When to Close an Old Credit Line: Smart Money Podcast

Are you looking for answers to your money questions? Tune in to NerdWallet's Smart Money podcast, where we provide real-world advice and solutions.[0] This week, we discuss when it is appropriate to close one of your oldest lines of credit with caution. Our expert team of financial advisors, Liz Weston, CFP®, Sean Pyles, and Sara Rathner, are here to provide their insight on Danny’s voicemail.

Danny and his wife combined their credit cards after they got married and now they have too many.[1] Danny wants to close his oldest credit card and asked us if it is a good idea. Our experts advise that closing a credit card can hurt your credit score, so it is best to consider asking for a product change instead.[2]

If you want to learn more about merging finances, listen to our podcast on Apple Podcasts, Spotify, and other streaming services. You can also read our article, “Smart Money: When to Merge Finances — or Not”, which originally appeared on NerdWallet.[3] Additionally, sign up for newsletters from the Herald, Tribune, and NerdWallet for the latest news, sports, and more.[4]

0. “Smart Money: ChatGPT vs. the Nerds, and Rental Properties” NBC Right Now, 6 Feb. 2023, https://www.nbcrightnow.com/national/smart-money-chatgpt-vs-the-nerds-and-rental-properties/image_527fed4f-a1e6-5760-8be4-8aa236c38d62.html

1. “Smart Money: When to Merge Finances — or Not” McDuffie Progress, 13 Feb. 2023, https://www.mcduffieprogress.com/news/national/smart-money-when-to-merge-finances-or-not/article_3db8eded-278a-5ee3-903b-b990b325562c.html

2. “Smart Money: When to Merge Finances — or Not” FOX 11 and FOX 41, 13 Feb. 2023, https://www.fox41yakima.com/smart-money-when-to-merge-finances-or-not

3. “Smart Money: When to Merge Finances — or Not” Corydon Times, 13 Feb. 2023, https://www.corydontimes.com/news/national/smart-money-when-to-merge-finances-or-not/image_3c5af5d5-eaf5-517a-868b-6b20b42a847b.html

4. “Smart Money: When to Merge Finances — or Not” Wetumpka Herald, 13 Feb. 2023, https://www.thewetumpkaherald.com/smart-money-when-to-merge-finances-or-not/article_a72211a2-5e93-5371-8830-32a3b626ed86.html