When Should I Close My Account??

[Anonymous]

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@Anonymous wrote:

HI,

So, I've had my account with Capital One the longest (about 6 months), and as of right now it is the only one reporting as the others are too new. I would eventually like to close my Capital One account and stick to my Discover and Amex cards. My question is, when should I close it? I know it wouldn't be a good idea to close it right now since it is my oldest account and helps my amount of available credit. So, I was hoping you guys could help me out with this since you've been doing this a lot longer! I'd like to close it as soon as I can without hurting myself too much...

Thanks!!

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I would leave it open just incase you try to use it at a place that doesn't take Amex or Discover.

[Anonymous]

Yeah, that would be a good idea... I haven't had that problem just yet. But, i'm sure it'll pop up when I'm not carrying it!

Thanks for the reply!

[MissMoni223]

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@Anonymous wrote:

The credit limit for the Cap One is only $500. That's also my limit on Discover. I know that right now it would be a bad idea to close because I don't have much available credit. I just wasn't sure if I could close it in a year or two when I hopefully get increases with discover. 

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If you're in the Cap1 Credit Steps program (more than likely you are), then you should be receiving a CLI at the 6 mths mark. I would keep it open. You can always contact the EO to request a CLI, APR reduction, and a PC to a card without an AF. It's not hurting you to keep it open, it will hurt your AAOA and Utilization if you close it.

[Burned2manybridgesB4]

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@MissMoni223 wrote:

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@Anonymous wrote:

The credit limit for the Cap One is only $500. That's also my limit on Discover. I know that right now it would be a bad idea to close because I don't have much available credit. I just wasn't sure if I could close it in a year or two when I hopefully get increases with discover. 

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If you're in the Cap1 Credit Steps program (more than likely you are), then you should be receiving a CLI at the 6 mths mark. I would keep it open. You can always contact the EO to request a CLI, APR reduction, and a PC to a card without an AF. It's not hurting you to keep it open, it will hurt your AAOA and Utilization if you close it.

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Util...yes. AAOA...no.

[Involver]

It will not hurt your AAoA to close it. It will stay on your credit report for 10 years. It will, however, affect your util. As long as you aren't paying an AF just leave it open, maybe charge something every few months. No sense to close it.