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Should I cancel my old card?

New Member

Should I cancel my old card?

I haven't used a credit card in a good 5 or 6 years now, but I still have an old Capital One card from way back that seems to be grandfathered in at a 4% fixed apr. I recently decided that it would be a good idea to get a couple rewards cards to save money on gas and groceries, and I applied and got approved for both the Fort Knox Credit Union Visa Platinum (for 5% on gas), and the AMEX Blue Cash Everyday (for 3% on groceries). I was originally planning on cancelling my Capital One card once I received these 2 new cards, but now I'm wondering if I should just keep it since I don't seem to see any other credit card offers close to an apr as low as mine. I'm worried that too many cards will hurt my credit score, but at the same time I'm wondering if it's in my best interest to keep the card. Any thoughts?
US Bank Cash+: 7500 | Citi Forward: 3500 | AMEX BCE: 2000 | Fort Knox Federal: 2000
Message 1 of 5
4 REPLIES
Valued Contributor

Re: Should I cancel my old card?

If there are monthly or annual fees you could consider closing it.  It would continue to report for another 10+ years.  Otherwise leave it open.  Also, check out the closing credit cards stickied at the top of the board. 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 2 of 5
Contributor

Re: Should I cancel my old card?

Unless there is an AF, I would keep it.

 

The history will only help your credit score.

Message 3 of 5
New Member

Re: Should I cancel my old card?

Thanks for the info, especially pointing me towards the sticky about closing cards. From what I understand, it sounds as though keeping the card is more beneficial to my credit score, and being that I don't have any AF to worry about, closing the card would probably do more harm than good. I've always kept this card just in case an emergency ever pops up where I'm in dire need of money that I don't have on hand, so it's comforting to know that I can continue keeping this security blanket without doing any significant harm to my credit.
US Bank Cash+: 7500 | Citi Forward: 3500 | AMEX BCE: 2000 | Fort Knox Federal: 2000
Message 4 of 5
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Valued Contributor

Re: Should I cancel my old card?

Call Cap 1 to confirm it is still open. I would use the card once or twice a year to make sure it is fully factored into your credit score.

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
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