2. The Older the Credit Cards the Better

In one respect credit cards can be compared with wine; the older the credit card the better when it comes to credit ratings. The average age of a revolving credit line is another of the factor credit bureaus consider when setting credit ratings. The older the cards used the higher the average age of the credit line, and this gives a better credit utilization rate leading to a higher credit score.

A long history without any missed or delayed payments testifies to the card holder’s financial responsibility. Consequently, if an owner of multiple credit cards closes their newest cards and uses only their older cards it can boost their credit score.