maintenance pain, keep the account. If not, close it. If I were you, I will keep it, because while opening this account, you have had a hard enquiry on your report, which cannot be undone now. So, by closing the acct, you are making that inquiry futile. Just put all of these together and then decide.

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