Closing oldest credit lines

[kmr8]

I have a <1 yr credit history and have got a few cards. Just wondering if I should close my oldest credit line.

I came on the grid with a Cap1 secured card - Dec 2013. Following are the cards I have right now.

Cap1 Secured - $511 - Jan 14

Local CU         - $300 - Feb 14

Discover It       - $1200 - Apr 14

Amex BCE       - $2000 - May 14 - Declined the 3x CLI 

Amex Costco   - $2000 - Aug 14

Citi Ultimate Rw - $5000 - Aug 14 ( Originally $1000, just approved a CLI for $5000)

Chase Freedom - $4500 - Sep 14

Chase Slate       - $5000 - Just approved

Chase Amazon  - $6500 - Just approved

I generally maintain 1-2% util.

I also have a two-month old auto loan.

My Cap1 is a secured card and I apy a $29 annual fee. Just wondering if I should close the Cap1 for two reasons - the annual fee and it is bringing down the average limit.

My local CU card is unsecured but again brings down my average.

My scores are around 690-720 ( different FICO/FAKO scores). My Chase New Credit Acq score is 691.

Should I close the two cards by December? (They are my oldest credit lines but a couple of credit score simulators showed there would be no impact in closing the oldest one.)

Thanks.

[kjel]

Personally I would wait a while and ask Cap1 via the EO office to have the account unsecured, a CLI granted, and waiver of the annual fee. Your AAoA is pretty much brand spanking new all the way around so if you did close it, it's not likely to impact your score much. If you'd had it several years it would be worth leaving alone.

Just garden the accounts you have so you grow a nice robust history of responsible use.

[SunriseEarth]

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@kmr8 wrote:

I have a <1 yr credit history and have got a few cards. Just wondering if I should close my oldest credit line.

I came on the grid with a Cap1 secured card - Dec 2013. Following are the cards I have right now.

Cap1 Secured - $511 - Jan 14

Local CU         - $300 - Feb 14

Discover It       - $1200 - Apr 14

Amex BCE       - $2000 - May 14 - Declined the 3x CLI 

Amex Costco   - $2000 - Aug 14

Citi Ultimate Rw - $5000 - Aug 14 ( Originally $1000, just approved a CLI for $5000)

Chase Freedom - $4500 - Sep 14

Chase Slate       - $5000 - Just approved

Chase Amazon  - $6500 - Just approved

I generally maintain 1-2% util.

I also have a two-month old auto loan.

My Cap1 is a secured card and I apy a $29 annual fee. Just wondering if I should close the Cap1 for two reasons - the annual fee and it is bringing down the average limit.

My local CU card is unsecured but again brings down my average.

My scores are around 690-720 ( different FICO/FAKO scores). My Chase New Credit Acq score is 691.

Should I close the two cards by December? (They are my oldest credit lines but a couple of credit score simulators showed there would be no impact in closing the oldest one.)

Thanks.

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I'd consider closing the Cap One secured when the AF comes up, since it's costing you money.   AFAIK, Cap One Secured CCs don't upgrade, so your only option is to close.   As for the CU card, SD it.  The account is still techinically "new" in FICO terms.   It clearly wouldn't affect your UTIL, but it's also not harming you.   Each lender and each product has their own UW standards, so having a low CL on a card doesn't bring down your profile (unless you run up the UTIL on it).    There's plenty of people with 5 digit CLs along with Target CCs with $300 CLs.

[Anonymous]

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@kmr8 wrote:

I have a <1 yr credit history and have got a few cards. Just wondering if I should close my oldest credit line.

I came on the grid with a Cap1 secured card - Dec 2013. Following are the cards I have right now.

Cap1 Secured - $511 - Jan 14

Local CU         - $300 - Feb 14

Discover It       - $1200 - Apr 14

Amex BCE       - $2000 - May 14 - Declined the 3x CLI 

Amex Costco   - $2000 - Aug 14

Citi Ultimate Rw - $5000 - Aug 14 ( Originally $1000, just approved a CLI for $5000)

Chase Freedom - $4500 - Sep 14

Chase Slate       - $5000 - Just approved

Chase Amazon  - $6500 - Just approved

I generally maintain 1-2% util.

I also have a two-month old auto loan.

My Cap1 is a secured card and I apy a $29 annual fee. Just wondering if I should close the Cap1 for two reasons - the annual fee and it is bringing down the average limit.

My local CU card is unsecured but again brings down my average.

My scores are around 690-720 ( different FICO/FAKO scores). My Chase New Credit Acq score is 691.

Should I close the two cards by December? (They are my oldest credit lines but a couple of credit score simulators showed there would be no impact in closing the oldest one.)

Thanks.

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Close the Cap 1 card to save the annual fee unless you can get the account converted to nonsecured with fee waived. Its only one month older than your second oldest account so AAoA is not going to change much.

No reason IMO to close the CU card at all. AFAIK these is no 'average account limit', its just an aggregate  total of all card limits. Just use it once a year to keep it open and grow it over time.

[kmr8]

Thanks all for the advice.

I will talk to Cap1 and try to make it a no-fee card. If that doesn't work out, planning to close the account.

[kmr8]

Just an update.

Wrote to Cap1 exec office.

They were willing to do a one time credit of my annual fee but were unwilling to make my secured card unsecured or do a CLI. 

(Even before emailing them I looked at any pre-qual offers from them but only had a Quicksilver with $39 annual fee which I was unwilling to get.)

[elim]

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@kmr8 wrote:

Just an update.

Wrote to Cap1 exec office.

They were willing to do a one time credit of my annual fee but were unwilling to make my secured card unsecured or do a CLI. 

(Even before emailing them I looked at any pre-qual offers from them but only had a Quicksilver with $39 annual fee which I was unwilling to get.)

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  Garden those new 5k lines for awhile and the offers from cap1 will pour in.  I would close the secured card as the small limit isn't doing you any good now and the cash can make money elsewhere. You have enogh revolvers to support your score next year without it.

edit:

curious... with 2% UTIL, why the Slate?

[kmr8]

Burnt myself with a lot of hard inq's 

And had a preapproved offer from Chase for Slate.

So just applied for and got a $5k line (my first $5k). As a newbie for credit any card was worth taking.