Should I close my Capital One??

[mgeorges]

I have two capital one credit cards and they are both my lowest limits one of them is a $750 CL and the other is a $1500. My 750 CL was opened June 2010 and my $1500 was opened January 2011, I do not use either of the cards I paid them off in November is SD them. I have 4 years credit history. My total debt util is about 13%. 

Do you guys think I should close these cards?

[pizzadude]

How many other CCs do you have open right now ??  If you lost the ~$2,250 CL what would this do to your %utilization ?

[mgeorges]

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@pizzadude wrote:

How many other CCs do you have open right now ??  If you lost the ~$2,250 CL what would this do to your %utilization ?

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I am not sure if I calculated my util correctly.....

Cit TY Premier CL $8300- Bal $715

Citi Platinum - CL $4500 Bal $1900

Chase Freedom - CL $4000 Bal $3000

Citi mTVU - CL $2600 - Bal 0

Best Buy - CL $2200 - Bal $1000

Gap CL- $600 Bal 0

Capital One - CL $1500 Bal 0

USAA  - CL $1000 Bal 0

Capital One CL $750 Bal 0

USAA - CL $300 Bal 0

JCPenny CL 200 Bal 0

[pizzadude]

Personally I'd leave them open unless they have AFs that aren't reasonable.

[mgeorges]

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@pizzadude wrote:

Personally I'd leave them open unless they have AFs that aren't reasonable.

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The annual fees are reasonable. I was just charged one annual fee of $19. 

[bichonmom]

You have some good-sized balances. I'd leave them open at least until you've paid down/off your other CCs. When you have all at zero and one with <9% util, then I might consider closing the $750 one, depending on the AF.

[dharalex]

Currently, your utilization about 26%. So if you decrease your total limit by $2250 by closing those cards, you will increase your utilization to 29% which isn't horrible unless you plan to seek a mortgage or auto loan. I personally don't see a problem closing my low limit starter cards, but for me, I would like to pay down my balances first. This way, you shed some dead weight without really affecting your credit.  Again, if you have no immediate need for credit, all of that is a moot point. But it's really up to you and what your ultimate goals are.

[Anonymous]

I'd keep the cards open because they aren't hurting anything. You may want to use them periodically for small purchases since many card issuers are canceling cards that aren't being used.

[JustMe77]

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@mgeorges wrote:

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@pizzadude wrote:

How many other CCs do you have open right now ??  If you lost the ~$2,250 CL what would this do to your %utilization ?

---

I am not sure if I calculated my util correctly.....

Cit TY Premier CL $8300- Bal $715

Citi Platinum - CL $4500 Bal $1900

Chase Freedom - CL $4000 Bal $3000

Citi mTVU - CL $2600 - Bal 0

Best Buy - CL $2200 - Bal $1000

Gap CL- $600 Bal 0

Capital One - CL $1500 Bal 0

USAA  - CL $1000 Bal 0

Capital One CL $750 Bal 0

USAA - CL $300 Bal 0

JCPenny CL 200 Bal 0

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I would definitely get rid of the $750 limit Capital One. Maybe hold on to the other Capital One until right before your next AF. Focus more on decreasing your (reported) balances.

[Anonymous]

I would keep them open. $19 AF is nothing. I pay $95 for my Amex Green charge card and lately don't use it as much since I got new 2 Amex revolvers to use 

I am debating on whether downgrading the Green to Zync or completey closing it and just stick with the 3 revolvers