Credit Card – Account Closure vs Longest History Dilemma

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This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 5 months ago.



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    Anonymous

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

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    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.

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    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.

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    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.

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    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?

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    Your guidance/advice will be much appreciated.

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    Thanks.



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