Credit Card – Account Closure vs Longest History Dilemma

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    My Citicard has been my longest history card – since Nov 2000. The next oldest is February 2004.


    However, back in 2009 – I received a change of terms from Citi (which would have raised my rate from 6.24 to significantly higher). So, I rejected those terms.


    Henceforth, my A/C is poised to close in 2 months – Dec 2011. And, my attempts to find any way to keep this account have been unsuccessful at all.


    But, now I am concerned about the fact – since it is oldest account on my report – it will fall off in due time with detrimental consequences on my credit history length.


    Since, this also*is the only card with balance – can I keep the balance (5k)*on the card (even after it is closed) – and just*keep making minimum payments, so that it can stay on report for 15+ years. Is this viable strategy?


    Your guidance/advice will be much appreciated.



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