Credit Cards Center Credit cards from our partners
Reply
New Contributor
Posts: 50
Registered: ‎01-16-2009
0

Need help: Close this credit card--good or bad

I have 4 cc's in my name

 

Chase 1300 limit

AMEX Blue 4700 limit

Citi Card $3700 limit

Capitol One $500 limit

 

I think my score is at the max of where it can be until all my baddies drop off in the next year or two.  I got my cc balances under 9% of the limits and have a car loan, mtg loan, but I was wondering if I close the Capitol One card, will that hurt my score or help because it is a low limit card.  It was the 1st card I got when I began rebuilding my credit in 2005 so it is my oldest...score has been a steady 678 for several months but just went up 1 point to 679 because the bad is getting older...that is why I think it is maxed...

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Need help: Close this credit card--good or bad

Why do you want to close it? Are you paying any fees to keep it open? If not, would it be possible to shelve it and pull it out for a cup of coffee every 3 months?
Highlighted
Regular Contributor
Posts: 237
Registered: ‎08-02-2009
0

Re: Need help: Close this credit card--good or bad

Especially since it's your oldest card, I would not close it.  Unless there are fees associated with it that you can't get removed I would just wait it out and possibly request a CLI in the future.

EQ (11/16/2007): 573

Starting Score (1/1/2010): EQ: 712 -- TU: 726
Current Score: EQ: 748 (12/22/11) -- TU: 726 (1/7/10) -- TU04: 701 (1/27/10) -- EX: 747 (1/27/10) (LO)
Goal Score: EQ: 760


Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.