Credit Card Forum
  1. #1
    Green Member
    Join Date
    Feb 2013
    Location
    Pomona, CA
    Posts
    2

    Default Will cancelling my first credit card hurt my credit score?

    Currently I am 23 years old and I got my first Credit Card at age 18 through a joint account with my father. It's a US Bank Platinum and at the time also got a 19,500 dollar car loan through them (never missed or had a late payment on either and the car loan is payed off). I was thinking of closing my Platinum joint account since I don't want to have a joint account with my father anymore. I currently have a 730 CS and have other credit cards listed below:

    -Best buy CC
    -US Bank Premier line
    -Amex Premier Gold
    -US Bank Platinum (same as joint but this one is on my own)

    So my question is how can I find out how closing US Bank Platinum CC joint account (being the eldest account) will affect my Credit Score being that it was my first card and have the longest history?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  2. #2
    Centurion Member
    Join Date
    Sep 2012
    Location
    US
    Posts
    119

    Default

    Explicitly, decreasing the average age of one's accounts, should have a negative influence on one's credit score. I would be willing to throw a bit of money down that closing that card will have a small downward influence on your credit. I am pretty sure that CreditKarma, Quizzle and the others have a simulator you could use here. It should have an option for "closing my oldest account" which is exactly what it sounds like you are doing.

    From my own personal experience, my score dropped like less than 10 points when I closed my oldest tradeline (coincidentally it was a USBank Platinum as well). I had 13 tradelines at that time and my average age of accounts was 6 years old, the USBank card was 8.5 years old. Does anyone else have personal experience with this?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  3. #3
    Centurion Member
    Join Date
    Aug 2012
    Location
    VA
    Posts
    425

    Default

    The only thing it will do is affect your utilization percentage because that card's limit is no longer factored into your available credit. It stays on your report for 10 more years, so it will continue to age.

    Active Cards:
    Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
    Chase Sapphire Preferred ($10k Limit - 2/2013)
    Chase Ink Plus ($7k Limit - 2/2013)
    Discover IT ($9.5k Limit - 10/2012)
    AMEX Zync (No Pre-set Limit - 1/2010)
    AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  4. Centurion Member
    Join Date
    Jan 2013
    Location
    USA
    Posts
    305

    Default

    Quote Originally Posted by kcarter609 View Post
    It stays on your report for 10 more years, so it will continue to age.
    +1

    In ten years, you should have sufficient age from your other cards to make up for that anyways.

    Amex BCE: 3% grocery, 2% gas
    Bank of America Better Balance Rewards MC: $25/quarter bonus
    Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
    Capital One Quicksilver Visa Signature: 1.5% everything
    Chase Freedom Visa Signature: 5% rotating
    Chase Sapphire Preferred: 2% travel
    Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
    Discover It: 5% rotating
    US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
    Chase Amazon Visa: 3% amazon.com (unused)
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  5. #5
    Centurion Member
    Join Date
    Sep 2012
    Location
    US
    Posts
    119

    Default

    Quote Originally Posted by kcarter609 View Post
    The only thing it will do is affect your utilization percentage because that card's limit is no longer factored into your available credit. It stays on your report for 10 more years, so it will continue to age.
    Isn't it average age of open accounts?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  6. #6
    Green Member
    Join Date
    Feb 2013
    Location
    Pomona, CA
    Posts
    2

    Default

    Thank you guys for all your information. I don't have a creditkarma account yet. I think I'm gonna make an account now after hearing about the simulation (I only have a mint.com account). So thank you guys for all this valuable information. My goal is to get over 800 CS. Do you guys have any tips on how I can increase my credit score? Do I need to have certain amount of credit cards or variety? (How many cards are good to have?)

    - US Bank Platinum (joint account) CL-9.5k
    -Best buy CC CL-750
    -US Bank Premier line CL-13k
    -Amex Premier Gold CL-NL
    -US Bank Platinum (same as joint but this one is on my own) CL-5k

    I also don't have any car loans right now but probably will soon. Thinking of purchasing a car soon.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

+ Reply to Thread
 
These forum posts are not provided or commissioned by the bank advertiser. Posts have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The credit card offers that appear on this site are from credit card issuers from which CreditCardForum.com receives compensation. This compensation may impact how and where products appear on this site, including the order in which they may appear within listing categories. CreditCardForum.com does not include all credit card offers that might be available to consumers in the marketplace.