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BreaJS

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Would closing my old, useless accounts effect my credit score negatively?
I have an old JC Penny account (been open for approx 2 yrs) & Kay Jewelers account (been open for 1 yr). They're both paid off and I'm not going to use them anymore.

However, there's just one thing that's stopping me from closing these accounts: the Credit Karma Score Simulator showed me that my score will decrease if I "close my oldest credit card account." But I am not sure how true this is, and if it takes all of my information into consideration...etc.

My credit score is Fair right now, and I don't want to make it anything worse than that. So if I have to "play it safe" by just leaving these accounts open, so be it. But I would really appreciate some knowledge on this topic. Thank you!

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Don't close your oldest account!

I just closed a  HSN account with $500 limit which I had for about 15 years, but never used.  I also closed some accounts which I had in my former name, again these were accounts I never used. I thought I was doing the right thing, since available credit can be used to determine debit to income ratio.  However, My credit score went down considerably as my average age of accounts dropped dramatically. Rather than closing your oldest account, consider reducing the amount of credit limit on that specific account and keep the account open. You'll be better off, and so will your credit score!! 

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YES!!!

Read the articles and utilize the tools on this site so you can see the effects of any financial decisions before making a potentially serious mistake.  That is what this site is for.

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If you close your oldest account, your average age of accounts will go down, and decrease your score. The longer you have accounts open, the better your score will be. However, this is only a very small piece of your score.

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