I have a credit card that was opened when I first got ot of college, and was my first credit card. Since then, I have switched to cards with rewards, figuring that since I pay it in full each month, as I might as well get some bonus when I spend money.
I have heard that closing an account that has been open a long time hurts your credit score. Is this true?
I hate to keep the card active just to maintain my credit score, as it seems unnecessary and could be a risk if the card is stolen, etc.
Does anyone have any experiences or information about this type of situation?