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question regarding closing an account

Valued Member

question regarding closing an account

quick question.

i have my secured card from cap one that i opened about two years ago and i would like to close my account there because i have a deposit of a $1000.

 

my question is like that, how much it will affect my score?my history?and will it affect me if i want to open new accounts in the near future?

 

thanks for the reply.

 

Smiley Happy

transamerica financial adviser, director of expansion.
Message 1 of 14
13 REPLIES
Moderator Emerita

Re: question regarding closing an account

Please review the thread in my siggy named Closing Credit Cards

Depending on your util would depend on how your score may change

Closed accounts may stay on your credit reports for up to 10 years.
Message 2 of 14
Valued Member

Re: question regarding closing an account

i read everything.

i just want to know if i understood it correctly: my total limit right now is 12,250

the account i want to close has a limit of 1500 with 0% util and my total util is 1%.

 

if i'll close the account now it won't affect my score but it will after 10 yrs?did i get it right?

transamerica financial adviser, director of expansion.
Message 3 of 14
Moderator Emerita

Re: question regarding closing an account

Closed accounts may stay for up to 10 years. Keyword is may; some have had closed accounts stay even longer .

If your util is 1%, you should be fine.
Message 4 of 14
Valued Member

Re: question regarding closing an account

i think it's even less then 1% , it might drop off before 10 yrs?

transamerica financial adviser, director of expansion.
Message 5 of 14
Moderator Emerita

Re: question regarding closing an account

Message 6 of 14
Valued Member

Re: question regarding closing an account

this is my first card, and i don't use it.

will it be good for me to close it right now or should i wait a little longer?

transamerica financial adviser, director of expansion.
Message 7 of 14
Moderator Emerita

Re: question regarding closing an account

That's up to you. If you don't need it, why keep it?
Message 8 of 14
Valued Member

Re: question regarding closing an account

that is a good point Smiley Happy

transamerica financial adviser, director of expansion.
Message 9 of 14
Highlighted
Senior Contributor

Re: question regarding closing an account

I'd open a new card to replace it, then close it :-)
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Message 10 of 14