Your Oldest Credit Account Is Gold!

Your oldest credit account is worth more than your car! Seriously, keeping that ancient credit card can save you thousands in interest. Credit scores consider your credit age — it makes up 15% of your score. If you close your oldest account, you could drop your score by 50 points or more, which could cost you a higher interest rate on loans. That means you could be paying an extra $1,000 on a mortgage or car loan! Why do banks love this? Because higher credit scores mean better rates for you, but they want you to forget about those old accounts. Keep that ancient card alive, even if you rarely use it. Don’t let banks win; they’re counting on you to forget!