New Contributor
Posts: 50
Registered: ‎01-16-2009

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

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?
Regular Contributor
Posts: 237
Registered: ‎08-02-2009

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

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