Cancelling oldest credit agreement.

KxMx

I have one store card which is 4-5 years old, another which is around 2 and one credit card the same age.

I always pay off in full every month.

However I rarely use the oldest store card, (been in a couple of times and walked out the shop empty handed, unimpressed), and i'm so disinterested that, wanting to double check some account details I locked myself out of online card management months ago and still haven't rung up to unlock!

According to my bank account records I last made a payment February 2013 so last time I used it would be January 2013.

I am thinking of closing this account.

I regularly use my other store card because the shop is much better for my needs now. And if I wanted to go back I can use my credit card.

I have read that creditors like to see a well established item on a credit report.

However, the main factor which excludes me from most products is a low income which isn't likely to change soon and I don't see me needing/wanting any more credit products.

What would others do?

chanz4

Their is no 100% way as different lenders see different ways, I have had no issues with credit or even mortgage closing old accounts down.

cos_2

Personally, I'd close it. You neither want nor need it.

This will remain on CRA reports for potential lenders to see for the next half decade regardless, and they'll easily be able to interpret that you coped well.

Finally, you say you don't want any new credit products so you may as well tidy up your financial life and say cheerio to the hanger-on!