"Closing an old account will help my credit"
This might be one of the most common misconceptions around how unused accounts, like credit cards, can impact creditworthiness. One of the main factors that lenders look at when reviewing credit history is how long accounts have been open.
They typically average all current and past accounts to get an average length of time. The longer the credit history, the better. By closing an old account, you are effectively reducing the impact that individual account may have on your overall credit history. Instead of closing the account, keep it open.