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So one consequence of closing a credit line is that it can adversely affect your credit history if it is your oldest credit line.

But what about closing credit cards you acquired along the way that you simply don't like?

Here is a hypothetical example:

7 year old credit card with high limit
5 year old credit card with relatively high limit

4 year old store credit card with low limit
4 year old store credit card with low limit

1 year old credit card with highest limit

and you close the two store credit cards.

Are there negative consequences of closing them on a credit score? If so what are those factors to consider?

Assume there is no balance on those cards and they are in good standing.

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2 Answers 2

up vote 2 down vote accepted

Not a problem. You won't see these accounts fall off your report for a long time anyway. Even if you cancelled the oldest card, it's still on the report for as long as 7 years. I recommend pulling you free annual report to track these.

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thanks, yeah I get quarterly credit reports –  CQM Feb 10 '13 at 23:30

Short term: No effect (considering credit utilization is not affected much and other factors remain the same) Long term: Maybe Yes. After 7-10 years from closing the account, when this entry falls, it may reduce the average age. Read more

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I think this just happened to me, something I closed in 2006 just fell off my report, ouch! :) –  CQM Mar 13 at 21:34
    
How severe was the effect? And can you describe your credit profile a bit to understand the consequence? –  user1324816 Mar 14 at 0:25
    
There are several positive and negative factors influencing my credit right now more so than other times, so I can't really pinpoint one thing (such as this) to explain the current dip in average score I am experiencing –  CQM Mar 14 at 1:12

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