Hi all, need your advise. Im thinking about closing one of my credit card and wanted to find out if it would affect my credit score. Affinity opened 1/2008 CL 8000 balance $3,208 Discovr Cd opened 11/2007 CL 6200 balance $1,700 Cap One opened 8/2006 CL 750 balance $265 Wamu/Prvdn opened 3/2007 CL 3500 balance $280 Amex opened 11/2007 CL 5100 balance $0 Us Dept Ed opened 7/2002 balance $27,409 Current scores EQ - 658 EXP - 670 Trans - 688 I want to close the capital one card which is the oldest CC account, Please advise.
The immediate impact would be from losing the card's CL in your total CL, so your util might creep up.
As for history, the card *should* keep reporting for 10 years after closing. If your next-oldest card was opened soon after the Cap 1, and you plan to keep it open, you might have little impact in 10 years when the Cap 1 falls off.
fused has a good thread on this, which might help you think your way through:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007