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Jdotwebb

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Will cancelling my oldest credit with an extermely low credit line affect my credit negatively?

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Yes.  The age of accounts will drop and the total credit limit also will drop which will cause a drop in credit score.  Just keep the credit card locked up someplace safe.

Top Contributor
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The "average age of accounts" will NOT drop with FICO scoring systems as the account will still be factored into the aaoa. As long as you have other active credit card accounts then you may not cause that much damage by closing it, but keep in mind in most cases whenever you close an account you can expect a score decrease, but the rest of your credit profile will dictate how much of a decrease you could expect. Ex. if you have five or six credit card accounts, then closing one will not hurt much if any, but if you only had two or three credit card accounts and closed one then you could expect a bigger hit to your scores.

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