You are often discouraged from closing older credit accounts for good reason. While factors such as payment history and credit utilization are commonly discussed, the length of your credit history is often overlooked. At least two years of credit history is a good minimum, although having five or more will put you in a better position. 

The length of your credit history is a crucial indicator of your financial responsibility and stability. Lenders and financial institutions use this information to assess your creditworthiness. A longer credit history provides a more comprehensive picture of your borrowing and repayment habits, demonstrating your ability to manage credit over an extended period. This should give you a sense of security and control over your financial situation.

Moreover, the length of your credit history directly contributes to calculating your credit score. In most credit scoring models, the length of your credit accounts for 15%+ of your overall score. This means that the longer you have been using credit responsibly, the more positively it can impact your score. A lengthy credit history reflects a track record of responsible financial behavior, which can result in a higher credit score and better access to credit at favorable terms.

A lengthy credit history can also benefit you in various financial situations. For example, when applying for a mortgage or a car loan, lenders prefer to see a well-established credit history, as it gives them more confidence in your ability to manage long-term debt obligations. Additionally, a lengthy credit history can result in lower interest rates and better loan terms, ultimately saving you money.

It's important to note that the age of your oldest credit account doesn't solely determine the length of your credit history. It takes into account the average age of your accounts as well. Therefore, it's essential to maintain older accounts and avoid closing them, as doing so can potentially shorten the average length of your credit history and negatively impact your credit score.

The length of your credit history is a critical aspect of your financial profile. It speaks volumes about your financial habits and can significantly influence your credit score, access to credit, and borrowing costs. Therefore, it's essential to establish a long and positive credit history by using credit responsibly and maintaining accounts over time. By understanding and prioritizing the length of your credit history, you can position yourself for better financial opportunities and stability in the long run.