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Do Not Do This If you young. I Shut down a credit card that I got when I was 16 years old I wanted to stop banking with that credit union when I moved out of La So I shut down that credit card and I am still trying to fix that ding on my record. As long as the card doesn't have an annual fee, most of them, you could just keep. The reason for this, by the way, is because when you close down a credit card that's that old, it lowers your average age of credit and age of credit really has a big impact on your score because the longer you've had those accounts open for the more it's going to show that you're a responsible borrower for a very long time.

So by cutting those off, it lowers your average age of credit and as a result your credit score May Decline.

By Stock Chat

where the coffee is hot and so is the chat

23 thoughts on “Do not shutdown old credit cards”
  1. Avataaar/Circle Created with python_avatars @au.outlaw70 says:

    I'm glad I'm australian, we have credit scores but they don't really mean a whole lot. We don't have to spend our 20s trying to build it up.

  2. Avataaar/Circle Created with python_avatars @rockymountainfacet5958 says:

    You all need Dave Ramsey

  3. Avataaar/Circle Created with python_avatars Hola! @spinachboy1800 says:

    Just dont get credit cards 😂

  4. Avataaar/Circle Created with python_avatars @bellad1063 says:

    Stupid kissy face games we’ve gotta play with banks. Dave is onto something

  5. Avataaar/Circle Created with python_avatars @lesboman11 says:

    ermmm it only works if everyone is playing their credit game, if everyone closed their credit cards we won't have a problem

  6. Avataaar/Circle Created with python_avatars @helpmeplz69 says:

    Graham I live in Singapore and I want to get a cerdit card but my mums says that cerdit score in Singapore dont work like that is that correct trying to do my research but its very confusing oh andd i justtt turned 118

  7. Avataaar/Circle Created with python_avatars @Towzlie says:

    US = China

  8. Avataaar/Circle Created with python_avatars @varunkamal91 says:

    This is so dumb. The whole credit score for just having a card.

  9. Avataaar/Circle Created with python_avatars @riqhte says:

    I didnt shut any down they shut me down for not using the card BOA & AMEX that was years ago

  10. Avataaar/Circle Created with python_avatars @TownGirl04 says:

    Hum. I didn't know that. If it has a fee, then what?

  11. Avataaar/Circle Created with python_avatars @user-cq3ce7bq7r says:

    Close cards you don't use. Don't keep them open for the sake of a number unless you're actively in the next 0-2 years going to buy a card or house. Otherwise that number is useless. Get rid of stuff you don't use, remove any temptation.

  12. Avataaar/Circle Created with python_avatars @ShadowDestiny says:

    A closed credit card still appears exactly like an open account for 10 years though. So although closing a card will have a negative impact, that impact won't show up for 10 years. And by that time, its impact will likely be very minimal

  13. Avataaar/Circle Created with python_avatars @josephbarker3358 says:

    I have no credit cards anymore. I will never go back.

  14. Avataaar/Circle Created with python_avatars @WorriedtoWealthty says:

    Made a video on this! It’s a medium impact, there is worse!

  15. Avataaar/Circle Created with python_avatars @jacksonbilly9979 says:

    People who watch Caleb hammer needs to watch this, he’s ruined soooooo many people credit

  16. Avataaar/Circle Created with python_avatars @alexzhou6641 says:

    Thank you Graham, your video made me a whole new person, as a new grad who just enter the job market I am so grateful I am privileged to be your audience. I won’t be setting myself for success if I didnt meet you on YouTube. Your video is changing ppls life every single second and I hope you know that.❤

  17. Avataaar/Circle Created with python_avatars @larsmurdochkalsta8808 says:

    A goose is most silly

  18. Avataaar/Circle Created with python_avatars @user-fc2xk3uv8y says:

    you don't understand how intelligent videos with titles like these make me feel

  19. Avataaar/Circle Created with python_avatars @ralphcarlaccijr7728 says:

    What’s up Graham!!

  20. Avataaar/Circle Created with python_avatars @AnthonyGlassEye says:

    What if I have another just as old a few months younger?

  21. Avataaar/Circle Created with python_avatars @quadsnipershotp1lvl4 says:

    lol it sounds like she is saying when she was 60 years old

  22. Avataaar/Circle Created with python_avatars @bylual says:

    First!

  23. Avataaar/Circle Created with python_avatars @theratinaCage says:

    She’s negatively influenced by bad ppl. She’s full of misinformation 🤷 she’ll probably write a book when she turns 40 talking about all the crazy grooming she going thru

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