How precious should I be about my oldest account?

ithinkitsnice

Some info below if it helps:

• My rating has always hovered between 'good' or 'excellent' according to Experian and Transunion.
• I wish to switch my oldest current account to a new bank.
• This account (presumably because of the o/d) is noted on my full report as my oldest credit account at 22 years old – the o/d limit represents just under 10% of my available credit (currently unused).
  
• For convenience I'd like to do a CASS switch as it's my main account for salary numerous DDs, but this means closing the account. Partial switch isn't an option.
• The next oldest account is a credit card which is 11 years old and represents about 75% of my available credit (balance currently nil)

My question is, how precious should I be about this account with respect to my credit rating? Would I do much harm to my rating by just switching?

I moved home (w/ new mortgage) in the last 3 months, if that matters.

Thanks

[Deleted User]

Yes, but your rating isn't important. Lenders will look at your history and you appear to have a solid credit background.

ithinkitsnice

Deleted_User said:

Yes, but your rating isn't important. Lenders will look at your history and you appear to have a solid credit background.

Are you saying I shouldn't be unduly concerned about closing this account then (bearing in mind I'll still have > 10 years good history)?

Ebe_Scrooge

ithinkitsnice said:

Deleted_User said:

Yes, but your rating isn't important. Lenders will look at your history and you appear to have a solid credit background.

Are you saying I shouldn't be unduly concerned about closing this account then (bearing in mind I'll still have > 10 years good history)?

Correct.  Bear in mind, your score will almost certainly drop in response to the change in your credit circumstances.  But the score is not a factor in lending decisions, and is not used - nor even seen - by any lender.

penners324

I've closed the oldest account and switched, my scores dropped a bit but went back up a few months later.

Didn't stop me getting a mortgage at the best rate on the market shortly afterwards.....

Don't worry too much about it

jamesperrett

The only reason for not closing an old account is if the organisation is likely to offer loyalty bonuses. Nationwide sometimes do this although the advantage is often short lived in my experience.