DO NOT SHUTDOWN OLD CREDIT CARDS

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00:00Do not do this if you are young. I shut down a credit card that I got when I was 16 years old.

00:04I wanted to stop banking with that credit union when I moved out of LA, so I shut down that credit

00:08card and I am still trying to fix that ding on my record. As long as the card doesn't have an

00:12annual fee, most of them you could just keep. The reason for this, by the way, is because when you

00:17close down a credit card that's that old, it lowers your average age of credit. And age of

00:23credit really has a big impact on your score because the longer you've had those accounts

00:26open for, the more it's going to show that you're a responsible borrower for a very long time. So by

00:31cutting those off, it lowers your average age of credit. And as a result, your credit score may

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