Closing longest line of credit (switiching service)?

concrete_kid

I've recently opened a current account with First Direct.

In order to qualify for their £100 switching incentive you have to use their full switching service which closes the old account.

I've had my other account with overdraft (HSBC) for 16 years. I read somewhere that you should not close your oldest line of credit as it can adversely affect your eligibility for credit.

I plan to get a mortgage in about three years. Is it likely to have an impact or should I just go for it and collect my £100?

Tixy

Depends what else is on your credit file

If you have some other accounts that have been open a few years I doubt it would make a difference.

And that account will continue to show for 6years from closure anyway, so would still be visible in 3 years when applying for a mortgage.

If you havent got any other credit accounts that have been open for more than a year then maybe keep it open.