impact of closing oldest credit card

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Generous
demerius2020

so i had Sbi simplysave and Amex MRCC as the oldest both of them i closed, and CIBIL got down by like 75 points. but i had to close the accout while i still maintain new card with both SBI as SBi cashback and amex gold with amex


any medicinnal approach i can take or it will take eon for repair , yes i still want new Credit cards

al so can increase of limit on old card would effect postive cahnge?

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Spearhead Spearhead
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Mere sare oldest credit card band ho chuke h, no negative impact on cibil , maintained at 770 since 5 yrs, currently holding new 7 cc's...

Koi na koi galti hui hogi credit report me like missing due, derogatory mark etc.

   Wait some time and don't get any new card or loan, it will rectify on ur own...

Deal Lieutenant Deal Lieutenant
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have you received/asked NOC from Card issuer, 

if not, then you should.

certainly your score gonna increase with same or more than that number after you receive NOC.

Generous Generous
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i swaped both of cards for new cards
-sbi simplysave visa for simplysave master
-amex gold for amex mrcc
 but they were the oldest card with highest limit in my portfolio
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Deal Cadet Deal Cadet
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CIBIL is literally such overhyped figure. While I understand its importance, the number of factors affecting it are so many that it would be very difficult to follow them all. I closed my Axis MyZone last year and while I too was worried about dropping my CIBIL, the senior support rep at Axis told me that the credit history isn't deleted if you close even your oldest your card, which makes sense to me. We build our score for years, paying the due on time and what now. Now if we choose to discontinue a single service, then all the good karma shouldn't go to waste.

If your score is around 780 or above, then I would suggest you to stop worrying about it.

Brand Enthusiast Brand Enthusiast
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Its news to me. Have you taken full credit report? Because i closed SBI cc taken in 2000 in 2001 and standard charatered bank cc closed in 2002, taken new sc in 2018 and closed in 2019. All that showsup in my credit history, but no impact on cibil as i learnt.

Generous Generous
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score fell by 75 point , now it is 720
- i want car loan
- i want new card

Helpful Helpful
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closure of cards and availing new cards is a regular process, I don't think that will impact score by 75 points massively. If you share full report of that before and after those swaps, then only we can get some idea of what transpired actually.

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