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My uncle told me to close my oldest credit card and it tanked my score by 40 points
He said it was 'dead weight' since I never used it, so I closed the account last April. That card was from 2010 and was my longest credit history. My score dropped from 780 to 740 almost right away. I had to call the issuer and beg them to reopen it, which they did after a hard inquiry. Has anyone else been given bad advice from family about closing accounts?
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grant83820d ago
Man, why do people give credit advice when they don't know how it works? My buddy's dad told him the same thing, said having an old card with a zero balance looked bad. He closed it and his score took a dive just like yours. Took him months to build it back up. It's crazy how one piece of wrong info can mess things up so bad.
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