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Originally Posted by gwilks98
one thing I remember reading from susie orman is that some of your credit score is based on its age. If you cancel your oldest cards, it brings the age of your credit back some (or a lot, depending on the number of cards you own.)
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True, though the impact may not be that big. Chase cancelled one of my cards because I never used it. I had it for 14 years and it was my oldest credit line. My next oldest was 7 years old. I was concerned, but my Experian score only dropped by 3 points. Actually, that may be another tip in this environment of credit tightening--use your oldest credit accounts periodically to keep them open. I now use my other cards once in a while so they don't get cancelled.