Safe to close?

[Anonymous]

I got a Continental CC about 2 years ago trying to get back into the credit game after losing my job about 5 years ago.   Since then I have gotten a car and a house and recently an Orchard Bank with $39 AF and just got approved for a Cap One no hassle cash rewards card.

I want to dump the continental.  I have an AF plus a monthly fee of $18.  It's ridiculous.   My credit limit on it is $525.

My Orchard is $300 with a $39 AF

My Cap One is $500 with a $39 AF.

It should be safe to dump the Continental now, right?

I PIF all my cards every month.  The only thing that reports for credit cards is the $18 monthly fee.

If I do close the Continental, should I leave $10 a month on one of the other cards to report or just keep PIF like I do now?

Thanks!

[JoeBJay20]

I'd close it, it seems like it has served its purpose, especially considering it's costing you over $200 a year just to have it.  The MF alone virtually wipes out any positive benefit you may be getting from the account.  Since you PIF, you won't have to worry about the loss of available credit hurting your utilization. Yes, if you decide to close it, you should carry a small balance on one of the cards.  If you don't want to lose the available credit, then at worst you can always get another third card.

[Anonymous]

Yes, the card isn't considered 'new' , and the hard INQ is gone after two years, so even closed, it will stay on your reports for up to ten years, helping your AAoA.  Just be sure to pay it off before closing it, and keep a small balance on a different card to help your overall UTIL.

[Wolf3]

Definitely dump it, it is way too expensive.

PIF your other cards, no need to carry a balance.