*ahem* Help!

[Anonymous]

Hello fellow Ficoians

I have a dilemma and thought of reaching out to you for some insight.

I have quite a number of credit cards, most of them recent (within one year). I finally came out of my gardening phase to get the few cards I wanted (note, wanted. not needed), I was approved for everything I applied for - I think a total of 4 new accounts, and a new auto loan. I *think* I am finally done with my app spree and my FICO score has taken a huge hit from that - but I know over time, I will build this back up, and I am not too worried about FICO scores at the moment, since I dont intend to apply for more credit (unless there is a lucrative offer I just can't resist).

I cancelled an old WAMU/ Chase card that they had CLD'ed to $500 - It was one of my older cards - I am regretting this now (I cancelled it last month)

I also have a Capital One card (from my rebuilding credit days) at a $750 limit - they NEVER CLI'd this card - even though it was in the credit steps program. Never carried balances - always PIF, and was never late - Go figure. I want to close this account, however, it IS my 3rd oldest account (My second oldest was WAMU/Chase which is now closed)

I know the cons:

1) the history will be dropped from my CC in 10 years

2) the CL will become zero, ergo, my ratios will be skewed - risking a ding - however, I have few balances (penfed have this 4.99 for life xfer offer without any xfer fees - I couldnt resist) that I will be paying over time, at leisure.

The pros are:

1) this is my last rebuilder card

2) It is the lowest limit card I have

3) I KNOW its not going to grow with me

4) I believe I have moved into the grade-school version of FICO life, and this is going to drag me, wanting me to go back to preschool.

5) I will have the TL for the next 10 years, helping my age. By then all my other cards will be 10 years old too, so this may or may not affect or impact me.

Opinions? I really do want to close this darned card.

[visorboy1974]

How old is your oldest account and what are your other trade line limits at? 

[Anonymous]

My oldest TL is from 2007

I have:

BOA: 0/10,000 - Oldest TL

AMEX Blue: 0/3,000 - Opened sometime in 07

Capital One: 0/750.00 - Opened sometime early 08

Penfed Premium Rewards Visa: 3500/15000 (Balance Xfer for life) Opened late 09

Penfed AMEX: 400/5000 (everyday card while the balance xfer is on my penfed) Opened last month have to spend $600 to get 10K points

Citi AA Advantage: 400/5000 - (Everyday card) have to spend $1500 over 3 months to get 75K miles - opened 3 weeks ago

Discover More: 400/1500 - Using this more this month as I get 2% rewards (birthday month) - Opened in 2010

Chase Amazon/ Visa: 800/1700 - was my everyday card when unemployed in 2010 so paying down balances.

Other tradelines:

Personal Loan from CU - PIF 2009

Personal Loan from CU - PIF last month (BT to Penfed Visa to get lower interest rate)

Wamu/Chase CC - Closed last month CL - 500, balance - 0 - Opened in 2007

Auto Loans:

Cap1 Auto loan - Reporting PIF (opened in 07 - Closed in 09)

Honda Finance - 09-10 (closed in 10)

Penfed new Car loan - 10-11 (last month it closed)

Penfed used car loan - got it last month - lower interest rate.

[Anonymous]

Keep the Capital One card.  You can always stuff it in your sock drawer if you choose to do so.  In this new economic era we live in I doubt many of us will see automatic CLI's every year or two from all of our cards (else we'd have credit lines of $100k or more by the time we turn 60.)  Look at it this way . . . Cap 1 was there for you when you needed it (not to sound overly-sentimental or like a pitchman.)  Some of my oldest accounts have CLs less than $1,000.  Unless it is dragging down your score or makes logical sense to do so (e.g. there is a stiff AF and you never use it anyway), I'd recommend keeping it open.

p.s.  A recent change in terms and conditions I received from a major bank (one of the top three in the U.S.) noted they have the right to arbitrarily adjust my credit limit based on what they see in my credit file.  So it seems as if no credit limit is set in stone anymore.

[visorboy1974]

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@Anonymous wrote:

My oldest TL is from 2007

I have:

BOA: 0/10,000 - Oldest TL

AMEX Blue: 0/3,000 - Opened sometime in 07

Capital One: 0/750.00 - Opened sometime early 08

Penfed Premium Rewards Visa: 3500/15000 (Balance Xfer for life) Opened late 09

Penfed AMEX: 400/5000 (everyday card while the balance xfer is on my penfed) Opened last month have to spend $600 to get 10K points

Citi AA Advantage: 400/5000 - (Everyday card) have to spend $1500 over 3 months to get 75K miles - opened 3 weeks ago

Discover More: 400/1500 - Using this more this month as I get 2% rewards (birthday month) - Opened in 2010

Chase Amazon/ Visa: 800/1700 - was my everyday card when unemployed in 2010 so paying down balances.

Other tradelines:

Personal Loan from CU - PIF 2009

Personal Loan from CU - PIF last month (BT to Penfed Visa to get lower interest rate)

Wamu/Chase CC - Closed last month CL - 500, balance - 0 - Opened in 2007

Auto Loans:

Cap1 Auto loan - Reporting PIF (opened in 07 - Closed in 09)

Honda Finance - 09-10 (closed in 10)

Penfed new Car loan - 10-11 (last month it closed)

Penfed used car loan - got it last month - lower interest rate.

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With the TLs you have, if it has no AF, you can just sock drawer it.  I have the same issue with my cards.  My CapOne card at $1500 and 23% is half the limit and 5% higher interest rate than any other card, but I REALLY need the age on the card, so I just keep it open.