Can I close oldest credit card without affecting credit score?

Discussion in 'Other Credit Card Programs' started by boxergal, Oct 14, 2012.  |  Print Topic

  1. boxergal

    boxergal Silver Member

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    I'm moved to the US from Canada in 2003 and it was difficult for me to get my credit started in the US since your credit history does not follow you into the US. Since I banked at Sovereign, that was the first place I applied for a credit card and after discussion with the bank manager, they issued a credit card to me in 2004. Since that time, I've been churning on a relatively conservative basis in order to earn points to travel back & forth to Canada. I currently have five cards open, but none of the other cards has more than 18 months history. I've read that you should always keep the credit card with the oldest history open. I don't use my Sovereign credit card at all and I don't bank there any longer. This week I received notice that Sovereign is rebranding their credit cards to Sphere and that I will need to activate this new card when it is sent out. If I don't, my existing card will stop working in 90 days. Will this Sphere card be considered a "new" credit card on my credit history, or will it show as an existing card almost 8 years old?
     
  2. gleff
    Original Member

    gleff Co-founder

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    Why wouldn't you be keeping the account open? If there's no fee you might as well.

    But closing an account doesn't take it off your credit report. It stays on until it ages off. Which means it will continue to be calculated as part of the average age of your accounts for several years.
     
  3. jazzalbart

    jazzalbart Member

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    Tell the customer service representative that you wish to close your credit card. Ask them if there is a confirmation number that you can reference when referring back to this. They can explain you more briefly.
     
  4. desamo

    desamo Gold Member

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    Ten, typically, fwiw. No law about that, though.
     
  5. travelpye

    travelpye Silver Member

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    "This week I received notice that Sovereign is rebranding their credit cards to Sphere and that I will need to activate this new card when it is sent out....Will this Sphere card be considered a "new" credit card on my credit history, or will it show as an existing card almost 8 years old? "

    Based on my experience, it will not show as new. But as always, YMMV.
    Several years ago, my then 20+ year old account was rebranded and changed from a MC to a Visa. It still shows up on my credit report as the oldest account I have and with original opening date as a MC. It dates from late 1970s, is a no fee, and so I occasionally dust it off and use it to maintain it as my oldest account.
     

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