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Closing it will not shorten your AAoA. So you can take that factor out of your decision making process. Only when the closed account drops off your report (ten years from now) will it have an effect, and by then your AAoA will presumably be a lot higher.
Is it your oldest open account? If so, when was your next oldest credit card opened?
If you close it and lose that part of your total credit limit, will your CL still be big enough that you can easily have a very low utilization? (1-8%)
You mention that one reason you are thinking about closing it is "I think i have too many cards." Can you tell us more what that means for you? Why would five cards be too many?
Are you in a financial crunch where you need the $300?
Does Cap One offer any possible way to "graduate" the card to an unesecured line in another year and/or with better scores? If not, would Cap One let you transfer some or all of the CL to your other Cap One card before you close it?
Is it your oldest open account? If so, when was your next oldest credit card opened? Yes oldest account at 19 months. Next oldest is 13 months.
If you close it and lose that part of your total credit limit, will your CL still be big enough that you can easily have a very low utilization? (1-8%) yes. I don't carry balances and my usage is about 3%, I don't use the card more than i have extra cash during the month. Never over extend
You mention that one reason you are thinking about closing it is "I think i have too many cards." Can you tell us more what that means for you? Why would five cards be too many? Mostly due to temptation. I have a good lock on telling myself NO when I see something pricey I want. Its tougher when I have a card with 0 balance and it's so simple to just swipe to get it...lol.
Are you in a financial crunch where you need the $300? not at this time per say but my emetgency funds can always be higher. It's a bit low at the moment. Been trying to bolster it just in case
Does Cap One offer any possible way to "graduate" the card to an unesecured line in another year and/or with better scores? If not, would Cap One let you transfer some or all of the CL to your other Cap One card before you close it? cap1 wont let me combine or PC at this time. Tried that 3 days ago. As it's a rebuilding card, it isn't eligible for upgrading at this time. Can't do anything til it becomes unsecured and the rep couldn't tell me when/if that would happen.
Given your answers to the questions I asked, closing is the right choice. If the account was way older than the next oldest, that would be a reason to keep it open -- but it's not. (Has to do with a scoring effect that would materialize ten years from now.)
I found especially compelling the concerns about perceived spending risk and the desire to increase your emergency fund.
There's never a right or wrong answer to these things. It's really the process of asking yourself all these questions that is the important thing.
Best wishes...