Reconsidering Closing Cap One - Too Many CCs?

[bichonmom]

My Cap One is my oldest CC with $500 CL. I was going to close it, but decided to keep it open one more year because all of my other CCs have been open less than 1 yr.

But now I'm reconsidering. In the last month, I opened 3 new accts. My GEMB ON upgraded to a Visa, and I apped for Barclay's Rewards MC and NavChek (which reports as revolving). I now have 11 accounts, and only one is a store card (Walmart).

That many CCs was never my plan. Mostly it's because of rebuilding that I've ended up w/so many. In any case, I'm concerned that my CCs may get nervous (like Amex and Barclay's). My util is low (3%). But that seems like a lot of CCs to me.

So, now I'm looking at closing Cap One again. It has a useless $500 CL. On the other hand, it is my only CC w/a history longer than 1 yr. So, would I be better advised to leave it for another year, and hope the number 11 doesn't push anyone's buttons? Or close it, and have 10 open accts?

Thanks!

[logan_720]

I currently have 10 accounts. With my oldest also being my Capital One Journey card. I have though about closing it, but I usually just keep it sock drawered since there is a low interested rate (15.4%) that they just lowered a few months back, and it has no annual fee, so its nice to have the "extra credit" available in case I may ever need it. I definitely would never carry it, it doesn't fit next to my other "prime" cards  

[Brian_Trying_700]

Capital One is called crap one in my books.

[Chris123nTx]

The age wont make a difference at all as far as your score goes, and with the low util, losing 500 will do zip to you. For me, having that many cards to keep up with, keeping them all active and such, is just to much hassel. I have closed accounts when they no longer are useful to me. I am giving some though right now to closing a wells argo i have. It has a decent limit, but it just serves no real purpose other than having it. I would close the cap one. They helped you out in the old days but you have moved past them with all of the great cards and limits you have now. Just my opinion of course.

[logan_720]

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@Brian_Trying_700 wrote:

Capital One is called crap one in my books.

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Since it is her oldest line, it looks better, because it shows on her credit report that she can handle credit, long term, responsibly.

As ling as there is no AF, and its at a $0 balance, its reporting positively. Why bother taking the metaphorical "score dive" if you don't have to?

[gettingstarted]

I closed Capital One after I got four new prime cards and a CLI on one of my other cards. It will still report in good standing for the next 10 years and losing the $500.00 wont hurt your utilization much with your other cards.

[CreditPacMan]

I was in your situation. I closed my CAP 1 this month after getting AMEX Green and BCE .. Chase Freedom .. BofA . It was a secured card so I really didn't see the point of keeping it. 

[Wolf3]

It will have very little effect on your credit, so close it now or wait a bit doesn't matter much.   

[Anonymous]

Interesting question, I would vote to leave it open. Most of my credit is fairly new And this is a big concern for lenders. Even though the limit is useless, The amount of time you had the credit open is priceless.