Originally posted by: bjc112
Not sure if this is true or not, but I heard it is beneficial to never close out your first credit card as it can affect your credit score in a negative way.
I am 22 and have awesome credit and I am wondering if I should just leave it open, just because?
Input is awesome!
Closing old accounts can hurt your score in several ways.
Primary among them is that closing a revolving line of credit effectively increases your total debt usage percentage-- which is bad for your credit.
Also, one small factor in your credit score is the average age of your open accounts. Closing an old account lowers this value.
Unless you are paying a monthly or annual maintenance fee, I certainly wouldn't cancel the card. In fact, I would make it a point to use it from time to time to make sure the creditor doesn't close it for you...