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Capital One CC since 2008, $500 credit limit

Established Member

Capital One CC since 2008, $500 credit limit

I am debating if I should close this account or not. I never use it and there are no benefits if I use it. Its a 500 limit open for 5 years. If I pay it off and close it, will this negative ding on my FICO or no that bad?

Amex Green Card, U.S. Bank Platinum $2,000, U.S. Bank Line of Credit $1,500, BoFA Visa $500, C1 $500
Message 1 of 11
10 REPLIES
Regular Contributor

Re: Capital One CC since 2008, $500 credit limit

Depending on what other cards you have and how long you have had them for that could crush your annual age of accounts

 

 

which is bad


EQ 733 3/3/13 GOAL: 800 Merrill Lynch Merrill+ $12,500 | AMEX BCE 6K | AMEX PRG NPSL | CSP 6K | Freedom 5K | Discover IT 5K | HVFCU 10K | American Eagle Visa 5K | Citi Thank You Preferred 6,100

In the garden since 4/22/13 | Hating on Capital One since '09
Message 2 of 11
Moderator Emerita

Re: Capital One CC since 2008, $500 credit limit

Message 3 of 11
Super Contributor

Re: Capital One CC since 2008, $500 credit limit

I would try the EO route first then make an decision.

PM sent

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 11
Moderator Emerita

Re: Capital One CC since 2008, $500 credit limit

@a3quit4s wrote:

'Depending on what other cards you have and how long you have had them for that could crush your annual age of accounts'

Sorry,that's not accurate. OPs AAOA will only be affected once the closed card drops off the CR's. AAOA or average age of accounts is an average of all accounts (open and closed) as long as they are on the cr.
Message 5 of 11
Established Member

Re: Capital One CC since 2008, $500 credit limit

What is the EO?

Amex Green Card, U.S. Bank Platinum $2,000, U.S. Bank Line of Credit $1,500, BoFA Visa $500, C1 $500
Message 6 of 11
Established Member

Re: Capital One CC since 2008, $500 credit limit

I had opened a BOFA CC with the same AGE and CL. I guess it won't hurt if I keep it open and leave it at a 0 balance in my wallet right...?

Amex Green Card, U.S. Bank Platinum $2,000, U.S. Bank Line of Credit $1,500, BoFA Visa $500, C1 $500
Message 7 of 11
Super Contributor

Re: Capital One CC since 2008, $500 credit limit

EO= executive office

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 11
Moderator Emerita

Re: Capital One CC since 2008, $500 credit limit

Executive office many have expressed recent success with contacting them and explaining what you want ie AF waived, APR reduction, PC and/or CLI.


Myjourney...you are typing fast this morning!
Message 9 of 11
Established Contributor

Re: Capital One CC since 2008, $500 credit limit


garci349 wrote:

What is the EO?


Executive Office.

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Message 10 of 11