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How beneficial is it to leave oldest account open?

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Shock
Established Contributor

How beneficial is it to leave oldest account open?

So my Cap1 Venture One is my oldest card (3.5 years old). I know keeping the oldest card open is beneficial for some, and that AAoA wont really be affected until a few years down the line. I know it will continue to report as positive for ten years, but if it doesnt suit my needs, I should close it right?

 

They have increased me thru EO semi accordingly, but it has become my lowest limit and I have only used the card for a Play Store purchase once since May.

 

I have just outgrown them and am really itching to get rid of it.

 

Thoughts or advice?

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Message 1 of 58
57 REPLIES 57
Creditaddict
Legendary Contributor

Re: How beneficial is it to leave oldest account open?

it will continue to report so being oldest isn't the reason to keep it.

Message 2 of 58
TheGardner
Valued Contributor

Re: How beneficial is it to leave oldest account open?

It will continue to help for age of account + 10 years from the date you close it. So you will start that clock.

Also accounts that are old have greater weight during manual review showing you are capable of managing the account for X number of years.
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 3 of 58
Anonymous
Not applicable

Re: How beneficial is it to leave oldest account open?

If you don't mind spending a little bit of time you have a few options for keeping it open. The only real positive of keeping the card open, since you don't use it, would be keeping the available credit figuring in to your credit utilization. You could contact Capital One and see if they would waive the annual fee or you could ask them to PC the card to a CapOne Venture which would also remove the AF. Obviously if you are keeping your utilitization below 10% as you list in your signature, just lower your balances enough to keep util% down before you actually close the card if you go that route. 

Message 4 of 58
Shock
Established Contributor

Re: How beneficial is it to leave oldest account open?


@TheGardner wrote:
It will continue to help for age of account + 10 years from the date you close it. So you will start that clock.

Also accounts that are old have greater weight during manual review showing you are capable of managing the account for X number of years.

So during manual review, it looks good for open accounts right?

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Message 5 of 58
Billybob_TX
Frequent Contributor

Re: How beneficial is it to leave oldest account open?

No AF, keep it open. Why close it?

Message 6 of 58
Shock
Established Contributor

Re: How beneficial is it to leave oldest account open?


@Anonymous wrote:

If you don't mind spending a little bit of time you have a few options for keeping it open. The only real positive of keeping the card open, since you don't use it, would be keeping the available credit figuring in to your credit utilization. You could contact Capital One and see if they would waive the annual fee or you could ask them to PC the card to a CapOne Venture which would also remove the AF. Obviously if you are keeping your utilitization below 10% as you list in your signature, just lower your balances enough to keep util% down before you actually close the card if you go that route. 


I think you have it backwards with the Venture cards. The VentureOne has no annual fee. The Venture has a 59 dollar annual fee. I know its backward because Quicksilver One has annual fee and regular Quicksilver does not lol. My balances are not high at all. My total revolving debt (not counting 0 balances that havent reported) is about 300 dollars, so utilization is not a big factor in my profile.

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Message 7 of 58
Shock
Established Contributor

Re: How beneficial is it to leave oldest account open?

Doesn't serve a purpose. It's like that old box TV you have in your garage, just sitting there ever since you got a flat screen. Of what use is it? LOL.

 

In all seriousness though, I guess part of it has to do with Cap1 being a subprime lender. I mean yes "prime" is subjective, but lets be honest here. Their bread and butter is the subprime community.

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Message 8 of 58
TheGardner
Valued Contributor

Re: How beneficial is it to leave oldest account open?

Correct but as long as you have other accounts it shouldn't be a big deal honestly. If mentioned you could point to the older closed account.

It's really just a personal choice and if it wasn't a AF card I would keep it open.
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 9 of 58
Anonymous
Not applicable

Re: How beneficial is it to leave oldest account open?

Shock, sorry for getting that mixed up. I have a Quicksilver (that I never use) and I knew the QS One had the annual fee so I assumed it was the same for the Venture line up. If you don't care about keeping the available credit since your balances are so low, there would be no downside to closing it. You can just leave it there and they may close it eventually for you, but if keeping it open gives you any worry just close it.

Message 10 of 58
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