My buddy at Chase said "just close the card" and it dropped my credit 40 points

Last month I was trying to simplify my wallet. Had a Capital One card I hadn't used in like 5 years. Asked my friend who works at Chase what to do. He said just cancel it, it's fine. Did it. Next thing I know Credit Karma shows my score dropped from 762 to 722. Turns out that card was my oldest account by a long shot. Now I'm stuck waiting for it to climb back. Anyone else get bad advice from someone who should know better?

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faithbaker2d ago

Just close the card, it's fine" - yeah I heard that one too and it cost me about the same. My oldest account was a store card from when I was 19 that I used once for a pair of boots. I felt like such a genius closing it until I saw that 40 point drop. Now I keep a card I don't even use just because it's 15 years old. I guess the joke's on me, I'm the guy with a sock drawer full of credit cards I'm too scared to cancel.