Keeping my oldest CC account active
My oldest credit card is very old, having been converted from my first secured card as a whippersnapper and eventually turned into some Citi card.
I basically use this card maybe once a year because it confers some decent venue seating sometimes through LiveNation. It's been two years since the last time I used it for this.
After hanging out on pf, I'm thinking I should keep this CC open since it contributes so much to my age of accounts. It has crappy rewards and I don't carry CC balances, so I randomly threw some groceries on it the other day.
The actual question: if I pay this off immediately, will it still reset the clock in any meaningful way, or does no one really know when banks choose to close dormant CCs?
Thanks.
Posted Dec 5, 2017, 2:02 AM UTC
Since you used it, it does "reset the clock" in sort of way, but
No, they don't. Some cards can remain open for years and years with no use. Some get closed in under a year. Banks can also elect to close your cards for other reasons (e.g., if you default on a loan and your credit score tanks). There may be anecdotal evidence on specific cards/banks if you feel like searching through r/churning or FlyerTalk.
Fair enough. Thanks!