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Contributor
Posts: 78
Registered: ‎12-27-2008
0

Close an old card or not?

I had a few baddies in the past, took out a signature loan and payed them all of in Feb 2008. Then I opened two credit cards to get myself on my way, a Continental Finance and an Orchard bank card. The as you know are riddent with fees, well the orchard card not so much. The original CLs were 300, each. Now I have 475CL on Continental Finance and 400 on Orchard bank. Since then I have gotten other cards (within the last 3-5 months)

 

HSBC BB card: 600 CL

CapOne card : 500CL

WalMart GEMB: 400CL (new, this month)

Juniper card 400CL (new this month)

CapOne #2: Got offer in mail, accepted today, approved, dont know limit, only got it to consolidate into one card in near future to have a higher CL.

 

Now I was wondering that since Continental Finance I had since even before I paid my baddies, roughly for about a year and a half now, and the orchard bank for about a year, what would the credit report, FICO, result be if I was to close the card, it has had a $16 running balalnce, monthly fees, that I pay every month. I know my utilization would go up, but I got three new cards that would almost triple the credit amount. I was just wanting to know if the fact that its the oldest car on my account, if closing it would hurt. Should i just give it another year so my other accounts grow a little?

 

Thanks in advance for the help.

 

PS. I'm a newbie here, but this forum ROCKS. I learned more in the last 4 days than i did in 2 years, wish I found you guys sooner Smiley Sad

___________________________________
Trying to join the 700 club by mid 09
___________________________________
When joined myFICO board:
12/08: TU: 579 EXP: 628 EQ: 587
01/09: TU: 644 EXP: 634 EQ: 630
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007
0

Re: Close an old card or not?

Have you read Fused's thread on closing credit cards?  That might help you with your decision.

 

If I were you, I'd knock out that Cont Finance Card.  It sounds like you're well on your way to bigger and better cards.  Is it worth 16 bucks a month for you to have the extra cushion for utility?  If you need the cushion, that' fine, but I hate paying fees for cards that don't give anything back.

 

Welcome to the fora, we're glad you're here! 

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Contributor
Posts: 78
Registered: ‎12-27-2008
0

Re: Close an old card or not?

Thank you for your response, I think I might get rid of the card, I don't need it for the cusion at all, its just my oldest acount by about 2 months over the Orchard bank, and I was worried about closing the oldest account.
___________________________________
Trying to join the 700 club by mid 09
___________________________________
When joined myFICO board:
12/08: TU: 579 EXP: 628 EQ: 587
01/09: TU: 644 EXP: 634 EQ: 630

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