Originally Posted by
EaglesOhThree
Not accurate. When you close a very old card it immediately sortens your average-age of credit lines, which while not the highest impact factor, definitely can lower your credit for 100% sure.
I never worry about that stuff- we pretty much do what we want as far as taking out and cancelling credit cards, and just refinanced our mortgage at 3.75% fixed (15 years), no closing costs.
I cancelled an airline credit card a few years ago- may have been AA- and told them it was because AA was devaluing the points by changes in their program. They offered me 5,000 points to stay. I laughed. Apparently they hadn't heard what I'd just said.