There are times when information is disseminated which is just simply not true. CNBC’s Alexandria White’s writes that closing your oldest credit card will not have a substantive impact to your FICO Scores. Let's take a closer look at her analysis and how closing your oldest credit card can impact your FICO® scores.
You can read her article here - this is bad advice.
Although utilization ratio is a factor. The offset is having an account open for an extended period of time. This will offset any loss in some points by having an account open for such length. The difference between a 700 FICO score and an 800 FICO score is how long the accounts on average are open. The longer they are open, the better chance you have 800 FICO scores.