I have had a Chase Slate card since 2005, it is my oldest open account with a 9.9% APR.
Well, Chase is ‘upgrading’ my account to a rewards card with a 15.74% variable APR. I personally don’t like rewards cards because of the higher APR charged (unless the balance is paid in full each month).
My questions are:
since this is my oldest open account what impact will closing this account have on my credit rating (currently around 813)?
should I just leave it open and not use it?
Thanks in advance for thoughts, ideas and opinions.
Closing that card will probably have a significant affect on your credit score. I would recommend keeping it open and only using it from time to time to make a small purchase and paying it off right away.
The APR increase shouldn’t be a problem if you do this.
When it comes to credit scores, the account age does have a significant role and closing your oldest account could cause a big drop in your score.