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When is a good time to close a credit card?
I got this stupid Sears credit card a few years ago when we bought a washing machine from them. It's almost 30% APR so I want nothing to do with it. On the other hand, it's my youngest line of credit by more than four years, but has my highest credit limit.

I typically don't carry a credit balance month-to-month, so I was wondering if it would make sense to close the card to INCREASE my credit score, seeing as how it is bringing down the average age of my accounts. I'd like to close it before it also becomes a dinosaur.

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Closed it won't increase your scores, close it won't change the age/average of accounts in "FICO" scoring models for 10 years or until whenever it roll off your credit reports. I am not saying don't close it but just not to close it solely for scoring benefits, because it simply won't.

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Making the decision to close a card or to keep it open can be a confusing decision.   You indicate it is your most recent card, you can see an increase in your average age of accounts if you were to close it.   You indicate that it is your highest credit limit.    Closing could impact your utilization.   While you inidicate that you don't carry a balance, you would still have utilization based on the balance and the reporting dates of the cards.   You can use credit simulator to help determine the effect on your actual credit report.  Another item to consider is the number of actual accounts you carry.  If you have a small number of cards, havin this line of credit could help your overall score for number of accounts.    If there is no annual fee involved and your utilization would be your biggest impact, I would keep it open until such time as they close your account for inactivity.   Good luck with your decision.

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