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Not closing your oldest card is way over rated. always keep in mind that it will still factor in your AAoA for 10 years. and getting about card and getting your money back will easily offset the lost of utilization. i would close that thing in a mosquito minute. and get my 2k back app for another card and let that one grow.
@taxi818 wrote:Not closing your oldest card is way over rated. always keep in mind that it will still factor in your AAoA for 10 years. and getting about card and getting your money back will easily offset the lost of utilization. i would close that thing in a mosquito minute. and get my 2k back app for another card and let that one grow.
Unless you're about to apply for a loan. Running the simulator on FICO I would lose 5 points EF and TU, and 9 points on EX. I'm about to apply for an auto-loan with a place that always pulls EX and so this would hurt my chances at a great rate. If you're not planning on this then it really makes little difference.
Wow, I think I love this forum! i never posted before and look at all the responses. So I assume then that Capital one does not extend the AAoA like American Express did for me?
Adam
@Anonymous wrote:Wow, I think I love this forum! i never posted before and look at all the responses. So I assume then that Capital one does not extend the AAoA like American Express did for me?
Adam
Nope, at this point, adding anything will decrease your AAOA.
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Thank you everyone
I got a CLI with the Capital One Secured Card. It wasn't much, from $500 to $800. I opened the card in October. I also have the QS One card, with a 1k limit. Not huge, but is leaps and bounds from not qualifying for anything to getting this card when I barely had a 600 score.
I agree you should aim for the other cards, the secured card is just to rebuild. Their "find my offer" tool is pretty accurate.