How long is long

Akahotpot

In cc terms how long is considered a long time please
I have Nation Wide cc I have had for 10 years which I,m only really keeping because of its age
I have a Barclay card thats 3 years old is this long enough to qualify as long ?

PeacefulWaters

Length isn't important.

Get the best deal for you, be that 0% rate, cash back, Avios points or whatever.

Don't just hang onto a card because it's been in your wallet for years.

Jibeddy

PeacefulWaters wrote: »

Length isn't important.

That's what they all say.

bigadaj

Jibeddy wrote: »

That's what they all say.

It's actually how long lasting they are.

bigadaj

PeacefulWaters wrote: »

Length isn't important.

Get the best deal for you, be that 0% rate, cash back, Avios points or whatever.

Don't just hang onto a card because it's been in your wallet for years.

I'd say the account length is of minor importance, but of less concern than the other factors.

PeacefulWaters

bigadaj wrote: »

I'd say the account length is of minor importance, but of less concern than the other factors.

I know. But I thought a little innuendo was worth introducing to an otherwise reasonable reply.

Anthorn

Akahotpot wrote: »

In cc terms how long is considered a long time please
I have Nation Wide cc I have had for 10 years which I,m only really keeping because of its age
I have a Barclay card thats 3 years old is this long enough to qualify as long ?

Have you been reading your Clearscore report which refers to the length of your oldest account?

I don't think the length of accounts and which length is preferable is specified anywhere. Ideally we try to preserve those accounts we have had for some time and accounts which have been active for the maximum life of a credit history - 6 years - are preferable but the start date of accounts can take the length of accounts beyond 6 years.

Basically, the longer an account the more history there is for lenders to consider. So a six years old account is preferable to a six months old account, for example.

On MSE you may see advice to avoid closing credit cards and bank accounts you have had for some time and the above is the reason for that.

Akahotpot

Thanks

I am thinking of getting a better foreign spend cc but was worried about getting rid of my oldest card and the effect on my credit file

bigadaj

PeacefulWaters wrote: »

I know. But I thought a little innuendo was worth introducing to an otherwise reasonable reply.

How dare you, ignoring post #4 obviously.