Will closing a fairly new CC hurt score?

[Caldric]

I have a credit card I really don't need, the Buypower card and with 300.00 limit was about useless for ever getting points to buy a GM LOL.

Anyway I think it is 3 months old and was thinking of just closing it since they will not increase it at all.

Thanks for any info.

[Anonymous]

I have the same card. They placed me in the steps program. Increase after 6months. Will try for an increase at 3months. Only a month old. 

Anywho...I cant answer your question with full confidence, but I do believe it will all depend on what else you have in your file, like your utilization, the mix of accounts you have, etc.

[Caldric]

Ah I might have missed the steps program maybe I will wait and see since I dont think there was annual fee?

[Anonymous]

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@Caldric wrote:

Ah I might have missed the steps program maybe I will wait and see since I dont think there was annual fee?

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Closing it probably won't hurt if you have at least three other revolving accounts, BUT - I would at least keep it until the 6 month mark and see where it goes at that point. Do you have other cap one accounts?

[Caldric]

Yes I have two other cap1 with about 8.5K revolving, have had them since 2010 or so.. currently 3 or 4% UTI but that was just this month that has not shown on my report yet before it was more like 40% but paid it down.

[Anonymous]

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@Caldric wrote:

Yes I have two other cap1 with about 8.5K revolving, have had them since 2010 or so.. currently 3 or 4% UTI but that was just this month that has not shown on my report yet before it was more like 40% but paid it down.

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I'd hold on to it, and see what they do at the 6 month mark. I have heard of some accounts going from $300 to $3300 in one jump.

[Caldric]

Yeah no harm I suppose. Thanks guys

[Anonymous]

If there is no annual fee, just put it in the drawer and let it be. I'm all for closing if the card no longer serves a purpose, but if you're rebuilding, just let it age for a while, growing you're aaoa.