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I cancelled my first credit card months ago because I did not know it was good to keep your first credit card to help your credit score. But if I knew I had to keep one credit card forever, it’d be that one, not my second one. So basically my question is, what is the cap on the number of a years a credit card has been owned before it won’t help your score much anymore? Like if I owned a card for 10 years, and another for 15, how much of a difference does owning a card for 10 years vs 15 years make?

7 Thoughts on Effect of first credit card on your credit score?
  1. Reply
    samad_mr r
    June 9, 2011 at 11:39 pm


  2. Reply
    June 10, 2011 at 12:08 am

    I dont believe the amount of years has anything to do with the number on your credit rating. I have about 8 myself and just because I have that amount – doesn’t make my credit better or worse…. Your rating is based on how efficiently your bills are paid. If your late on your bills or default on them – your score will go down tremendously. If you cancel credit cards, your score may not go down – but it may be harder to obtain others because companys dont want to spend time/money giving you credit just so you can cancel……Hope that helps.

  3. Reply
    June 10, 2011 at 12:50 am

    There is no cap.

    Your credit score is based off of many variables including the amount of time you credit accounts have been open, how many credit accounts you have at any time, how reliably you pay your bills each month, the amount of debt to available credit you have and how long you carry credit balances.

    The length of time your credit accounts have been open is important since creditors generally like to give credit to people who have displayed that they can responsibly handle their debts over time.

    However, nothing is more important to your credit score than paying your bills on time and making sure that you don’t carry balances any longer than you have to. The easiest way to do this is to make sure you only make purchases with credit cards that you can pay off immediately.

    It is also a good idea to keep a very close eye on your credit through a credit report monitoring service. All of the major credit reporting agencies have online services that allow you to access your credit reports and scores and monitor them over time. You can compare them here:

  4. Reply
    June 10, 2011 at 1:39 am

    I work for a mortgage company and the effects of a credit card dont go away after so many years. In reality you just need to make sure that your never late on your payments, and make sure that you always have at least 2 open trade lines. like 2 credit cards, or a credit card and a home equity line of credit. the amount of years doesn’t really matter once you get into the 10 and 15 years you’ve had your cards. as long as you’ve had them both for at least 2 years and dont miss payments your fine. I know its almost impossible to not miss one payment, but try your hardes to make sure you never go 30, 60, or 90 days late on the payments. and always make AT LEAST the minimum payment. But like I already said, the 10 and 15 years doesn’t matter at all. you can go get a new credit card and once you’ve paid on time on that for 12-24 months you’ll be fine. hope this helps.

  5. Reply
    June 10, 2011 at 2:37 am

    If you take a trip over to and look at their consumer education info, you will note that a major factor of your credit score is history. The longer you have had a good credit line, the better it helps your score.

    I don’t think canceling an old credit card is of any benefit. Just keep it and don’t use it.

  6. Reply
    chris g
    June 10, 2011 at 2:48 am

    I love people who answer questions with all wrong information. Jessie you don’t know anything about this question. Go spread more wrong information. Accounts that have been opened for seven years will start to benifit your score

  7. Reply
    Robin L
    June 10, 2011 at 3:19 am

    Credit scores have become increasingly important for American consumers. A survey released last week shows that more people seem to have realized this and have figured out their scores.

    Yet most Americans do not understand what those scores mean or how they affect their ability to get mortgages, according to the survey of 1,000 adult Americans commissioned by the nonprofit Consumer Federation of America and the lender Washington Mutual.

    And their knowledge of credit scores has not improved since the last time the survey was conducted, two years ago.

    The percentage of those who know the purpose of credit scores — to show their risk of not repaying a loan — rose only from 27 percent to 29 percent since 2005.

    The percentages of respondents who incorrectly believe that income, age and education influence their scores increased.

    In addition, many said they believe that their state of residence and ethnicity affect their scores. They do not. Their payment history and credit lines do.

    Perhaps most disturbing to those who commissioned the survey, only 24 percent know that the minimum score typically needed to qualify for a low-cost mortgage is 700.

    Fair Isaac Corp.’s FICO credit score, the nation’s most widely used formula, ranges from 300 to 850.

    Borrowers with scores below 600 are typically charged high “subprime” loan rates.

    Those with scores exceeding 760 get the lowest rates.

    And each consumer has more than one score.

    Each of the three major credit bureaus — Equifax, TransUnion and Experian — generates a score.

    If all consumers raised their scores by 30 points, total savings would exceed $ 20 billion, according to a Washington Mutual analysis.

    But it doesn’t take a lot to lower one’s score.

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