Close Capital One Secured Card?

[Bones]

I opened Capital One in March with a $351 CL. In June I opened 7 CC's with CL's of at least 5k per card.  Would I benefit more from leaving the card open or be better off having the card closed to reduce the amount of open CC accounts?  Util is not a factor as all balances are at 0% except one card that is at 2%.  Also, what is the amount of time accounts need to be opened that trigger a increase in  FICO scoring, 6 months?

When a new account is opened how long before it is not considered a new account, 3,6,12 months?  For instance, some creditors will deny for to many new accounts in X amount of months? 

Is individual card util more important than overall util for FICO?  For me it would take $3,500 in debt to show 1% overall util?

There is an AF on the Cap1 card as well and I would get my $200 deposit back. Thanks for any advice.

[CruzImperial]

I would wait until feb 013 and close it if they dont waive the fee.
Utilization affecting your fico is based on all your cards(overall).
From what i read you have $350,000 CL, was this cap one your first cc (0 AAoA)?

[Anonymous]

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@CruzImperial wrote:
I would wait until feb 013 and close it if they dont waive the fee.
Utilization affecting your fico is based on all your cards(overall).
From what i read you have $350,000 CL, was this cap one your first cc (0 AAoA)?

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I am going to guess you mean 35,000 CL.

[Bones]

Sorry, it was my mistake.  It would in fact be only $350 for 1% util on $35k.  I have a joint Chase opened in the late 90's that is my oldest card.  One Chase card in 1996, 1 in March and 7 in June.

[LS2982]

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@Bones wrote:

I opened Capital One in March with a $351 CL. In June I opened 7 CC's with CL's of at least 5k per card.  Would I benefit more from leaving the card open or be better off having the card closed to reduce the amount of open CC accounts?  I would shut it down, you've gotten what you needed from it. Util is not a factor as all balances are at 0% except one card that is at 2%.  Also, what is the amount of time accounts need to be opened that trigger a increase in  FICO scoring, 6 months? If you didnt get dinged for seeking credit, a year should be sufficent. If you did, you have to wait until the INQ's age some, which can vary.

When a new account is opened how long before it is not considered a new account, 3,6,12 months? IMO once an account hits the yearmark the newness has wore off. For instance, some creditors will deny for to many new accounts in X amount of months? On this one, I'd say 6 months is OK to gain history on the new account before looking at anything else.

Is individual card util more important than overall util for FICO?  For me it would take $3,500 in debt to show 1% overall util? IMO having a card maxxed out looks bad. Overall util. is kep in FICO scoring but having cards reporting above 50% usage can hurt too.

There is an AF on the Cap1 card as well and I would get my $200 deposit back. Axe it, like yesterday!!! Thanks for any advice.

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[CruzImperial]

If you are going to garden then rip it apart. 351 CL in one card is just pathetic for someone with a 5K CL average.