Always keep your first credit card?

Question

I heard that you shouldn't close the account of your first credit card. Is this true? If so, why?

Answer 1

99% of the people that KNOW the answer actually have NO CLUE how FICO scores are computed.  That INCLUDES those that make a living giving financial advice.

That said, the ONLY reason to CARE about your credit score is if yu want to BORROW money.  If you spend less than you earn, and pay CASH (yes, it IS possible), your FICO score will be ZERO, and you won't care.

Answer 2

I have never heard that.  That is false.  What of your first credit card was issued by a store that has gone out of business?

Answer 3

It shows the length of your established credit. Also closing an account has a negative effect on your credit rating.

Answer 4

If you keep changing credit cards. It will look bad on your

credit report. But if you find a credit card, with a much lower

rate, and they do not lower the rate on your first credit card.

One or two credit card are OK. Just don't be changing them

all the time. Welcome to the plastic card world. <}:-})