Close Capital One?

[PrettyGyrl]

I have recently had my BofA Secured card upgraded to a non secured, and about 2 weeks ago I took the plunge and applied for both a Barclays MC Rewards & Capital One Quicksilver 1, which I was approved for both. Besides those 3 cards I have a US Bank secured and a Capital One secured, knowing that the Capital One will never graduate should I go ahead and close it. (Background Info: I opened it in January 2013 it has a limit of $300 after one cli, which I was told there would not be any more cli on that account.) I'm happy with what I have now considering this time last year my credit was awful. Should I close the Capital One secured or leave it open to help with my overall utilization?

[coldnmn]

It will report as a positive on your credit report for 10 years. As far as utilization you will have to be the judge of that.

[ksantangelo23]

Considering your total credit limit is $2350, taking $300 out is a considerable chunk (about 13%). I personally would keep it open for now to keep your utilization low, and give yourself more flexabiliy while maintaining an improving credit score.

[user5387]

Looks like your total CLs are $2350, or $2050 after closing the $300 Cap One.

Given this, your new utilization would be around 1.15 times the old utilization, where 1.15 = 2350 / 2050.

If your utilization is low, the new higher figure probably is okay.

[Pupeitmeister]

This decision is yours to make. Utilization doesnt care if you have 100 cl or 100,000 cl. It cares if you use all of it. ... Orat least a good portion of it.

IMHO. I would look at my usage, the nenefits of the card, whatmy need is for a card that will not grow, and is it a NEED vs a WANT.

Based on your recent growth, with "bettet" cards, and the limited info available on your financial health, I would vlose the capone sec card and garden the new lines. You will be surprised at the fact you wont miss it