00:00Do not do this if you are young. I shut down a credit card that I got when I was 16 years old,
00:04and I am still trying to fix that ding on my record. As long as the card doesn't have an
00:08annual fee, most of them you could just keep. The reason for this, by the way, is because when you
00:12close down a credit card, it lowers your average age of credit. And age of credit really has a big
00:18impact on your score because the longer you've had those accounts open for, the more it's going
00:22to show that you're a responsible borrower for a very long time. So by cutting those off, it lowers
00:27your average age of credit. And as a result, your credit score may decline.
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