Jun 3 • General discussion
Never close an old credit card just because you paid it off.
One of the biggest credit score mistakes people make is closing their oldest credit cards after becoming debt-free. While it may feel like the right move, it can actually hurt your credit profile.
Here's why:
✅ Older accounts help strengthen your credit history.
✅ Keeping accounts open helps maintain your total available credit.
✅ More available credit can help keep your utilization lower.
Before closing a credit card, ask yourself:
- Does it have an annual fee?
- Is it your oldest account?
- Will closing it significantly reduce your available credit?
In many cases, keeping the account open and using it occasionally for a small purchase can be the smarter move.
Today's Action Step:Review your oldest credit card account. Is it still open and active?
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Never close an old credit card just because you paid it off.
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