Raise your hand if you’ve heard that you shouldn’t ever close your oldest credit card.
The logic behind this piece of misguided advice seems sound at first: The average age of your credit lines affects your credit score, and the older, the better. Your oldest credit card, therefore, weights the average to lengthen the overall duration of your accounts, and if you close it, you lose that outlier and your average account history shortens.
There’s only one (major) flaw in that thinking: When you close an account, it doesn’t disappear from your credit.