I have an ancient, useless high rate standard VISA with Chase. I recently opened a cashbuilder platinum with them. Chase does not allow reallocation between accounts, but does allow you to close one and put the avail credit to another. Moving the avail credit to the new card will push my utilization rate below 40%, but will close the oldest tradeline on my CR (by 5 years). FAKE-O simulator makes it hard to figure out what the differing impacts would be, but it seems to suggest that closing the old Chase would only be a 12 point negative, while moving to 40% utilization would be a 30+ positive. Does anyone here have experience with closing your oldest TL? I don't have a lot of confident in the FAKE-O simulator in this case. What thought do you have about this decision. Thanks so much in advance...
If i were you i will pass the total credit line to the new card and close the old standard card. i would not be much worry about the open date. Why to have an account if is useless. I closed my oldest line (CrapOne) and my scores didnt change too much. as matter of fact they improved some points.
