Credit Score and closing a credit card

[Anonymous]

Currently I hold 3 credit cards and 1 student loan:

Capital One Platinum

- Credit Limit: $3000 - APR: 17.90% - Annual Fee: $45 - Card Holder Since 2008

Best Buy Store Card (Store use only)

- Credit Limit: $1000 - APR: 24.27% - Annual Fee: $0 - Card Holder Since 2009

Amazon.com Reward Visa (Chase)

- Credit Limit: $700 - APR: 18.27% - Annual Fee: $0 - Card Holder Since 2011

For my student loan, I graduated last year (still looking for a job pertainign to my degree. I do have a full time job) and the loan is currently less than $7500.

Last time I got my score looked at last year, it was at 705.

Now a days I don't carry a balance on my cards and pay any amount I have at the end of the month. I keep all 3 credit cards in use and pay them off as I should.

The card I want to close is my Capital One Platinum card. It was my first credit card upon starting college to build my credit. I didn't know much back then. Had I known better, I probably wouldn't have open a Capital One card or the Best Buy Store Card. It being my oldest card, with the highest credit limit. Is it a bad idea to close it? I know it will hurt my score and will be with me for 7 or so years. But is it a good idea to just close it now before mores has passed where it will hurt me to close it later?

[Revelate]

Welcome to the forums!

Why do you want to close the card?  Looking at your setup it's currently one of your best tradelines and more than 50% of your aggregate credit limit: granted that doesn't matter as utilization can be managed in other ways and the tradeline will stay on for roughly 10 years actually after you close it; however, there's no penalty for keeping it open longer - longer tradelines are better.

Anyway, what I would do in your shoes is talk to Capital One and see about doing a product change on that card to their Quicksilver or another card in their product suite which is a very good card: might be able to get that AF completely removed as well.  Lots more upside both for FICO and for your credit card portfolio going that route.

Wouldn't be a terrible idea to analyze your spending patterns now that you're employed, and see if you can do better from a rewards perspective by applying for something new, but that's not important for your credit score as you have enough revolving tradelines as it.

[Anonymous]

"Anyway, what I would do in your shoes is talk to Capital One and see about doing a product change on that card to their Quicksilver or another card in their product suite which is a very good card: might be able to get that AF completely removed as well.  Lots more upside both for FICO and for your credit card portfolio going that route."

If I do that, will that close my Capital One Platium Card? Will it lower my score If I decide to do that?

I'm currently looking to by a used car at the end of this year. Doing whatever I can to increase my score and trying to avoid lowering it. So if I ask Capital One to do a product chase to Quicksilver. Will that have any effect on my credit history/score? Will they have to do a pull on my credit history?

Thanks

[Revelate]

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@Anonymous wrote:

"Anyway, what I would do in your shoes is talk to Capital One and see about doing a product change on that card to their Quicksilver or another card in their product suite which is a very good card: might be able to get that AF completely removed as well.  Lots more upside both for FICO and for your credit card portfolio going that route."

If I do that, will that close my Capital One Platium Card? Will it lower my score If I decide to do that?

I'm currently looking to by a used car at the end of this year. Doing whatever I can to increase my score and trying to avoid lowering it. So if I ask Capital One to do a product chase to Quicksilver. Will that have any effect on my credit history/score? Will they have to do a pull on my credit history?

Thanks

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Generally no hard inquiry in people's experience: you get the new card, and inherit the old history on a product change, completely neutral to FICO whereas closing could be problematic in your case given the limit disparity.  It's different than closing the card and then opening another where the history isn't retained.

If they won't PC you (can't imagine they won't) I'd just sit on your hands until the auto loan is sorted, and look through some of the forum postings on utilization optimization to pretty up your report and score before making the application.

[Anonymous]

So if I do a product change to a Quicksilver Card, all my credit history from my Platium Card will carry over to the new one correct? As in if I look at my credit history it will show Capital One [something something]. And when I do a production change, the history will continue on from the exact spot where my Platium Card ended right?

If I were to ask them that, will there be a way to confirm that is what will happen? Or do you think I should just wait after getting my auto loan to do all this?

Also do you have any tips on utilization optimization?

[bettercreditguy1]

I completed a PC change with Capitol One over a year ago. Old history, start date, etc. transferred to new card. If you do a PC and ask for a credit limit increase, it may result in a hard pull.