Credit Cards Center Credit cards from our partners
Established Member
Posts: 26
Registered: ‎04-20-2009

Should I close my First Equity credit card account?

First of all I am very grateful for finding this website. I have lurked here for a while trying to read as much as I can. The information that I have learned so far is very valuable thank you. Also, Thank you to the Mods and admin for making this a friendly forum for people like me still learning.


I have had my First equity card for a few years now and have become tired of it. They have started charging me like 29% on this card. I have a balance of 1300.00 on the card right now. I have not applied for a credit card in a while so I did some research here and ended up applying for the cap one plat card and was expected. I have not received the card yet so I have no idea what my credit limit is yet. I did transfer my First Equity balance to the cap one card. Should I close that card when the balance is paid off? At this point the card is costing more than I use it.


I have also suffered a set back. I had a medical bill that went to collections that was supposed to be paid by my lawyer but they took a long time to pay and the bill went into collections. The bill was paid but it was to late. I had a score of about 700 and it dropped to 639. I was still approved for the cap one card though which really surprised me. I have disputed the collection with eq tu it did not get reported to ex thank god. Another thing First Equity is not reporting to eq or tu is this normal? So closing the account doesn't seem to be a big deal in my eyes.


I only have one other credit card which is a amex green at 0 balance. I do have several store cards all paid on time each month and none maxed out. I think the thing that is helping me is that have no late or missed payments in the last 9 years.


Thank you so much for arming me with the knowledge I have received so far on this forum.

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008

Re: Should I close my First Equity credit card account?

Hi 1dawg! Welcome aboard!


  1. Hop on over to the Recovering From Medical Debt Forum to get guidance on the HIPAA process to get rid of that collection ASAP. 
  2. Call CapitalOne and ask them what your new limit is.
  3. Read the Closing Credit Cards thread, embdedded in the Helpful Threads stickied at the top of this forum.
    1. If the entire balance of the First Equity Card is transferred to Cap1, then the APR is irrelevant, unless you start carrying a balance on it again. Does it have monthly maintenace fees? Does it have an annual fee that you're no longer willing to pay? If neither of these situations are in play, I'd personally suggest that you SD the card, using it for a small purchase (coffee/tea, etc...) every other month, or put a small recurring charege on it that you can PIF every month just to keep it open, espeically if this is an old tradeline.


Friendly, Supportive & Respectful

Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources

"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Established Member
Posts: 26
Registered: ‎04-20-2009

Re: Should I close my First Equity credit card account?



I thought long and hard about this last night. I tend to agree with you. The account was opened in 2005 so it is starting to age nicely. The annual fee is $59.00 I believe. cap1 is going to transfer the total amount so the card should be at 0 in about 10 days or so. I think I will leave it open and move my netflix account over there so it can keep aging and have a small recurring balance that can be paid easily. Thank you very much for your advice.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.