Immediate impact is to utilization. You can do the math to determine the impact to your utilization. AAoA is not immediately impacted and is only affected when the account falls off your reports which is usually 10 years after closure (though some have seen accounts fall off earlier). We can't tell you the impact to your score. Scores are never just about the change but about one's credit and how the change factors in.
xoxoyazyxoxo wrote:I just got my free credit score with my bank and it's pretty good.
Keep in mind that you don't have just one credit score. There are 3 CRA's used as data sources and for any scoring model you have a score with each of them. On top of that, creditors use a number of different scoring models so you can't just assume that the score your bank provides is what other creditors will pull for you. If you're going to rely on scores make sure you understand which CRA and scoring model were used for each score as well as which CRA and scoring model a creditor that you're applying to will use.
I recommend focusing on the data in your reports instead of fixating on specific numbers. Good reports will lead to good scores.
xoxoyazyxoxo wrote:Can my bank provide a scenario of what would happen if I closed my oldest?
Your bank does not generate credit scores. They could possibly tell you how they'd assess your credit but they probably won't disclose such information and that wouldn't necessarily apply with any other creditor. Do not rely on CK for anything other than monitoring your TU and EQ credit reports. Note that CK provides VantageScores. Again, keep in mind what CRA's and models your creditors use. Do any of them actually use VantageScores?
Do not assume you can use a score generated by one model to determine a score generated by a different model -- even if both models are FICO's. You should expect the different algorithms to produce different results. That's why I don't recommend fixating on the numbers.
General advice is at least 2-3 cards for scoring purposes. Would you be above that threshold if you closed the card?