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Rant: everyone says don't close old cards, but I did and my score went up 40 points
I closed my oldest card, a Capital One account I had since 2011, back in March because the $95 fee was not worth it. People online act like that is a death sentence for your credit, but my score actually jumped from 680 to 720 within two months. I think the real issue was that card had a low limit and was dragging down my usage ratio, so dumping it helped more than the age hurt. Has anyone else closed an old account and seen their score go the other way?
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wyattramirez22d ago
Did you check if that low limit was really the problem though? I read somewhere that closed accounts still count toward your age for like ten years, so the age part might not even matter right away. The hit from closing usually comes later, so keep an eye on it down the road.
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